Couple of thoughts for new businesses starting up:
Book Keeping and Accounts. You'll have naturally got an Accountant and you'll probably even have set up a monthly book keeping system - either your self or a book-keeper. However beware of the time these processes take and the time lag between week to week business activity and of getting timely and accurate profit or loss information. Pubs operate with cash everyday and as a result they are cushioned for a while from the economic reality of their activities - the VAT accrues in your bank account and so it can be some months before it becomes really clear just how expensive or indeed profitable your day to day business is. Most commercially run Pub businesses acutally produce a weekly profit forecast - from the sales, payroll, food and drink purchasing information put together with a fixed weekly estimate of overhead costs. This isn't necessarily an accurate profit or loss picture - but it is quick; and definetly serves to warn or remind you just how much capital or reserves you'll be eating into every week a loss is incurred.
Marketing: Build it into everything you do from day one. It doesn't have to be slick and corporate but you must have an awareness that you are not alone in the market place and no matter how good you think you are; today's fickle customers may not see it quite so clearly. Get email addresses, give out incentives to return, be energetic in disseminating your message and building your 1000 regulars every business needs to survive.
0 comments:
Post a Comment