Advice is always plentiful, not matter what you do in life. But advice for your quick service restaurant that is useful and can move your business forward is not usually abundant.
When it comes to your quick service restaurant, you want quick advice to make a difference. Here are five things you can do today to see a difference in your profits:
1. Listen to your customers
Obviously, customer complaints are a big deal, but customers often offer commentary that could lead you to improvements. If you hear the same suggestion again and again, it might be time to listen. Whether it’s a new menu item or a suggestion for the seating, when more than one customer mentions something, you should take notice. This also means you should encourage your customers to give you feedback, both positive and negative. Customers talk to your staff, so make sure you have a regular process to collect that feedback. You don’t want someone forgetting a million-dollar idea because you didn’t give them a way to share it.
2. Encourage your staff to make personal connections
One of the easiest ways to build customer loyalty is by creating personal connections. Nothing makes someone feel quite as valued as when your staff remembers their order or when you greet them by name. Your staff should be hired with customer service traits in mind, and trained to interact and be engaged with your customers.
3. Be willing to change fast
The margins in hospitality are razor thin. If you’re doing something that’s not working, don’t let it drag the business down. That can be anything from wasting food to incorrect pricing on your menu. Don’t wait until the end of the financial year to look at your numbers. Work with your bookkeeper to understand any problems immediately and tackle them on the spot.
4. Use social media the way it was intended
Definitely use social media to engage with customers (and potential customers), but do it right. Posting the same thing on Twitter, Facebook and Instagram is not the answer. While it’s great to put promotions and content on Facebook, you probably want to have a conversation on Twitter. And Instagram is where you put your gorgeous food photography. The goal of each channel is to connect with and engage your customers.
5. Make sure your bookkeeping speeds you up instead of slows you down
Find a bookkeeper who’s clear on your expectations. If you only want to discuss the numbers when the restaurant is closed, be sure they understand that. If you want weekly or even daily updates, make that clear. You shouldn’t have to stop what you’re doing to deal with the finances, it should work seamlessly with your schedule.
Don’t be afraid to make changes in your business. Little changes can lead to a big difference in profit. If you’re looking for a bookkeeper that understands quick service restaurants, get a free consultation today. We can help you keep your business humming.
Parties and other events are a great way to engage and reward employees and customers, and it’s also an opportunity to find tax deductions. But the tax rules for such events are strict and require careful planning and navigation to ensure you can claim your deductions with confidence.
Read on how to deduct the cost of a business party while also being conscious of potential tax deductions.
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The various taxes that small businesses have to pay out each year are significant, so it’s important to be aware of every opportunity the tax man gives you to reduce your bill. So be sure to consider whether any or all of the items in this checklist apply to your business and discuss them with your bookkeeper and accountant to ensure you are documenting and claiming every deduction available to you.
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With tax season approaching, you will want to take advantage of any and all deductions legally available to you. And if you aren’t satisfied with this year’s write-offs, you’ll want to start looking ahead next year to ensure you are aware of and actively documenting everything you could be deducting.
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Financial fraud is the number one consumer complaint in the United States, and it can have devastating consequences for victims.
But by being proactive and following some simple steps, you can make it much more difficult for criminals to steal your money or your identity. Read about implementing some measures to protect you!
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Now is the time to start thinking about the coming year, and what changes you could make to reduce your bill next time the taxman comes around.
Take a look at several ways businesses are reducing their tax burden.
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Good financial reporting can help a business track what is really important for profitability and guide good decision-making for the future. Many small businesses struggle to really take full advantage of their financial reporting.
Take a look at five tips that could make the difference in whether your financial reports tick boxes or truly help drive growth.
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Accounting and invoicing for general contractors have always been a paperwork-intensive process, tracking various construction-specific tasks like estimates, sourcing subcontractors, handling change orders, and partial-completion invoicing.
Let’s take a closer look at what makes construction invoicing different – and difficult – and consider a few highly-regarded apps that are worth considering, not only for invoicing but potentially for the entire end-to-end construction process, from submitting bids to paying contractors to customer relations.
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Filing as an S Corp eliminates the self-employment tax on all income that many small businesses pay, while at the same time keeping some income out of reach of things like Medicare and Social Security taxes. It offers you the opportunity to take part of your income as a W-2 salary, with the associated federal program taxes, and the rest of it as distributions that are not subject to those taxes.
As with most “great deals,” though, there are potential pitfalls. It’s important to take the process seriously and abide by the rules in order to reap the benefits while avoiding some very serious penalties.
Let’s take a look at the benefits and potential pitfalls of filing as an S Corp, and how you can pay yourself in a way that maximizes your tax benefits while minimizing your compliance risks.
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Filing as an S Corp eliminates the self-employment tax on all income that many small businesses pay, while at the same time keeping some income out of reach of things like Medicare and Social Security taxes. It offers you the opportunity to take part of your income as a W-2 salary, with the associated federal program taxes, and the rest of it as distributions that are not subject to those taxes.
As with most “great deals,” though, there are potential pitfalls. It’s important to take the process seriously and abide by the rules in order to reap the benefits while avoiding some very serious penalties.
Let’s take a look at the benefits and potential pitfalls of filing as an S Corp, and how you can pay yourself in a way that maximizes your tax benefits while minimizing your compliance risks.
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