I want you to think about your business. What are you looking for from it? What kinds of goals are you trying to achieve? The reality is your business is like a ship on the open sea. If you sail in any direction, you're bound to find where you're trying to go eventually. But why would you do that without a map?

Not knowing either the costs of your goods or if your costs are in line where they should be is exactly like sailing without a map. How do you know if you're buying too much food and wasting it? How do you know if your employees are over portioning or over pouring? How can you even begin to write and implement policy if you don't even know it's a problem to begin with?

It's estimated that businesses who aren't regularly reporting cost of goods sold are missing out on 7-12% of net sales from their bottom line. That's a painful loss for retail stores and restaurants! Not to mention a waste of potential. That money could be used to improve marketing budgets or maintain customer loyalty. Or maybe it could get you that new dishwasher your store desperately needs!

Bottom line: Not knowing is more expensive than taking the time to know.