Managing Your Pub Financing Like a Pro

pub loansWhen it comes to running a pub just like any other food and drink related business, managing your finances is crucial given the long list of expenses you have. How do you do this then? Fear not for it’s not rocket science. It’s pretty doable and nothing scientific. Read on to find out how to manage your pub financing like a pro.

  1. Keep everything recorded and reported.

In order to manage your resources, you will have to make a record of them. Each transaction must be properly analyzed, categorized and reported with their accompanying documentary evidences like receipts, sales invoice, delivery slips, and etcetera. This creates a systematic and accurate record of all transactions which you can use in the decision making stages.

  1. Have expenses, needs and resources match.

In short, make a budget. Know how much you have, what your needs are and the necessary expenses per period as well as contingent ones. By matching all of these, shortages and wastage are best avoided.

  1. Instill standard operating procedures.

In a pub, it is important to establish pour levels and serving sizes for all drinks and food. You will need this in the proper costing of your menu and bar items. This should also help avoid inconsistency in your servings. You know how much patrons and customers can be when they realize that you’re services are not consistent in quality and size.

  1. Check and examine.

In other words, make an audit not only of your records, transactions and financial statements but also of your operations. This should help shed the light on fraudulent activities that could have happened as well as inconsistencies and malpractices among employees. No more “drinks on the house” that have left you wondering how come the eighty shots ordered last night resulted in twenty boxes of empty liquor.

  1. Evaluate and improve.

Of course, there are always points to improve on at the end of the day. This is the purpose of your examination and evaluation. This should also help not only your staff and personnel but also you as the owner to improve upon your pub and make it bigger and better one day at a time.

Now that we’ve got all that cleared up, it’s time for you to manage your pub loads funding like the pro that you are. Visit this website now www.365businessfinance.co.uk

The Pros and Cons of a Business Cash Advance

business cash advanceA business cash advance or otherwise known as a merchant cash advance is a financing method that allows entrepreneurs to borrow a certain sum in exchange for a percentage of its future monthly credit card sales, thus the name.

Just like any other financing option, it has its own terms and arrangements thereby its own set of pros and cons. Entrepreneurs, business owners and directors need to know what these are to better and more smartly weigh in its use. Will it be beneficial or will it bring more harm than good? These things have to be answered in order to come up with better decisions for the company. On that note, below is a list of the benefits and disadvantages that a business cash advance can bring.

THE PROS

  • There is little to no paperwork required. Unlike traditional credit types, the amount of paper work is much lower if not none at all. This makes it a good choice for emergency and immediate needs.
  • Cash is fast to acquire. Many providers can give you the cash in a few days time.
  • No property collaterals are required. You need not worry about losing any of our fixed properties to forfeiture.
  • Repayment is income dependent and not fixed. The payment is equivalent to an agreed upon percentage of credit card sales per month. If you have high sales then the bigger payment is and the faster it is closed out. The smaller it is then the smaller payment is too creating less to no financial strain on the company.
  • There are more chances of approval. Business cash advances have higher approval rates compared to bank loans for example.
  • You need not have a perfect credit score. Providers bank on your credit card sales more than your past and present credit grade making this an option even for financially distressed businesses.

THE CONS

  • They tend to have higher costs. Due to the higher level of risks involved, providers will require a rate that is slightly higher than what other financing methods may require.
  • Some providers may put in restrictions. To ensure the level of credit card sales, some providers will restrict discounts and sale to clients for example.s

Just keep in mind that the use of a business cash advance can vary. Moreover, no two entities are exactly alike so the pros and cons that arise can vary too. Make sure that you study and analyze carefully before jumping into conclusions.

How to Jazz Up Your Dining Space with Limited Restaurant Funding

restaurant-fundingThe biggest challenge for majority of food entrepreneurs is perhaps about maximizing what limited restaurant funding they have. They would want to stretch the available resources as much as possible without causing any strain on quality of products and services and effectivity of operations.

With today’s pull toward social media and the surging importance of not just great food but also quality experience, restaurateurs know how important interiors are in creating the right ambiance and feel to make customers crave for more. But with limited resources, how does one pull it off? How can one jazz up their dining space even with limited restaurant funding? Is it even possible? Yes it is and below is a list of some tried and tested ways to do it.

Paint on Walls – Instead of spending a ton on an overhaul project, why not do it with paint? A fresh coat of color can bring in a whole new dimension and perspective to the space. It’s affordable, easy and provides for a quick and simple touch up.

Add Personality – If repainting every inch of the place isn’t suitable or preferred then you can still come up with a similar output by incorporating accent walls. You can use wallpaper, paint or art to create attention, texture and personality on a single area. It’s a small update with big effects.

Incorporate Nature – A vase of flowers can do so much in livening up any interior. If maintaining and buying daily blooms feel like so much work and money to you then you can opt to invest in air plants, potted cacti and succulents in terrariums. They are easy to maintain and you don’t have to water them every single day.

Rearrange Furniture – Another way to do it and one that does not require spending even a single cent would be to devise a new arrangement of your chairs, tables and furniture. It simply creates a new perspective and look to your restaurant.

Hang or Display Art – This can be a painting, a digital artwork, postcards or anything that you can hang and frame that applies to the theme of your place. You have no idea how a simply framed quote for example adds so much dynamics to a room.

When jazzing up your dining space with limited restaurant funding, all it takes is a liter of creativity and a pinch of imagination. You can do so much even if your budget isn’t huge.

365 Business Finance: Common Budget Pitfalls for Entrepreneurs

business-financeWe all know very well that a financial plan is a key ingredient to ensuring that the business goals and endeavors are met efficiently, effectively and timely. It helps promote the proper use and allocation of available resources to maximize their benefits and stir clear of wastage. Unfortunately, many business owners still fall to the common budget pitfalls. What they are and how to avoid them are discussed below with the help of the team from 365 Business Finance.

Pitfall: Setting impractical and unrealistic expectations

When it comes to business, optimism is important and so is persistence and hard work. There is nothing wrong about aiming high but see to it that you do not overdo it. Do not set up your financial plan too high that it becomes impossible to achieve. That will only lead to frustration. Aim for a challenging one instead. Don’t lower it down too much either as that gives room for slack.

Pitfall: Not working with the right team

Creating a budget is not a single person’s job. Businesses are composed of varying divisions and departments. Each one has their own needs and allocations to provide for. This makes it necessary to not only have the right budget professionals but also key employees from the various divisions and departments to congregate and brain storm.

Pitfall: No follow through

You cannot create a plan, perform it and then not look back. You need to have a follow through, an examination and an analysis to check if the budget has indeed been effective and if slipups have occurred. This will help contribute to improvement in the future.

Pitfall: Failure to put details and specifics

You have to be as specific as possible. Think through your expenditure items and try not to miss anything. Examine what regular transactions transpire within your business and categorize them accordingly. This way, you get a better vision of what the entity’s needs and how much. Of course, the expenses in the previous periods will not be exactly the same for those to come but they will give you a pretty good idea on where to start.

Pitfall: Copying others work or that of the previous year’s budget

According to 365 Business Finance, many entrepreneurs simply repeat the previous year’s budget or worse copy that of a similar entity’s. Don’t. Keep in mind that what works for others will not work for everyone. Each company differs. Plus, consider every period as a new one. The prices of raw materials change. Sales can go up or down too so your needs will also vary every period.