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Financials For Coffee Shops

Financials For Coffee Shops

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You won’t have to walk far to find a coffee shop in the United States. We love our coffee, which is great for you in terms of demand, but means there is always going to be strong competition coming from all angles. 

This is why you need to create a loyal consumer base by reaching optimal levels of efficiency and organization. An effective online management system ensures you stand out from others in the industry. 

Needless to say, COVID-19 has also brought further troubles to the industry, making it more difficult for small businesses around the country. Social distancing can mean that you are able to take fewer coffee orders throughout the day, which is why it is critical to look into the financial side of things. 

An online accounting system can help you to make sure that you have all of your money in order. Below, we are going to look at the different areas to consider, all of which can be managed with a financial solution that is integrated and tailored to suit your coffee company.

Payroll – By managing your employees’ payroll electronically, you can be sure of ultimate ease, efficiency, and less margin for human error. 

Debt Payments – Managing debt is vital for any business owner. Read up on DTSS sovereign if you need some help and assistance with this.

Cash flow forecasting – Cash flow forecasting is a vital component when it comes to business success. Inefficient handling of this area of your business can lead to huge problems. You should automate your cash flow so you can have a firm grip on daily finances, bills, and expenses.

Credit control – Stay on top of your credit for optimal financial security. 

Card payment facilities – Most customers will want to pay using their credit or debit card due to COVID-19. Make sure you give them this option with card payment facilities. 

Budgeting and profit projections – You can’t stay in the here and now if you want to reach your ultimate potential. By staying ahead of the game you’ll reap the rewards in the future by maximizing profits.  

Management reporting with KPIs – This is an essential component in driving your business to achieve its strategic goals. 

Point of Sales systems – Effective Point of Sales systems ensure this area of your business is handled successfully, whilst also presenting you with excellent data for moving forward.

Stock control across a number of outlets (for those with more than one shop!) – There is nothing worse for a coffee shop than running out of supplies. Make sure this does not happen by keeping track of your stock and orders. A good system should enable you to do this.

Customer loyalty programmes – Everyone has a favourite coffee shop. Make sure you are that shop with our effective customer loyalty programmes. 

• Sales discounts – Customers love a good discount! By managing sales and discounts effectively you can make better decisions so that you reap maximum profit potential from any sales are discounts you have running. 

Tia, and TipsfromTia.com  is trying to keep you looking good and
feeling good, from the inside out. If you’ve got a problem or a tip email me! Be sure to Like and share on Facebook or Follow on Twitter or Instagram.

U OK Hun? Self Care For Internet Entrepreneurs

U OK Hun? Self Care For Internet Entrepreneurs

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You may be great at running your business, but are you any good at taking care of yourself? More than any other group of people, entrepreneurs are notorious for pushing themselves to the limit, burning the candle at both ends and not listening to what their bodies are telling them. When you don’t have a line manager, and everything you’re working on is to set up your future then working long hours and barely leaving your desk can begin to feel somehow normal. You’re under a huge amount of self-generated pressure to succeed, learning new things, trying to bring everything together and make it work and desperately aiming to become profitable while keeping calm. The important thing to realise is that for an entrepreneur, health IS wealth. You are the engine of your success. Your creativity, vision, ideas and hard work are what makes your business. If you neglect your health and become seriously ill, then your business will be damaged in the process. So making time for self-care isn’t just a smart investment – it’s a necessary fundamental of running a successful business. If you want to build a long-term career and company, then you need to prioritise your own mental and physical health, even during the busy times. 

Make Me Time A Part Of Your Schedule 

For every business fundamental, you have an allocated slot in your schedule. Time to create a marketing strategy. Time to brush up a client pitch. Time to go through the accounts and prepare a business tax return. The same has to be true of your health – you need to create an allocated time and stick to it. The key is to be clear on what relaxes you – for some it could be fitting in a 5k or a game of squash, others will find it in reading a few chapters of a great book or even playing video games. Some may benefit from using a daily mindfulness app. Find whatever works for you and make it a religion to honour that small slice of time for yourself.

Sort Out Any Minor Issues

Just as you would try to identify any business issues quickly and sort them out before they escalate and cause damage, so you must take the same approach to your health. Instead of ignoring that sore back or the onset of insomnia, it’s a good idea to get them checked out by your primary care doctor. Perhaps it is just nothing, but if it isn’t, treatment will be a lot quicker and more effective if you tackle the problem head on and early. 

Fit In Some Exercise

 
It can definitely feel like the last thing you have the time for is exercise, but keeping active is a form of health insurance for entrepreneurs. The right sport makes you mentally and physically stronger – allowing you to be more productive and focused at work. It also helps to keep you healthy, lowering your risk of multiple diseases and keeping your immune system primed – and when you don’t get paid to take a sick day, that’s a pretty big deal!

Tia, and TipsfromTia.com  is trying to keep you looking good and
feeling good, from the inside out. If you’ve got a problem or a tip email me! Be sure to Like and share on Facebook or Follow on Twitter or Instagram.