This week at KU would have probably been rough for most people but for the Wiscandians it was just what we were looking for. We got to learn about what some would call the most important part of an operation...the financials. It was time to crunch some numbers and figure out how a truly successful operation is run. In the beginning of the week we had to procure some recipes with Lisa K, she helped us cost out a recipe and how to determine how much to sell it at to get a food cost of 30%. One thing we learned about homemade pizza is that it is RIDICULOUSLY inexpensive.
On top of of our recipe costing project, we were also assigned a project to calculate a budget for a concept within one of the retail operations here at KU. We started off with the actual budget of an operation in which the bottom line was hurting. We had to right the ship and make it so the concepts got back on track and stayed in the black. Its incredible how much research, time, and effort goes into allocating money to different sections within an operation. Making sure a retail operation is producing money rather than losing money is a lot harder than it seems.... trust us. Its all about the specs!! In this case, not on the rotary girder.
To end our week full of project work we began our management with Jim Schilling over at North College Cafe. The man knows what he is doing and keeps a tight ship. He helped us organize and plan a little bit for our special event coming up this week with procurement of decorations, putting up advertisement posters, table tents, recipe finalization, and job assignments during the event. Lets just say I think everyone now knows that the Amazon jungle is coming to Lawrence, Kansas July 24th at North College Cafe from 5-7.
All good things must come to an end though... this upcoming week is our last week here at KU and its going to be a sad one for the Wiscandians. Although we get to show all of our hard work to everyone, its truly been a privilege working here and learning as much as we have. Stay tuned as next week is our last blog for this internship.
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