10 Jan Resolution 2. Save costs every month: 3 tips to do it instantly
10 Jan 2018 admin
We all buy too many presents in December and attend too many gatherings: work, family, friends, Christmas dinners… So we finish the year feeling pretty fat and broke. But at least, full of energy for the new year.
January is usually a quiet month for restaurants, so let’s do something productive with it! It’ s time to plan and make strategic decisions. Why don’t we start today with 3 easy ways of saving costs at your restaurant.
1. Check your utility bills
There are now more than 50 energy companies in the UK and all of them offer a great deal onthe first year of custom. Get rid of the standard variable rate tariff; these are the out of contract deals your energy provider will move you to once your fixed deal ends, and they are more expensive than your initial deal. Switching every year could save you thousands of pounds.
2. Review your card payments provider.
Over 90 different card payment providers is too much to research, but if you check a few like iZettle, Worldpay, Cayan, Barclaycard or others you will find out straight away, how easy it is to get a better deal than your current one. This will take you only a bit of your time to find out and it could save you thousands of pounds. E.g If your turnover is around £30k a week, you could save about £5K a year depending on your current deal. It’ s worth checking, don’t you think?
3. Time to talk to your suppliers.
A good relationship with your suppliers must be part of your strategic plan. A supplier is an ally and must be a reliable friend. Suppliers will be able to give you the best quality ingredients, just at the right time, being able to differentiate you from the competition.
It is time to see your friend, catch up, talk about what you want, what you need and also what you can do better for them as well, it should always be a win-win situation.
But it is time to think how the last year went. Ask your accountant for a 12 month report on how much you have spent on each one. Check the percentage of purchases of each supplier and you will be able to identify your key ones. And then be honest with them, “Hey I need a better deal, I have spent £40k on your products last year, I could spend £50k this year, but I also need your support”. Ask for a retro or discount.
No matter if your restaurant is in Hackney, Shoreditch, Central London, Birmingham, Manchester, Cornwall, Brighton or Cardiff, this works every time everywhere.
3 tips, 3 steps, take it or leave it, worked for me and hope it does for you. However, it will never help you if you don’t take action. Good luck!