Ever been to a really great restaurant, one that has quality food AND service?
Running a restaurant is hard work, but most restaurant owners find the reward is worthwhile. It’s satisfying to see customers visit time and time again, and building long lasting relationships with patrons is part of the experience. There are certain questions you should ask yourself to ensure your restaurant is operating smoothly, and to ensure you have foundations established in case of emergency situations. The following questions are helpful when considering the future prospects of your establishment:
Do I have the right team in place? This requires you to be critical of the team. Is there a weak link currently on the team? If so, what plans do you have in place to change that? Can you replace that member in time, if not are you willing to take the risk to move forward and possibly damage your reputation?
Can I provide support to the new market? Do you have enough people on the team to successfully provide good service? Support can also mean resources in terms of suppliers. Do you have the proper supply chain in place?
Do I have an adequate amount of positive cash flow? Take a look at your current financial position. How stable is the company? What are your future plans? Are there areas in the company that need immediate improvements? These can include repairs, renovations, adding additional team members, investing in better training materials and tools. All this takes time and money.
A merchant advance is particular useful to restaurants due to the high amount of cash that is constantly flowing throughout the business. With many cash sales, merchants are not so burdened by the repayment via debit/credit, and many of our business owners report not noticing the repayment at all. We always do our best to work with the merchant to provide the best possible deal model, with a daily repayment structure that makes sense for the individual restaurant.
Lastly, location, location, location – Do you have the right location? You hear it all the time. Location is everything. You may have a great product and great service, but if you have a bad location, you will have a lack of regular customer traffic. Ensure you carefully study the market, and visit your competition in the area. How well do they do? Ensure you are satisfied with the traffic and sales potential before you approve the location.
Our staff hail from a wide variety of backgrounds and have years of combined knowledge on small business ownership. We know restaurants, we know retail, as we’ve held our fair share of these jobs ourselves along the road. We’re a friendly bunch, and would love to assist you in your business pursuits as much as we can.
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