Not renegotiating supplier contracts in a small catering business can lead to increased costs, reduced profits, and potential financial instability. If the costs of supplies continue to exceed the budget, it may become difficult to maintain the current menu pricing without incurring losses. This could also lead to a decrease in the quality of service or products offered, which could negatively impact customer satisfaction and business reputation. In the worst-case scenario, it could lead to the business becoming financially unsustainable.
Supervise financial transactions, adhere to predetermined budgets, and forecast upcoming expenses to...
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