Easy Cash Management Strategies For Your Restaurant

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We’re all creatures of habit. It’s simply human nature. Think about your drive to work every day – you have a route that you like the best.

It might be for the scenery, maybe the amount of time it knocks off compared to the other routes or maybe you like this path because you see less cop cars roll by and you’re kind of a speed racer.

Whatever the case may be, you find that route, take it every day, and that’s your routine. You’re good at it too; extremely efficient and you know exactly how long you have until that yellow light on Broadway and Hampden turns red.

Routines can be a great thing if you’re capable of still making intelligent decisions when an outlier arises, causing you to change course every once in a while. In our Restaurant Budgeting article, we talked about some folks letting routine override what they knew a smart decision was for their business.

Don’t simply stick to what you know, stick with what works.

For instance, if you check your Google Map before work and see your favorite route has been overtaken by that heinous squiggly red line, you’re taking route B, right? It may not be your favorite path, but you’re bright enough to avoid traffic at all costs.

Think of cash management like the route you take to work. Know what works and what doesn’t…. know what days of the week your cash is at its peak, and what days you’re more cash-starved.

Manage your day to day operations around THAT. Maybe you already have a routine you’re in, but ask yourself this: Is it working for you? Do you need to change course?

In our recently posted Cash Management article we went over some fun facts about the days of the week relating to your cash flow.

Understanding the best days for administrative work, financial forecasting, or your best and worst days for cash flow can be the difference between a loyal guest who spreads the word about your hot new menu item, or a guest who leaves with a sour taste in their mouth.

You know that bottle of wine that’s been open for a hot second? Well, it went bad yet it was still served because no one had time for a bar check.

Having the ability to relieve yourself from worrying about cash in the bank, every single day, gives you the ability for a laser-like focus on the guest experience from beginning to end. Get intimate with your days. That’s right… I said intimate.

Get to know them well and learn what works best for you with your with your daily cash flow. Get all of your admin work out of the way on Monday because Mondays are slow; and Tuesday, talk about cash flow is king baby!

Pay your employees – don’t let those checks bounce and don’t even worry about transferring cash to cover expenses because you already know it’s in the bank.

If you get into a healthy routine throughout the week, by the time Friday, Saturday and Sunday roll around, you’ll be fully prepared for everything to be all about the guest.

You can take the extra time for a perimeter check and ensure all those cigarette butts are cleaned up, and you can complete line checks to guarantee your food is sent out the way you envision. Know your routine, get good at it, hop in the driver’s seat to your restaurant’s success… and start reeling in those guests.