Explain ways to increase profits by raising revenue, reducing costs, improving productivity, changing prices, increasing sales and strengthening financial control.
Extract B Traditional restaurant with a difference George's Tavern is located in an old house, in the pretty and traditional village of Yeroskipou in Cyprus. The village is only 5 km away from the coastal city of Paphos, which is popular with tourists. The restaurant serves Mediterranean and Greek food. It is unique because there is no menu, instead it serves a set selection of food prepared with locally grown and seasonal ingredients. The small portions of different food only include what is in season, so you might get hand-picked asparagus, wild mushrooms with fresh herbs, aubergines and potatoes in tomato, or tender kleftiko (oven-baked lamb) from local farmers. Even the drinks are home-made, using ingredients from the family's vegetable garden. Evening diners must reserve a table, due to high demand. At lunchtime it is often much quieter. For example, in September George's Tavern could have catered for 1,500 lunchtime customers but only served 1,110. Once seated, diners can then stay for the whole afternoon (noon until three o'clock) or evening (seven until eleven o'clock), as dishes are served until diners can eat no more. The restaurant is open Tuesdays to Saturdays and charges a fixed price of €25 per person for all food served during the sitting. Damien and Benedict are the sons of the founder, George. They now run the restaurant and are eager to make sure George's Tavern continues to follow the original business plan and be successful.
Extract C
Cyprus rate of inflation August 2017 to July 2018
Assess how Damien and Benedict might improve profitability.