Merchant Cash Advance Blog

One of the biggest advantages of owning a small business is the ability to make changes and pivot quickly.  Innovative products that meet a specific demand are necessary to remain competitive.  Creating and maintaining a unique brand takes a continue effort and your ability to adapt and change with the times will determine your staying power.  While it’s important not to jump on every passing trend, you always want to be thinking towards the future.  Most owners realize the need for change but it can be difficult to determine where to dedicate your resources.  Fortunately, there are some simple steps you can take to ensure your company stays on the cutting edge of your industry.

Reminding your employees that they are doing a good job is important and an essential piece of becoming a great leader leader and can increase small business revenue.. This can be done in a few different ways. You can have some friendly competition within the office for gift cards or other items. It can be something like who gets the best sales or who has the best customer service, you just adjust the goal to suit the kind of business you have. You could also implement a bonus program that is seasonal or maybe even a surprise to your employees. Things like a little extra cash in their check can make an employee feel like they are going in the right direction.

Accurate accounting is at the foundation of small business success.  Conversely, the mismanagement of finances is the number one reason small businesses fail.  In fact, 32% of them fold due to poor management of financial activities.  Having a trustworthy and highly qualified bookkeeper to delegate financial responsibilities to will give you the best chance for success.  The management of restaurant finances is a full time job and is a worth the resources needed to make it function correctly.  The smallest error or lack of efficiency can cost restaurant owners dearly.  Advancements in technology have made managing funds easier but have brought about new security risks.  Cash flow is extremely important for small businesses to grow and operate.  Money matters affect all aspects of the restaurant business so we’ve developed a list of products, checks and balances necessary to financial health.

The holidays are an extremely busy time for small business owners and the weeks following them should be used to grow.  This time of year is typically slow for many businesses and using your time wisely will greatly impact your success for the rest of the year.  Revisiting your business plan and developing new revenue generating strategies is a great way to use your down time and reduce your chances of a post holiday slump.  Continuously evaluating your company will help you identify new markets and increase efficiency.  While many owners are still experiencing a holiday hangover it’s important to use this time to secure the future of your business.  There are several things you can do to start your year off right.  Here we’ve outlined some of the most important post holiday objectives that should be addressed.

One way to increase restaurant revenue is to expand your focus beyond your brick and mortar location.  There are many entrepreneurs that are bringing their food to the masses without even having an established restaurant.  Owners should take notes from these businesses and look into different avenues to build brand awareness and attract a new customer base.  There are several options available to do so and your product and business model will determine which is best for you.  There are also things that can be done to expand your reach with little change to your overall business plan.  An initial investment will be needed to get things off the ground but the increased revenue and reach will positively affect your bottom line in the long run.  Here we’ve compiled 4 of the best ways to take your brand outside of your restaurant.