How do you get more productive? The answer is simple and short – by getting more organised. So how to go about it then? Well, by mastering the following three areas in your cafe or small restaurant, you’ll be half way there. Start off by …
Getting your accounting right
A lot can be said for accounting and bookkeeping. In fact a lot needs to be said – otherwise you won’t be able to store your income, to assess your financial health and to adhere to compliance regulations, some crucial cornerstones for every business owner. Here we’ll keep it short and list the first steps you need to take. It can be summarised like this:
- Set up a recognised accounting system from the very birth of your business. From simple spreadsheets to different types of accounting software, we gladly point to our friends at Xero.
- Learn basic accounting skills – and understand how accounting is different to bookkeeping. Seriously, you have to (and you’ll thank yourself later); find guides from credible sources online and carefully review all available info at GOV.UK.
- Bookkeeping is the practice of keeping records of all your business’ transactions. Accounting is the overall process of recording, measuring and grouping and summarising all transactions taking place via your business. Sidenote, accounting is also famously known as “the language of business”.
Set apart some time every week to do the books. A rule of thumb is that if someone asks you about the financial health of your business, you should know the answer right away. Vocabulary such as revenues, Cost of Goods sold (COGS) and gross margins are key terms to be aware of in order to grow your business long-term.
Organising your items
Look at it this way. By carefully organising the items you’ll be selling in a product library, you’ll immediately get an overview of how your portfolio of food and beverages perform. You won’t risk that your own taste for a specific sandwich – that’s in fact selling poorly – continues to be listed on your menu.
As modern point-of-sale systems contain intuitive product library features, you easily add items as your menu is gradually expanding. Snap a photo of that new matcha latte, add the pricing and the applicable VAT. Then simply click on the item when you’re ringing up the sale!
The beauty of a well set up product library is obvious. Not only is it easy to use; it’s also simple to explain when you take on new people in your team and it continuously helps you monitor your sales. What are you selling? And to whom are you selling?
Yep, it’ll help you to sell more and generate more revenue – M-O-N-E-Y in the bank!
The more data you have about what items you sell – and how you sell them – the smarter your future decisions will be. Yep, it’ll help you to sell more and generate more revenue – M-O-N-E-Y in the bank!
Caring about your customers
Remember one thing. It’s more expensive to find new customers than retain the ones you’ve already acquired.
Our friends at Xero estimate that small business owners spend somewhere between six and 20 times as much to sign up a new client as they spend on keeping an existing one. That should convince you that having some sort of customer relationship management system in place is key; what’s commonly known as a CRM.
It’s more expensive to find new customers than retain the ones you’ve already acquired.
And honestly, anyone doing business needs a system for managing contacts. When you have a thousand things on your mind, it’s easy to let important contacts slip away. No need to buy into something vast and complicated when you’ve just started out – but do make sure you have a way of adding and managing any contacts you make.
With the Customers feature in the iZettle Go app, you can easily collect email addresses from your customers after the sale. With a growing list of email addresses, think of email marketing initiatives – how about a monthly newsletter sendout? Share information about new products, invite them to to VIP nights, pre-sales and offer special discounts for Christmas and more. Make your customers feel extra special, set a goal to turn them into loyal fans of your shop!
Ask friendly for your customers’ email addresses – if you get the vibe that the customer would like to receive your news and promotions and any other awesome stuff happening in your shop!
There’s a range of products that will get you sorted when you’re launching your first cafe or small restaurant – explore the world of iZettle!