The Safest “Ready, Set, Go” Strategy for the Food and Beverage Industry

Last-minute orders, chasing AR, operational bottlenecks, long days, aging equipment, paper-based processes, limited visibility to profitability, the need for more R&D to keep competitive. Sound familiar? You may end up finding yourself in a bit of a jam with your business, but never fear! It’s not too late to implement a great financial strategy that will A) get you started off right, and B) help you work towards getting out of any sticky situations you may find yourself in. We don’t judge, that’s what happens with businesses!

Ready

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  • Automate your bookkeeping. Use QBO/Xero/Hubdoc/Waypay/Plooto/Fathom, etc. to automate the financial data management. Stop receiving and mailing cheques! Ensure the books are closed monthly and the management team is reviewing the numbers monthly and shortly after the month-end.
  • Re-evaluate your equipment. Is it time for an upgrade or overhaul? Invest in the equipment, it will pay for itself a dozen times over in the long run, don’t be nervous to take out a loan to get it done!
  • Map out your current workflows. Sit down with your leaders and work through bottlenecks and confusing parts of the process. Every opinion needs to be heard, so consider also allowing for the employees to write down and submit their own findings. The more angles you cover, the more likely you are to have successful workflows.
  • Map out your future state org chart. Determine the skills gaps that need to be hired for. Do not hire lightly! Find the person that perfectly fits and that you know will pick up the slack that you found.

Set

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  • Track hours. Sort it into projects and jobs to confirm your labour assumptions and get a new basis from which to track the benefits gained from the future state org chart. You’re not trying to eliminate jobs here, the focus is more on increasing employee happiness and operational efficiency and elevating the level of value shared by each employee. 
  • Digitise your processes. Utilise cloud-based operations apps to automate workflow and communication. Focus heavily on training! The more time you can take to equip your people with the tools and tips they need, the quicker they can get into the swing of things.

Go!

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  • Ditch the paperwork. Do you know that there’s a restaurant chain in the UK that doesn’t have table service? Everything is ordered and paid for on an app, and then the server brings it to your table! Use tablet apps to minimize confusion, errors, etc. We can’t tell you how many people we’ve met, who, at some point worked in a restaurant and has a story about losing a paper with an order! It’s messy, it’s more prone to issues, just trust us on this one.
  • Manage your inventory. Track inventory turns, do inventory counts at least quarterly and cycle counts monthly – this will set the precedence that data integrity is important internally, not just for the year-end accountant.
  • KPIs. Get the various teams to determine the KPIs they need to track to ensure operational efficiency and team happiness at work. Figure out how to track and communicate this regularly

It’s never too late to refine your strategy! You’ll be amazed by the impact of implementing even one of these practices. You may think that the only important thing that you need for a restaurant or cafe to succeed is the products you are offering, but there are ample more, equally important factors. Furthermore, they often go hand in hand! For example; a happier kitchen staff makes tastier food. You can tell when something is made with love! If you don’t believe us, go watch any Gordon Ramsay videos where he critiques food. Food is love.

By |2019-11-01T20:53:20+00:00October 24th, 2019|Finance|