The 7 biggest mistakes food sellers make that quietly eat their profit
None of these need an accountant to fix. Each one has something you can start today with a notebook, and how MyProfits does it for you. Mistakes marked “A leak for you” came from your answers.
- 1
Counting money in as profit
A leak for youA pot that empties by 2pm feels like a great day. But the market, the gas and the packs took most of that money before you served a plate.
Say you sell ₦ 60,000 of food today. If ingredients, gas and packs cost ₦ 36,000, your real day is ₦ 24,000. Plan with ₦ 60,000 and the next market trip comes up short.
Do this today
Keep the market receipts for one day’s cooking. Take their total off that day’s sales. That is your real profit.
Or let MyProfits do it
Home shows “Money in today” and “Today’s profit” side by side, updated with every plate.
- 2
Cooking by feel, costing by guess
A leak for youPepper goes up, oil goes up, and the plate price stays the same. Without costing a plate, you can be busy and losing money.
Say a plate costs you ₦ 1,400 when tomatoes are cheap and ₦ 1,900 when they aren’t. At ₦ 2,500 a plate, that swing cuts your profit per plate almost in half.
Do this today
Cost one pot: write every ingredient, the gas and the packs, then divide by how many plates it served.
Or let MyProfits do it
Add costs per plate or per batch. Update a price once and every plate after it uses the new cost.
- 3
Feeding the house from the pot and the till
A leak for youFamily meals and money for the house are fair. But when they aren’t written down, the business looks weaker than it is, and you stop trusting your numbers.
Say the family eats four plates a day from the pot. That is ₦ 10,000 of food a day that never shows up anywhere.
Do this today
Write down every plate and every bit of money the house takes. Count it as your pay, not as a loss.
Or let MyProfits do it
Record “Money taken out” for yourself, and write off food the family ate, so your profit stays true.
- 4
Letting regulars eat on credit with no record
A leak for youWorkers from the site nearby promise to pay on Friday. By Friday, nobody remembers who ate what.
Say eight regulars each owe ₦ 5,000 by the weekend. That is ₦ 40,000, your next market trip, sitting in other people’s pockets.
Do this today
Keep a credit page: name, what they ate, the amount and the day they promised to pay.
Or let MyProfits do it
“Owed to you” lists who owes what and when it’s due. Record part payments and send a reminder in a tap.
- 5
Throwing away food you never count
A leak for youLeftover rice, soft plantain and soup that didn’t sell are money in the bin. If you don’t count it, you keep cooking too much.
Say you throw away ₦ 3,000 of food a day. Over a month of trading that is ₦ 78,000, more than many stalls pay in rent.
Do this today
For one week, write down what you throw away each night. Cook a little less of whatever keeps coming back.
Or let MyProfits do it
“Write off stock” records spoiled food with a reason, so you see what waste really costs.
- 6
Never matching cash and transfers at close
A leak for youHalf your customers pay cash and half send transfers. Without a split, a missing transfer or a short drawer is invisible.
Say you took ₦ 35,000 in cash and ₦ 25,000 in transfers. If the drawer has ₦ 32,000, you want to know that tonight, not next month.
Do this today
Mark every sale as cash or transfer. At close, count the cash and check your bank app against the transfers.
Or let MyProfits do it
The end-of-day cash-up shows what you should have in cash, mobile money and bank transfer.
- 7
Forgetting rent, levies and the gas refill
A leak for youStall rent, market levies and the gas refill come round every month. Miss one and you can’t cook tomorrow.
Say gas costs ₦ 15,000 a refill every two weeks. Put ₦ 1,100 aside a day and the refill never catches you out.
Do this today
List every bill and levy with its due date. Put a small amount aside every night.
Or let MyProfits do it
Add running costs with due dates, marked paid or unpaid. Home tells you what is due soon.
