Need to Cut Prime Cost? Going Cash Free Could Help!

Need to Cut Prime Cost? Going Cash Free Could Help!

Sponsored.

I’ve partnered with Visa to tell you how the Visa Cashless Challenge can help you perfect your prime cost! Even better, Visa will award $10K each to up to 50 eligible restaurant, café or food truck small businesses who best answer, “How would going cashless benefit your business?” I want you to win! Enter today: http://vi.sa/2zafzfz The Challenge expires on 11/30/2017. You don’t have to go 100% cashless to participate or win.

While there are some expenses you just plain can’t prepare for (like if someone decides to drive their car right through your dining room), your prime cost is a prime opportunity to keep your finger on the financial pulse of your business.

So how can you keep your prime cost from getting out of control?

Sure, we know what we want to do – spend less and make more! But how can we actually do it? While there’s an abundance of strategies you can use to prevent your prime cost from skyrocketing, few options will allow you to cut costs and increase income through a single decision. And no – it doesn’t require a magic wand!

Turns out, going cashless could lower labor, surge sales, and increase operational efficiency!

Yes! That’s right! I mean that choosing to have less cash could put more money in your pocket! As the digital age advances, guests are giving up the green in favor of cards and mobile payment systems at incredible rates. While entire cities and industries are committing to “going cashless,” restaurant owners are seeing a major shift on their P&Ls that are making them do a happy dance.

In fact, according to a 2017 Toast study, 95% of restaurateurs say that technology improves business efficiency!

Here are 4 ways going cash free could decrease prime cost:

  1. You’ll stop coming up short! Register errors happen all the time and while small amounts of missing funds seem like business as usual, it adds up quick! (I don’t know about you but I’ve never been a fan of finding out I’m missing hundreds of dollars due to errors each year.) Drawer shortages, incorrect change, deposit errors can be alleviated when you take cash out of the picture.
  2. No more tantrums over tips! What owner hasn’t dealt with the almighty headache of he said-she said over who gets how much?! By managing a simple, trackable, cash-free system, your team has an easier time working in harmony. Even better, you can get more bang for your buck in payroll dollars since you won’t have to pay managers who spend their time breaking up petty squabbles! Can anyone say, “win, win, win?!”
  3. Your guests will be more inclined to spend more! Studies have shown that consumers who pay with credit or debit cards make larger transactions! For dining or takeout, a US consumer’s transaction typically is 25% larger on a card at a pizza shop, 33% larger at a deli or diner, and 40% larger at a family restaurant. There are a number of theories around why people are more willing to depart with their dough when there’s a digital payment involved but the bottom line is that if you only have $20 in your pocket, that’s going to limit what you spend. With a card, however, you’re much more inclined to stick around for dessert!
  4. You won’t lose on labor! Let’s say you’re paying your full time employee, Margaret the Manager, $15/hr and it takes her 30 minutes every day to count down your registers, balance the books, and make your deposit. That’s $37.50 a week. Not too horrible right? Multiply that by 52 weeks a year and you’re paying Margaret $1,950… and that’s only if the deposits never take longer than half an hour! Labor costs add up fast unless, of course, you’re going to streamline your business by eliminating cash-induced headaches altogether!

As more and more consumers stop carrying cash, it only makes sense to join the cashless movement! RestaurantSmart and the “Restaurant Lady,” Misty Young, are proud to partner with Visa to bring owners everywhere the opportunity to better their businesses.

Don’t leave money on the table! Apply to the Visa Cashless Challenge here: http://vi.sa/2zafzfz

NO PURCHASE NECESSARY TO ENTER OR WIN. Eligible merchants are not required to “go cashless” or exclusively accept electronic payments to either participate or win an award. Open to legal U.S. (excluding MA) and DC residents, 18 and older who are owners of a for-profit small business food service such as a restaurant, café, or food truck which has a physical storefront or vehicle presence, not currently 100% cashless as of 9/6/17. Business must have 100 or less employees. There is a limit of One (1) Entry per person and small business. Subject to Official Rules. Void in Massachusetts, Puerto Rico and where prohibited. Challenge ends 11/30/17. Click here for the Official Rules on eligibility and how to apply and review the Visa Privacy Policy. Sponsor: Visa U.S.A. Inc. Official Rules here.

Legal Entity Hacks for Restaurants

This is a guest post from Nellie Akalp, Founder / CEO of CorpNet.com: Q: Why should a restaurant be anything other than a “Sole Proprietor?” A: The main issue with being a sole proprietor is the personal liability. With sole proprietorships and partnerships, there’s no legal separation between the business owner and the business. So, if… Continue Reading

Entrepreneur Content Mistakes

The 5 Biggest Mistakes Entrepreneurs Make When Building Content This is the final guest blog post from my great friend, Melinda Emerson, known internationally as SmallBizLady. You don’t want to make these entrepreneur content mistakes! Your content is the engine that drives your website. It is critical that you pay close attention to the quality of… Continue Reading

Social Media Marketing Help

Need a Little HELP with Social Media Marketing? This is another guest blog post from my great friend, SmallBizLady, Melinda Emerson. When it comes to social media marketing, who couldn’t do with a little assistance? We’re all looking for those tips and tricks that will give us an edge over our competitors. If you are… Continue Reading

#1 Entrepreneur Support Staff

Who’s Your #1 Entrepreneur Support Staff? This is a guest blog post from my best friend Melinda Emerson, known worldwide as SmallBizLady. Melinda can help you Become Your Own Boss and is the ultimate social media ninja! Entrepreneur support staff is critical to your success… Who’s Your #1 Entrepreneur Support Staff? When it comes to who… Continue Reading

Entrepreneur Questions

5 Questions Every Would-Be Entrepreneur Should Answer Before Starting a Business Thinking of starting a business? Not only is there a lot of paperwork to fill out and decisions to make, but there are also questions you need to ask yourself to determine whether you’re really cut out for business ownership. Being an entrepreneur is… Continue Reading

Melinda Emerson Q&A

Melinda Emerson, Twitter’s @SmallBizLady offers advice and encouragement to more than three million entrepreneurs every week online. Forbes magazine named her the top woman for entrepreneurs to follow on Twitter. She’s a successful businesswoman, a social media expert and journalist, and a dynamic and stimulating speaker. We decided to turn the tables on her and… Continue Reading

Restaurant Payroll Challenges

A Guide to Restaurant Payroll Challenges Published November 09, 2014 Thank you to Paychex for this useful information and several links. This article is very helpful to restaurateurs: Restaurant payroll is governed by complex laws for employee wages and tips. Restaurants pay several forms of wages with varying tax treatments, making legal compliance a challenge. For example,… Continue Reading

Ultimate Restaurant Marketing Guide

Restaurant Marketing Made Simple – The Ultimate Guide (view original article here) By Jaqueline Thomas On July 30, 2014 · Add Comment · In marketing advice, offline marketing Please Share! (Special thanks to Misty Young for suggesting several improvements to the article, including adding the menu section.) Do you make the meanest meatballs this side of Italy? Are your waffles to die for? Can your… Continue Reading

Links to Squeeze In The News

In the News web links: FoxBusiness.Com New York Times Business News Daily Shila Morris on KTVN More! http://restaurantbriefing.com/2013/09/restaurants-get-visual/ http://www.newsreview.com/reno/food-drink-the-winners/content?oid=10929621 http://www.ktvn.com/story/23050964/squeeze-in-restaurants-request-items-for-community-drive http://www.inc.com/marla-tabaka/why-your-business-needs-an-app.html http://robinpenning.wordpress.com/2013/06/21/the-best-place-to-squeeze-in/ http://www.restaurantbusinessonline.com/improving-operations/ideas/articles/practical-tips-remembering-names http://www.tahoedailytribune.com/northshore/nnews/6365300-113/squeeze-misty-truckee-busines http://chrisjmcook.wordpress.com/2013/04/19/squeeze-in-to-your-skinny-jeans-or-not http://jetsettimes.com/2013/04/25/squeezein/ http://www.rgj.com/article/20130222/NEWS/130221019/Before-and-after-videos–The-making-of-Squeeze-In-s–Harlem-Shake–in-Reno http://blogs.rgj.com/renorebirth/2013/02/16/creative-cash-northern-nevada-businesses-launch-without-going-to-banks/ http://mojotraveler.com/squeeze-in-some-fun-in-reno-nv/ http://squeezein.com/images/2012-11-FSR-mag-SqueezeIn-ManagingTheWait.pdf http://brandsinsm.com/2012/10/01/a-las-vegas-diner-winning-big-at-social-media/ http://boss.blogs.nytimes.com/2012/09/28/how-a-las-vegas-diner-gets-the-most-out-of-social-media http://www.ktvn.com/story/19660627/some-local-restaurants-expand-in-down-econom http://blog.intuit.com/marketing/how-to-create-an-effective-email-newsletter http://www.ktvn.com/story/19173597/squeeze-in-adds-new-fourth-location-in-sparks http://www.nnbw.com/ArticleRead.aspx?storyID=19694 http://www.trekaroo.com/restaurants/squeeze-in-reno-nevada http://kristinmstith.wordpress.com/2012/04/10/misty-young-is-thrilled-to-have-squeeze-in-involved-in-the-sogital-revolution/ http://www.cnbc.com/id/46782855 http://www.nnbw.com/ArticleRead.aspx?storyID=1912 http://gooddaysacramento.cbslocal.com/video/6852835-are-you-feeling-hung-over-from-partying-all-night-for-st-pattys-day-we-have-the-cure/ http://renofoodies.com/2011/09/squeeze-in-fun-vibe-and-big-portions/ http://www.newsreview.com/reno/renos-top-5-kid-friendly-restaurants/content?oid=1953613 http://www.girlsonthegrid.com/48-hours-in-truckee-at-north-lake-tahoe/ http://online.wsj.com/news/articles/SB10001424052748704457604576011662274788684?mg=reno64-wsj&url=http%3A%2F%2Fonline.wsj.com%2Farticle%2FSB10001424052748704457604576011662274788684.html http://www.rgj.com/article/20101031/ENT03/10310328/Family-Fare-Squeeze-In-does-breakfast-right-for-kids-and-kids-at-heart http://www.helloreno.com/Articles/Restaurant/5694/Squeeze_In_Eggs-actly_the_best_omelets_in_Reno_and_Truckee.Cfm http://mavenandmeddler.com/food/2010/10/11/squeeze-in-and-have-a-wonderful-meal.html http://nomadicfoodie.com/2010/09/28/reno-nevada-the-food http://themomreviews.com/2010/09/02/a-great-meal-at-squeeze-in-restaurant-in-truckee-ca.html http://thechattymom.com/2010/05/03/breakfast-review-squeeze-in-reno-nv/ http://www.mercurynews.com/travel/ci_14003936 http://www.sfgate.com/entertainment/article/Truckee-more-than-a-stop-on-the-road-2541744.php http://www.insiderpages.com/b/4832585094/squeeze-inn-truckee http://www.tripadvisor.com/ShowUserReviews-g33191-d473592-r34072190-Squeeze_In-Truckee_Lake_Tahoe_California_California.html#REVIEWS… Continue Reading

Squeeze In
  • Inspiring story on FOXBusiness.com