As we find ourselves in the second month of 2018, we at COCARD would like to do a quick check in for any New Year’s resolutions you may have made this year, or things that you’d like to improve on for the upcoming year. From money management skills to planning, how have you been doing with these things since January 1st?
How do you manage the money that goes in and out of your business? Money is the lifeline that keeps your doors open, and your business running. Without it, you and your business will have a difficult time existing. Did you know that 82% of startups and small businesses fail because of a lack of cash flow, according to a study from U.S. Bank, a financial services company? So take stock of where your money is coming from, and if needed, take stock of tip #2, reviewing your rates.
It is one thing to charge one rate as you start, but another thing to keep the same rate as you’ve gained more experience and can prove the value that you bring to another business or company. So look at rates in your industry, and make sure that you are charging a rate that fits your experience and worth. Anything less would be criminal, and would hinder your ability to bring in the right amount of money for your business and livelihood. So do your research, and even write down the value that you’ve provided to customers. Then set new rates.
As a professional in your field, you should continue to learn. Learning doesn’t stop after you make a certain amount of money. It also doesn’t stop after you’ve reached a certain professional marker. To stay current and at the top of your game, you should read books, take courses, and attend events that will help you to keep developing your skills. In this way, your business will continue to evolve for the better, and can continue to compete in the marketplace.
If you come up against obstacles or questions, you should focus on the things that work for you. If something isn’t working, toss it aside, and continue moving forward. This method allows you to make room for something else in the future, something potentially much better than what you had before.
As the year progresses, it is important for us as business owners to take stock of the roads we are taking and how we will get there, to our destinations. For all of us, “there” often means profitability along with a strong bond with our customers.
What else have you taken stock of as a business owner since this year has started?
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It’s 2018, nearly February and I have been thinking about strategy, retail strategies to be precise. Have you thought about your marketing strategy for 2018? This article might help, it’s full of useful information, take a look and let me know what you think or call me and let’s exchange ideas! Nelda
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This question was posed to me when I met with the owner of two Italian restaurants this past Friday. What is the difference in all of these systems now?
My response was “All of these systems, what do you mean?”
I learned first hand from a very savvy business owner that there are a lot of companies reaching out to him to offer him a POS System. I also learned that they were offering one single solution, be it a tablet or a traditional solution – and pushing what they offered hard.
None of the companies took the time to talk to this business owner about features, and features are what make the biggest difference.
These two restaurants needed reservation tracking, table clearing features, kitchen messaging, market price item setup, and much more. I learned this because I sat and asked to be taught about the business.
Twice this business owner has purchased solutions that were not a fit for his business.
I can tell you, that wont happen again. Now he will have a solution that does what his business needs, and nothing that it does not.
Would you like to talk about your business needs with me, and learn about the Restaurant Solutions my team has to offer?Read MoreRead More