MORE than Finances

Get your finances in order, and get on with your life!

By

How to Profitably Purchase Equipment for Own Restaurant Business

chef-1209161_640The equipment we have in our restaurant is most important and it shows how professional and product our entire setup is. It is one of the major investments we will have to make whereas we prepare our new restaurant, and thus requires some sober thought and care.

The type of restaurant equipment we need logically depends on the kind of restaurant we are planning to own and operate for example fast food, fine dining, a family diner etc. Other things to remember are the design of our kitchen, the number of clients that can be served at any one time, the menu of the restaurant, and of course our budget.

Restaurant equipments cover the lot from furniture to refrigerators and ice making machines. Deciding what kind of restaurant equipment to buy can be irresistible for a new restaurant owner.

A new restaurant does not need all new equipment. This is one option for owner of the restaurant to buy quality second hand restaurant equipment for pennies on the dollar. Or the other option is also available for the new restaurant managers to purchase the equipments on the lease to save the startup capital.

Restaurant Tables and chairs represent a gigantic expense when opening a new restaurant. However like commercial restaurant dishes, they are made to last. The appearance of your dining room will be greatly influenced by the tables and chairs you choose.

A restaurant kitchen needs very careful planning, to maximize space as well as promote effectiveness. A typical restaurant kitchen is made of different places and restaurant equipment. Different places mean the area where a certain kind of food is prepared. Eaxh part help keep a restaurant kitchen operations running smoothly. The kitchen of the restaurant is heart of any restaurant. This is the place where food gets prepared, cooked and dished before being served to clients. Restaurant kitchens can be a large or small, the most important thing if a restaurant kitchen is carefully designed, the chef can consistently prepared number of meals.

There are different factors that’s must be in mind before purchasing of kitchen and other restaurant equipments,  First of all Budgets are a tough consideration, and we must bound the equipment options to meet our budget requirements. After budget the suitability, cost of operations and minuteness, lifespan, safety and energy benefits are also very important and have worth to consider.

Refrigerators are the most important appliances we buy for our restaurant. When shopping for a refrigerator today, we might encounter more choices than we have anticipated, as things have drastically changed in this business due to the incalculable technological enhancements. One of the most attractive technological improvements in the refrigerator production is the appearance of the Undercounter Refrigerator. Growingly restaurant owners are now taking benefit of these modern and modern appliances to save space, save on energy expenses, while considerably improving the restaurant kitchen’s look and feel. Another great appliance is the undercounter ice makers, The large ability of it provides a lot of ice production as well as storage., in restaurant we must have a need for a steady flow of ice. Having an untrustworthy source of ice can put a damper on our restaurant. Undercounter ice makers are made to be consistent and meet the demands of commercial use.

By

Your Broadband Plan as a Business Strategy

The world of business is highly competitive. Everyone is trying to get on top of the game. Strategy, ideas, and advanced technology place brand at an edge. There is no way your business can lead if it lags behind in these. The world of technology offers immense opportunities for businesses to expand through e-commerce. This article looks at the technological aspect of success in business. It pays close attention to the broadband as a critical tool for internet business functions. You get ideas of what to consider for your broadband as a business.

Importance of Broadband, Internet, and Business

First, let us look at why e-commerce is important today. Global brands, medium enterprises, and small businesses continue to cash in on the benefits of online business. The internet is cheaper and has a wide range of services. Broadband-based businesses have better communication, support services, faster services and great operations. Other benefits include, enhanced:

  • Transactions
  • Advertising
  • Customer care interaction platform ( chats, social media)
  • Video conferencing
  • Market research
  • 24/7 access
  • Global web platform
  • Technology applications for business management ( e.g. finance and management)

Broadband becomes critical because it provides a platform for a business to engage in reliable online business. However, you do not just install any kind of brand band. Smart businesses understand that this is a process for transmitting data through a bandwidth; hence, multiple signals such as cables, radio transmissions, and optical fiber are in use. It is the installation of technological devices and applications for a business boost.

Am sure you have come across poor internet access that frustrated your efforts to download and access websites. In business, this is not only discouraging but it gives a poor impression of the business’s capacity. Imagine customers not being able to access products or special offers on your web page. You could lose important leads to your business. Serious buyers will not waste time on a problematic link. So, how do you overcome this problem?

What to Consider for Your Broadband as a Business

The internet is a technology function, which requires effective tools and equipment. For you to access this service without disappointment, you need a broadband with the following:

  • Quality telecommunication equipment ( telecommunication, computer networks, TV, technology devices)
  • Professional services with support
  • Fulltime reliable access on a 24/7 basis
  • Speed
  • Affordable packages
  • Easy setup
  • Variety options

This is digital communication across different channels such as audio, visual and multimedia platform. Internet broadband allows you unlimited access to a worldwide system. As a business, you need this service for emails, mobile communication with customers, and suppliers. As organizations move on to the paperless operations, the internet provides numerous platform for processing important documents for business.

laptop

Broadband Service Provider

Technology and communication services vary and reputable brands have the user’s respect. There are different packages for all kinds of customers including individual and group users. When making your choice, consider technology services that suit your business for a number of reasons. Whatever your choice of broadband, look at the:

  • Budget limits
  • Business needs (size of the organization, departments in need, functions)
  • Contract limits (monthly, rentals etc.)
  • Service provider
  • Extra services compared to other service providers

Multiple users share information and require special packages with high-speed cloud sharing. This costs more than the individual users in small businesses. A comparative study of the best service providers in your area helps you to make a wiser decision.

Best Broadband and Call Plan

The broadband services often come with a telecommunication service. If you want the best deal, choose one on Broadband Choices deals on unlimited talk talk time so that you can save on airtime. This is a great way to overcome the frustration of getting disconnections in the middle of an important phone call because of low talk time. If you are new, you could start with a limited plan before you can use an unlimited plan. Your broadband option will incorporate internet and telephone functions because you need these services for successful operations.

An affordable service provider is efficient, has a wide range of broadband services and extra applications. Great support services are also crucial because it saves you time spent trying to fix faults. Business is about making the best out of every situation.

By

How to Get Your Business Finances in Order

Working Overtime - A Blessing Or A CurseAre you in total control of your business’s finances? It’s essential to manage the money that you spend and the money that comes into your business in the proper way. However, other things can get in the way and it’s not always that easy to take care of this aspect of an organization. However, by following the tips below, you will be able to get your business finances in order and start concentrating on running your business instead.

Take a Business-related Course

As the leader of your business, it’s up to you to keep everything in order in your business, including all of the money-related aspects of it. Completing a business-related course like a masters in executive leadership program will develop many of the skills you need to control all aspects of an organization, including its finances. The executive leadership masters online course, for example, allows you to study over the internet, which is the perfect solution for an entrepreneur who does not have the time available to attend lectures in a traditional college or a university setting.

Hire a Financial Expert

If you don’t have the expertise or the time required to manage your business’s finances, you should look for help from an expert in this field. The accountant or another financial expert you hire should be able to keep your financial records and accounts up-to-date and provide you with reliable financial advice, so you can deal with your finances in a more organized way.

Purchase the Right Systems

A wide range of business systems and financial management systems are available that are specifically designed to help all types of organizations. Before deciding which systems to use, you should identify your specific requirements and what you need the system to do. Once you have a clear idea about which system to purchase, you can do so with much more confidence.

Processes and Procedures

From the start, you should set up processes and procedures to deal with the financial aspects of your company. This will reduce the number of errors made and ensure that anyone working on any finance-related tasks in your business will find it easy to do so.

Carry Out Regular Financial Audits and Reviews

In business, things change and mistakes can be made, so it’s essential to carry out regular audits and reviews of your financial systems and financial data. This exercise has the potential to uncover certain problems that could affect your business later on.

Reduce the Amount of Waste in Your Organization

Badly managed companies waste a lot of money, time, and resources every year. Much of this waste could be prevented and this is something every business owner should look at further. Even preventing a small amount of waste every day could lead to huge savings over the course of a year.

Managing your business’s money properly is crucial if you want your company to succeed. If you’re not already doing this, you can change this situation by following the tips above.

By

How Long Does it Take to Prepare a Business for a Sale?

How to find a good cpa“I’m looking to sell my business in Atlanta. How long will it take?”

It’s the question every business broker dreads, because there’s no answer. Moreover, the question of how long it takes to prepare a business for sale neglects a fundamental issue: preparation is the most time-consuming part of the sale, and also the most important. To take your business from a state of disarray to full preparation for a sale can take anywhere from 1-3 years. The precise amount often varies with the size and complexity of your business, as well as how much work you’re willing to put into the process. Here are some factors you’ll need to consider.

Daily Operations

Now is the time to streamline your operations. That means putting your processes on paper, eliminating inefficiencies and redundancies, and ensuring a new owner is prepared to run your business. That can take as little as a few days if everything is in basic working order. Or it could take months.

There’s another consideration here, and that is the need to continue operating your business as you prepare for a sale. One of the factors that weighs on how long it will take is how demanding daily operations are. In other words, if running your business demands 60-80 hour weeks, it will take longer to prepare for a sale because you’ll have less time to commit to the preparation. 

Willingness to Prepare

Selling your business takes lots of work on your part. The time line will be shorter if you can fully commit your attention to the process. If you’re distracted, unwilling to help with due diligence prep, or otherwise drag out the process, prepare for many delays. 

Looming Issues

Issues such as lawsuits, regulatory compliance, taxation issues, and debt can all slow the timetable for selling your business. Not only must you address these issues in anticipation of due diligence; you may also have to lower your expectations of the business’s value if there are serious issues with liability exposure. An unbiased third party can take a careful look at any looming issues, and tell you what you need to do to correct them as quickly as possible. 

Your Approach to the Sale

One of the key factors in how long it takes to prepare your business for a sale is how aggressive you want to be in the search for a buyer. Are you merely willing to sell your business if the right buyer comes along? Or are you hoping to sell your business as soon as possible? The more aggressively you pursue a buyer, the more quickly you will likely find one. Of course, that also depends on how fully prepared you are for a sale, since buyers want to purchase businesses that are truly ready for a sale.

Negotiating the Sale

Finding a buyer is just the beginning of the process. You’ll also have to agree to terms of the sale, and fulfill your obligations under the sale contract. This can take a few days, a few months, or in some cases, even a few years. Factors such as how many demands the buyer has, how many negotiation sessions you need, and whether you’ll have a hand in operations after the sale can all affect how long it takes to secure and close a transaction.

By

Are Business Partnerships a Good Option?

How to find a good cpaWhen you start a new business, deciding its form is one of the most important decisions you will make. There are six types of businesses:

  1. Sole Proprietorship
  2. Partnership
  3. Limited Liability Company
  4. Corporation
  5. S Corporation
  6. Cooperative

Each type has its own advantages and disadvantages. You should consult with an experienced business attorney to discuss who the business owners are or will be and when filling for a business; what kind of things the business will do or sell; how it will be financed; what its liabilities are or will be; and what exit strategy would be preferable. Your attorney can answer those questions and also tell you the tax advantages of each entity type.

Partnership Benefits

Anyone, even another business, can be a partner; i.e., co-owner of a business. The partnership pays no taxes, but must file an annual informational partnership return. Each partner pays income tax by means of a Schedule C attached to their Federal income tax return; the Schedule C reports their income or loss from the partnership.

A partnership has great flexibility in terms of partnership ownership percentages, voting rights, income rights, etc. Different types of shares can be issued and partnership property often can be distributed to a partner in a tax-deferred way.

The IRS allows partnership income, gains, losses, deductions, and credits to be allocated among partners any way they wish, as long as it conforms to the partnership agreement and is not done to reduce any partner’s individual tax liability. Your attorney should draft the partnership agreement, which often is a lengthy document and is legally binding on all partners.

Partnership Disadvantages

In a general partnership, all partners have unlimited liability and are responsible, jointly and separately, for business obligations. In a limited liability partnership (LLP), partners have limited liability and are not liable for each other’s misconduct or negligence.

In any type of partnership, accounting can become quite complex. In addition, each partner must pay their own self-employment tax (Social Security and Medicare tax).