Tag Archives: management

Effective Management of Restaurant Finances

a cashier at a restaurantMaintaining a successful restaurant business requires ongoing investment, and getting the appropriate lender to partner with you is essential to keep your restaurant in top shape. What most restaurateurs don’t understand is that after opening your doors, you still need to be financially prepared to keep them open.

Over 60% of restaurants close within their first two years of opening because of financial missteps. It is essential to manage your finances efficiently making sure that you have a sufficient ROI. ARF Financial recommends a few tips you can use to manage your restaurant financing efficiently.

Understand Your Cash Flow

The money you earn and the amount you spend make up your cash flow. Proper cash flow is one of the essentials of any successful business venture. You should adequately budget your expenses including loan repayment, mortgage or rent, food orders and payroll. You should monitor your cash flow closely so you are not spending too much on certain things. Don’t take goods from your suppliers for more than ten days on credit. This helps in preventing you from using more cash than you should.

Control Your Payroll

Your restaurant’s payroll is another crucial area that requires vigilance. Ensure you have just enough staff for an outstanding customer service experience. Overstaffing will eat into your profits while understaffing will tire your workers and affect the service they offer your clients.

Reduce Your Running Costs Daily

There are many simple ways you can minimize the daily operating costs in your restaurant business. Consider changing to energy-efficient appliances and low flow taps. Regularly update your menu and keep your inventory low. You can remove items which do not sell to lower your inventory. These small measures will save significant operating costs for your business.

You can also track your food and beverage sales daily using a business review. It will help evaluate your customer counts and sales trends and assist you in planning for future sales. With the right financial management skills, you will reap handsome returns from your business.

4 Steps Hospitals Can Do to Prepare for the Peak Season

A doctor attending to a callLike any business or establishment, hospitals experience a peak season when it comes to patient count. Sadly, not all hospitals are equipped to handle a deluge in patients as resources are already strained as it is. For hospital managers who are anticipating the arrival of a peak season, the following tips may be able to assist in the hospital being able to make the most out of their resources:

Hire locum tenens physicians

Peak seasons usually demand so much on the hospital’s medical staff. If there is a need for more doctors on duty, you may need to hire temporarily. This is where locum tenens workers come in. These doctors usually do “freelance work” on hospitals that have staffing shortage. All you need is to contact those who are trying to search for locum tenens physician jobs to fill your roster.

Institute an online appointment system

Most of the time, the peak season of patient inflow coincides when many people also come in for appointments. To put a system in how you accept appointments, it may be best to have an online appointment system so that all appointments are taken care of.

Adjust processes accordingly

For efficient processing of patients, it may be better for the hospital to make contingency plans that will fit their resources.

Do regular facility and equipment checks

You do not want an equipment or device failing when you are doing an important surgery, right? To avoid this, the hospital must have regular facility and equipment checks to see if there are items that need repairing or replacing.

As hospitals are pledged to serve their patients, managers need to ensure that everyone is getting the care that they need. Even when it is the peak season, hospitals can do that if they prepare well.

Caretaking Process

Management Rights: Understanding the Caretaking Process

Caretaking ProcessManagement rights has two types of agreements — caretaking and letting. Caretaking is when the resident manager does the work of a contractor employed to manage the general cleanliness of a property, from the swimming pool to the hallways.

If you’re looking for management rights for sale offered in Gold Coast or anywhere in QLD, you should understand the caretaking process better before buying. After all, you have the responsibility to provide the best possible services to your future tenants.

Identifying Duties

The caretaking agreement involves deciding whether your duties are supervisory or personal in nature. Supervisory duties are when contractors or employees perform specific work for a property under your supervision, but get payment from a body corporate. Personal is when you do all the work by yourself or hire contractors and employees using your own funds.

Performing Duties

There are instances when personal and supervisory duties overlap in a caretaking agreement. It’s best to know the specifics of your job and understand its extent and nature, so you won’t lack or overdo it. Many disputes happen between resident managers and body corporates when their duties are unclear and questionable.

A difference in expectations about each other’s role in the property can become a bigger problem if not agreed upon from the start. Have a written agreement or consult with them often to know their side.

Getting Paid

Body corporates pay you a fixed remuneration for the caretaking services you provided. This takes place usually every month in arrears (or amount overdue). The salary you’ll receive may need to add (goods and services tax) GST because you’re an independent contractor and not an employee of the body corporate. You need to deal with your superannuation and tax on your own, though.

The caretaking agreement of management rights may seem complicated, but if you study it carefully, it can help you manage properties better. Talk to the body corporate properly and set the details straight to avoid disputes in the future.