School canteens are small food businesses, and as such must implement best practice financial management to be viable. Best practice means having appropriate record keeping procedures.
The person responsible for using these records will vary e.g. the canteen supervisor or the person responsible for financial management and paying bills (such as the Treasurer of the Parent Body/Canteen Committee).
Many calls to the Association ask “What are we doing wrong, why are we are running at a loss?” Seldom is one single factor the reason. It is more likely to be a combination of things. In some cases it has been shown that the canteen is in fact trading profitably. However, due to a lack of stocktaking, the end of year picture does not reflect this.
See Why aren’t we making a profit for more information.
Maintaining accurate records is easier if you have the appropriate templates and procedures in place. This includes daily tally sheets, stock order sheets, sales records and stocktake.
An accurate stock take enables a true picture of the financial situation to be given. We recommend end of term stock takes (or at least annually). Download our stock take fact sheet and our stocktake template which is formatted in Excel and the formulas are in place for you.
Setting menu prices
Calculating accurate menu prices to ensure all items sell and the canteen makes a profit is essential, ask these simple questions:
- Do you know the cost price of every single item?
- Do you use a formula for calculating the selling price of all items?
- Does your canteen policy state healthier items should be prices lower than others?
To answer these questions see the Setting menu prices fact sheet.
Financial management training
Running a canteen is equivalent to running a small business. It is essential to understand the financial situation in the canteen at all times to maintain a viable business. During the financial management training, you will learn all about:
- Correctly calculating pricing for menu items
- Recipe costing
- Standardisation, portion control and waste minimisation
- Marketing and promotion techniques
- Record keeping and stock control
- Each school will be given pre-formatted templates.
Canteen staff and parent body representatives who are responsible for the canteen are encouraged to attend.
Running time: approximately 2.5 hours Cost : $15 members $20 non members