Cash flow is a thing that every business owner needs to keep an eye on, keep it steady and healthy but sometimes things take a hard turn left and that often happens in the holiday season.
For restaurant owners this is the season of mayhem, there are bonuses, extra hours, bills, invoices and more things that need to get paid ASAP, and this can actually cause a dent on your bank account and sometimes in your credit score.
Here are some of the things you should get straight before the season kicks in:
Manage your Inventory
When this is not done properly you are throwing your money to the trash and your providers know that when you have a slow season it is recommended to keep your cold room and your storage as empty as you can, this can actually help on maintaining some cash in the account for the busy season.
Always pay your suppliers, don’t take the credit
This is something that affects a lot of businesses, when you start getting a credit or an I owe you structure you are putting your cash flow at risk, of course, it makes it easier but when the debt escalates a lot and you need to pay all at once it becomes into a big issue, imagine paying your suppliers, employees, rent and utilities all at once, that is a big hit.
Have your “stash”
Anything can fail or break at any given time and this hits your wallet harder than Mike Tyson, so you need to be ready in case that your oven breaks down.
Update your payment methods
Nowadays, every place takes credit cards but when that trend started a lot of businesses saw a huge benefit in taking that payment method, this is happening again and you might want to hop into the train ASAP, people are starting to pay with their e-wallets and cell phones, so just pay attention to this so you won’t miss the opportunity to drive more cash into your business bank account.
If you need to cover these or other issues, apply for a loan here.