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Managing Millennial Employees In The Hospitality Industry

15/8/2015

 
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Effective management of Millennial employees in the hospitality industry is becoming increasingly important as they continue to grow as a percentage of the workforce. The task for managers is to motivate Millennials as well as reshape policies and processes to ensure they get the most out of this generation of workers.

Millennials are defined as being those born between 1976 and 2001. They have grown up in a world of great technological change. They are often negatively stereotyped as being entitled and nassistic. On the flipside they are seen as optimistic, energetic and tech-savvy.

Whatever the stereotypes, Millennials are entering the workplace with a set of different set of expectations to previous generations with implications for the hospitality industry.

Flexibility

One of the most important factors for Millennials when it comes to employment is work-life balance and the desire for flexibility. The hospitality industry is well known for its flexible work options, with employees able to work early mornings, during the day or late at night. Managers should use this feature of the industry as a selling point in their recruiting efforts.

Context

Millennials want to feel as though they are contributing to the greater good. During the initial hiring stage ensure you talk about the bigger picture and how you see them as part of that. Outline the business vision and its values. Be clear in setting expectations and the needs of the business.

Job Hopping

Hospitality managers need to acknowledge that job-hopping is a regular occurrence for Millennials and that they need to have plans in place to keep them engaged.

During the recruitment process be upfront and set expectations around advancement within the business as well as your businesses culture.

Once hired, you improve your chances of retaining Millennial employees by encouraging their input. Seek their thoughts on ways to improve processes and grow your business. Millennials come into a business with new ideas and ways of seeing things. Harness their different perspectives and leverage their insights.

Not all employees will stay. It is therefore prudent in certain circumstances to have confidentiality agreements in place in the event that they decide to work for the competition.

If you keep take the input of Millennials seriously and keep them engaged then you maximise the chance that you will keep them for the longer term.

Education and Training

One strategy to keep Millennials engaged is through workplace education and training. This can be in the form of formal courses, on the job training or peer mentoring. You should engage Millennials in your business with stimulating and challenging projects. Millennials are lifelong learners and will cherish the chance to up-skill and take on responsibility.

Job Security

Despite their propensity to change jobs at regular intervals, Millennials still have expectations of job security. Managers should ensure that they are clear at the outset that any employee agreement is based on performance.

Collaboration

Millennials grew up participating in teams and many enjoy working as part of a group. Set up forums that allow Millennials to share their ideas for the business with colleagues. Trust them with the responsibility to go and implement any innovative ideas they might come up with.

Social Media Policies

Millennials have grown up in an era of social media and are frequent user of social media platforms. It is therefore important for organisations to implement clear and specific policies related to its use. Any attempt by an organisation to restrict what employees can write on social media could be seen to restrict the right to freedom of speech.

Feedback

Millennials are comfortable with being assessed and value regular feedback from their managers. Millennials are often ambitious and want to be promoted quickly. Be upfront about how performance will be measure and ensure that you don’t make promises that will be hard to keep down the track. Ensure you have regular discussions about career goals and are providing regular feedback on their performance. Provide generous praise for a job well done and constructively outline any areas for improvement.

The Way Forward

As Millennials become an increasing part of the workplace the challenge for hospitality business owners will be to adjust their approach to accommodate a new generation of workers who are creative, innovative, energetic, optimistic and tech savvy but at the same time have their own set of demands. Hospitality owners that are able to provide a workplace environment conducive to how Millennials like to work stand to unlock new ways to grow their business.

7 Ways To Reduce Business Insurance Costs For The Hospitality Sector

24/7/2015

 
Lower Your Business Insurance Costs
Insurance is a fact of life for all businesses and it's important to ensure the right amount of coverage. You want to make sure that if there is a unexpected and costly incident within your business that it doesn't ruin your business financially. Despite its necessity there are a range of options available to hospitality businesses that want to reduce the cost of their business insurance premiums.

The cost of premiums reflect the probability that an insurance company will need to pay out a claim. It stands to reason then that the riskier the business, the higher the premium. Therefore any cost savings that you are going to make on your business insurance will come from showing insurance companies that you present less risk and a reduced probability that they will need pay out a claim. What follows is a number of suggestions to lower your business risk and reduce the cost of your business insurance premiums.

1. Install Risk Reducing Equipment.

One way to lower the cost of your premium is to check what discounts are on offer for installing items that lower your insurance risk. These items could include:

  • A burglar alarm
  • A fire alarm
  • Sprinklers
If your alarm systems are monitored 24-hours with an immediate response to any incident then you are more likely to qualify for a discount.

2. Prevent Injuries

Take steps to reduce the risk of incidents like slips and falls. If you can demonstrate the steps you have taken and provide evidence through things like documented policies and a log book, that injuries have been reduced or eliminated because of the steps you have taken, then you are more likely to receive a reduction in your insurance costs.

One simple method of doing this is to ensure that regular maintenance work is carried out on your premises. Ensure your restaurant or cafe has eliminated tripping hazards like loose rugs and wires as well as cracked pavement if you have an outdoor dining area or car park. Another area to consider is lighting. Ensuring corridors, stairs and outdoor areas are well-lit to reduce the likelihood that you will need to make a claim.

3. Bundle Your Policies

If you have a number of different policies across a number of different insurance providers then you might qualify for a discount if you bundle your policies together with one company. Just as a phone provider offers discounts for internet and phones the same is true with insurance.

4. Increase Your Excess

There is an argument to be made for increasing your excess to reduce your business insurance premium. By doing this you want to ensure that you can comfortably meet any excess payment in the event you do need to make a claim. However if you have taken other steps to reduce your risk and you reason that you are now less likely to make a claim then this strategy can make sense.

5. Analyse Your Policies

In most cases hospitality business will have more than one insurance policy. This leaves open the possibility that there is duplication in what is covered or even irrelevant clauses that aren't needed for a cafe or restaurant business. Carefully examine your policies to see if this is the case. This is especially true if the scope of your business has changed, especially when it comes to operations. It may be that you are covered for things that are no longer apply to your business.

6. Update Your Policy Details

As well as checking your existing policy when the operations of your business change, the same should be done when key employees change roles or leave your business. Examine your existing policies to ensure that those named on your insurance are still in the same role or with the business. Significant savings can be made when a higher risk employee is taken off an insurance policy and an employee with a lower risk is added. Hospitality businesses who have delivery vehicles should be particularly mindful of this avenue to cut the cost of insurance premiums.

7. Seek The Advice Of An Insurance Broker

There are a vast range of insurance providers and different insurance products available to hospitality businesses. To wade through this often complex maze it is a good idea to seek expert advice from someone who knows the industry well. An insurance broker will be able to give you advice on a range of different products, prices and policy coverage. They can identify what exactly you're covered for, where there might be gaps or where there is duplication.

Many hospitality business owners go out and find insurance on their own thinking that will save them money. However they lack the expertise needed when shopping around for the most cost effective insurance option. This can lead to a restaurant or cafe with the wrong type of product for their needs. Insurance brokers are usually free so it makes sense to use their advice. 

Bonus Tip: Join A Trade Organisation

Hospitality business owners looking to save on business insurance premiums should look to trade organisations or professional associations that they are members of for a better deal. If your not a member then it's worth investigating wether discounts on business insurance is a benefit of joining. Many of these organisations have struck deals with insurance companies and members can make use of significant discounts on top of the networking opportunities these associations present. A win-win outcome! 
We'd love to hear your thoughts. Are you a hospitality business owner who has a tip they can share on insurance costs?

7 Tips For Business Success in the New Financial Year

7/7/2015

 
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1. Reflect on the past year.

The start of the new financial year is a good opportunity to reflect on the year just finished. Take the time to analyse what progress has been made over the last 12 months and where your business stands today. Ask yourself things like

  • What did my business do well?
  • What can my business improve on?
  • Did my business achieve last year's financial objectives? Why/why not?
It is around this time of the year that business will have a clearer picture of where they have spent money over the last 12 months. Do you plan to spend more in some areas this year? Are the areas you can cut costs?

Also look externally to areas such as your relationship with suppliers. Is there opportunity for increase collaboration or should you  be looking to form new relationships? What are your competitors doing? How do you stay ahead and maintain innovation in your business?

By taking stock of the past financial year and asking yourself these types of questions you are better prepared to tackle the year ahead.

2. Look around for new ideas.

Once you have a good grasp of the past financial year, you are then in a better position to look around you for ideas to incorporate into your plans for the new year. 

These new ideas could be ways to increase revenue or cut costs. On the revenue side these ideas could cover new products or services, customer service ideas or marketing initiatives. On the cost side ideas could centre around supply chain or product sourcing efficiencies. 

Inspiration could come from your closest competitors, business in similar markets overseas or even business in other industries. What are they doing that's working well? Can you incorporate aspects into your business. Also ask yourself what are they not doing? Are their opportunities out their that your competitors are not taking advantage of?

3. Update your plan.

You've looked back at the past year and looked around for new ideas, the next step is to plan for the year ahead. The first task is to set new goals and objectives for your business. These could be financial objectives, marketing objectives, employee objectives, anything that you want to work on in the next year that will improve your business.

Once you have a set of objectives the next step is to prepare a plan for implementation. When will certain activities will need to take place and what are the key dates to ensure objectives maintain on track to be achieved?

Another thing to consider is government programs designed to help small business. Check out business.gov.au to see if you qualify for advice from experienced business experts.

4 Get your tax done quickly.

The end of financial year is a busy time for many business but it is important to take care of tax matters quickly. 

One advantage of getting your tax affairs in order sooner rather than later is that you can get a better idea about the amount of tax you will have to pay/have refunded which will be important for cash flow planning.

Another advantage is that you will able to sit down with your account and go over plans for the next financial year. As part of your tax planning you may want to discuss the $20,000 instant asset write off and other small business initiatives announced as part of this year's Budget. 

Getting on to your tax quickly will also ensure you don't miss important deadlines including BAS and superannuation lodgement due on July 28.

5. Stay close to your employees

The end of the financial year presents a good opportunity to provide feedback to employees on how the business is performing and how they have helped achieved the results. Employees will appreciate this opportunity and feel valued for being acknowledged. Share plans for the next year as well and make sure they know they are critical to achieving the following year's business objectives. 

Having a committed team of employees that have a clear idea of where the business is heading makes the likelihood of business success far greater.

6. Embrace Technology

If you haven't yet, then you should plan for this year to be the one that fully embraces the move to the digital economy. Consider areas where you could save time and cut costs:

  1. Have you embraced social media?
  2. Do you have an online store?
  3. Is your website mobile friendly?
  4. Do you do your accounting online?
  5. Have you thrown away your cash register for a POS system?
  6. Is there an app that can replace manual/repetitive tasks or improve processes?

7. Celebrate the past year's success

Running a small business is no easy task and sometimes it is hard to find time to take a break. However taking time out is critical to recharge both physically and mentally. Ensure your celebrating key business wins along the way. Make employees part of that celebration. Doing this will renew your energy and focus and make employees feel valued and acknowledged. It will help you achieve greater success in the financial year ahead.

Build a Winning Restaurant Website

30/6/2015

 
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Having a website to advertise your restaurant is becoming almost mandatory in today's market. Building a winning website can take time and money. The good news is that you don't need to do it all straight away. Websites can be updated at any time so think about it more as a journey. Here are 7 tips to help you along the way.

1. Know your audience

The key to building a winning restaurant website from the start is to know your target audience. Knowing your target audience gives you a basis for the design of the website. For example a clean and bright design might better reflect a younger target market. A professional, elegant website might better reflect a fine-dining establishment. Knowing who your website is targeted at also helps you write the website copy. It can also assist with what special offers to advertise.

2. Use a colour scheme

Using colour is a powerful tool to convey what your restaurant is about. It should be a key consideration in the design of your website. This is what some common colours symbolise:

White: freshness, purity, freedom
Black: mystery, creation (food photography looks great against a black background)
Brown: reliability, stability, tradition
Red: Passion, desire (often used by fast-food restaurants)

Once you know your target audience then choosing the right colour for your website is easier. Colour can influence behaviour. So choose wisely and use it to your benefit.

3. Keep it simple, make it user-friendly

A key goal of your restaurants website should be ease-of-use and simplicity. Your website should look good on a desktop and a smart phone. Google now punishes websites that are not mobile friendly in their search results. An easy way to overcome this is to use a responsive website.

One common mistake restaurant websites make is a hard to read menu when viewed online. Don't simply upload a scanned copy of your menu. Ensure it is formatted for the online domain, is easy to read and navigate. This is especially true on a smaller screen.

4. Answer the customers questions

As well as being user-friendly your restaurant website should answer the common questions that customers are likely to ask. These include:
  1. How do I get in contact with you?
  2. Where is your restaurant located?
  3. When are you open?
  4. What food do you serve?
  5. What are your specials?
If you a just starting out and don't have the time or resources to invest in large-scale website then concentrate on these areas first.

Your contact form should be easy to use and include an email address and phone number. Include fields that help identify what it is the customer is contacting you about.

A map to show where exactly your restaurant is located, opening hours and a menu will save staff from answering the questions over the phone. As mentioned earlier, ensure the menu is easy to navigate and has been tailored for the website.

5. Have a blog

Blogs are becoming a must-have as part of any website including for those of us in the hospitality industry. Google's algorithm is paying more attention to the original content that a website is generating. You can use a blog to share your restaurant's news. It also helps to open up a dialogue with your customers. This can be important for gauging feedback on how you are performing.

6. Incorporate high-quality photos

We're in the food business so great photos of your menu items is important for a great website. Visitors are on your site mainly to view your product. You need to sell it to them. It is important therefore not to skimp on this part of the website. Poor food photography can actually do more damage than it does good.

You want to demonstrate what your dishes look like. Make them look delicious and elicit hunger from those viewing them. After seeing photos of your food customers should be rushing in to try it out.

7. Be Unique

To build a winning restaurant website you have to stand out from the crowd. At the same time you have to stay true to what you are all about. Think of your website as an extension of the restaurant. It needs to have personality. Potential clients should be able to look at your website and get a feel for what is like to dine at your establishment. Make it personal as well. Don't be afraid to show-off members of your team.

If you follow these tips then you'll be well on your way to building a winning website for your restaurant that attracts business to your establishment.

Playing Music in Your Cafe: what you need to know

15/6/2015

 
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As the owner of a cafe, are you aware of the benefits playing music on your premises can have on business profitability? Are you also aware that you need a license to play music with a copyright? 

Many cafe owners are unsure of the answers to these questions. We take a look at both these areas in this post to ensure you can maximise profitability and ensure you comply with the law .

Playing music in your cafe: the benefits.

Playing music in your cafe can have a positive impact on your businesses profitability. If a customer enjoys the tunes that you've been playing then they associate they enjoyable experience with your venue. Music can encourage patrons to spend more and visit regularly. It can also help motivate staff and act as a point of difference with competitors.

The Hospitality Directory cites a study that indicated on a weekend, venues that played music had an average uplift in sales of almost 50%. On weekdays the increase was 21%. 

Playing music in your cafe: the rules.

As a cafe owner their are restrictions around what copyright music you can play. In most cases if you are playing music that has copyright restriction in a commercial environment (i.e. your premises) then you will need to apply for a license. It is against the Copyright Act and there are penalties if you decide to simply play a CD, digital download or use a streaming service without the licence. This is because recorded music as well as music videos are considered to be the intellectual property of their creators.

There are two licences that you will need to apply for if you want to play music in your cafe:

  1. APRA AMCOS licence. This licence covers the copyright restrictions in the song (lyrics, composition). The body represents composers and publishers
  2. PPCA licence. This licence covers the recording and music video of a song. The body represents recording artists and record labels.

APRA AMCOS is an Australian body that licenses organisations like those in the hospitality industry to play, perform, copy or record music. APRA AMCOS has affiliations around the world so you will be allowed to play any commercially released music from around the world. Licences start from $165 per year depending on where you plan to play music.

The Phonographic Performance Company of Australia (PPCA) is a not-for-profit music licensing company. The PPCA can offer cafe owners blank licences to play music. The licence covers almost any conceivable song that your business would wish to play. 

The cost of the licence for cafe and restaurant owners depends on the number of seats in your venue, the cost of the food you serve and the number of days your premises operates. It excludes areas where music is not played. The minimum fee charged is currently $52.50 per quarter.

Implement an incentive scheme that motivates your restaurant staff

10/6/2015

 
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The value of an Incentive Scheme

Success in the restaurant industry is built on the back of great teams. To build a great team you need dedicated, enthusiastic and reliable employees. Easier said than done in an industry notorious for its high turnover of staff. Evidence suggests that to build a great team you need to motivate. One way to do this is through an incentive scheme for staff. For other ideas check out our blog: 10 ways to motivate employees in hospitality.

Many restaurant owners are big believers in incentive schemes with evidence suggesting their benefits far outweigh costs. Restaurant and Catering Magazine cites a source the claims incentive schemes can boost the quality and quantity of restaurant staff performance by up to 40%. Here's how your restaurant can get on board.

Key Features of an Incentive Scheme

Achievable

A restaurant incentive scheme must be achievable. While at first glance this may be obvious, there are still plenty examples of well-managed restaurant incentive schemes that fail because they are perceived to be unattainable. Staff don't buy into the scheme from the start and the scheme may actually cause staff to become demotivated as it shows a disconnect between staff and management. 

Equitable

A restaurant incentive scheme should be equitable with commensurate reward for effort. This means that the bigger the achievement, timeframe or required effort, then the larger the possible reward. This rule should apply equally across all staff members regardless of seniority.


Clarity

Staff should easily be able to identify what they need to do to qualify for a reward. The incentive scheme should clearly specify those factors with are objective and those open for appraisal and how they will be measured. There then needs to be a balance between these two variables. 


Eligibility

What do staff need to do to qualify for reward under any restaurant incentive that you run? Key things to consider are:

  • How long an employee needs to be with the restaurant to be eligible?
  • What happens when an employee changes roles?
  • What staff members will be eligible for which incentives?

Different Incentive Scheme Options

Simple Sales Incentive

Under this restaurant incentive scheme an employee will earn a specific amount for each unit or dollar amount sold. For example $1 for every bottle of wine ordered or $10c for every $1 spent on desserts.

Target Incentive

Staff must reach a certain target to be rewarded under this scheme. This could be in terms of the number or value of items sold. It could also be a percentage increase on items sold versus a base line figure. So for example a $5 bonus when a guest spends over $50 or a $100 bonus if sales for an individual staff member are over $2,000 or 10% more than last month.

Group Incentive

A group incentive is for all staff members and is a great way to encourage team camaraderie. Examples of this incentive could include movie tickets if the kitchen staff meet food cost targets.

Limited Time Incentives

This type of restaurant incentive is a one-off and only lasts a shift, day or week and isn't a regular occurence. For example you might need to sell some cases of slow-moving wine. You could offer a $100 incentive for the staff member who sells the most of the left over stock.

Management Incentives
 
Usually reserved for full-time staff in positions of seniority who have been with the restaurant longer and are likely to stick around. Management incentives are usually based on improving previous performance. For example a manager may earn a bonus if wages are kept below a certain level or sales are a percentage increase on the previous quarter, half or full year results.

Tips to boost your restaurants profitability

3/6/2015

 
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In this post we take a look at five key areas of a restaurant business and give you tips on how to increase revenue and cut costs to boost your restaurants profitability.

1. Staff

To boost your restaurants profitability you need to work closely with staff. The first thing you should do is define your role as owner. What will your day-to-day responsibilities be? By having a clearly defined role then your are in a position to empower staff with the tasks that you won't take on. Empowered staff will be more motivated and loyal. 

Another way you can motivate and maintain loyal staff is through training. A lot of hospitality owners baulk at the cost of developing their staff only to see them leave. What happens though if you train staff and they stay?

These two tips can save a restaurant thousands of dollars a year by reducing staff turnover. The time and money you save hiring new staff can boost your bottom line.

Another way to reduce staff turnover is to hire staff based on their attitude and motivation to do the job. This should be a key selection criteria. Potential employees who have the right attitude: a customer focus, adaptable and loyal are more likely to stick around.

One thing your business could consider doing to  increase revenue and cut costs is to implement a monthly meeting of staff to discuss business improvement ideas. For example "What initiatives can we implement to boost the number of guests over the long weekend?" You will find that staff have some great ideas that you can implement. 

2. Customers

When it comes to boosting your restaurants profitability it pays to know what your customer are thinking. Pay attention to current dining trends and adapt your menu in response. Social media and review sites can provide valuable insight. Making changes based on customer feedback is critical to attracting and retaining customers. Social media can also be an inexpensive marketing tool to promote your business.

3. Food

When it comes to food you should spend your money wisely. One way to lower your food costs is to only use fruits and vegetables that are in season. Not only are you buying fruits that costs less but it can also be used as a selling point to market your business.

Food wastage is a big challenge for restaurants. By regularly tracking sales of your menu items you can trim that aren't selling well and cut down on food spoilage. A hospitality POS system will help you gather that data.

Another tip is to consider group buying. While you may only save 2-3% on some items, the savings can add up. Especially in an industry with low margins. A word of caution though, chefs can feel compromised if they are forced to buy certain ingredients. A voluntary system can work well. 

4. Equipment

Investing in assets that are user friendly, efficient and well maintained can save your business money. Equipment should be safe to use and fully operational. When things like fridges have cracked seals or a mixing appliance is missing a part then they cost more to run and you lower productivity. Now might be the right time to think of investing in assets for your business given the small business tax incentives announced in the 2015 budget. 

5. Environment

Thinking about your restaurants impact on the environment can be a win-win when it comes to boosting your restaurant profitability. It can often save money and is great tool to market yourself to customers. Consider implementing the following:
  • Install sensors for lights in areas that are only used intermittently
  • Use timers to shut down equipment like warmers and ovens
  • Install energy efficient light globes and water saving devices
  • Use natural gas on stove tops
Provide staff training and market any sustainability initiatives to customers. By doing these things you're setting yourself apart from the competition, increasing customer loyalty and improve staff morale.

Budget 2015: How your hospitality business stands to benefit.

26/5/2015

 
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In our last post we outlined what the 2015 budget meant for small business owners of cafes and restaurants. We specifically took a look at the instant asset write off and why it could be time to invest in a new POS. Today we take a further look at the range of other small business incentives announced in the 2015 budget and how your hospitality business can benefit.

Tax cuts

The instant asset write off wasn't the only tax concession announced in the 2015 budget. If you are restaurant and cafe owner and your business has an annual turnover of less than $2 million then you will receive a tax cut from next financial year.

If your restaurant or cafe is registered in a company structure then from July 1, 2015 your tax rate will reduce from 30% to 28.5%. 

If you're an unincorporated business then you will receive a 5% tax discount from July 1, 2015. This means that any income you earn from your cafe or restaurant is eligible for a 5% discount on your tax bill. This concession is capped at $1,000. 

Reducing red tape

The government also announced a range of measure in the 2015 budget aimed at reducing red tape for small business.

One of these was a change to the Fringe Benefits Tax (FBT). For businesses whose annual turnover is less than $2 million then any portable electronic device you provide to employees from July 1, 2016 will no longer attract FBT. A portable electronic device covers things such as mobile phones, laptops and tablets.

Another measure announced in the budget was Capital Gains Tax (CGT) relief for small businesses who decide to change legal structure and incorporate their business. 

Currently CGT relief is only available for individuals who decide to incorporate, its is not available to businesses in any other structure, for example a partnership or trust. The new rules apply from July 1, 2016 and are aimed at small business who decide that their initial business structure may no longer be appropriate once they have begun operating and are more established.

Help to hire staff

The third aspect of the governments small business package that is set to benefit the hospitality industry in particular is assistance when hiring employees. There are three ways operators of cafes and restaurants could benefit:

  1. Under a new National Work Experience Programme, the government will provide opportunities for employers to offer work experience for unemployed job seekers. This will come into effect from January 2016
  2. Flexible wage subsidies will be available to employers under the Restart, Youth and Long Term Unemployed wage subsidies program.
  3. Changes to the Restart Programme from January 2016 will make it easier to get government support when small business hire older workers.

Make the Budget work for your restaurant or cafe

Small business were a big focus of the 2015 budget and we have outlined three areas where owners of cafes and restaurants can benefit. The tax cuts, in combination with the instant asset write off, cuts to red tape and employer incentives gives the hospitality industry an incentive to invest in productive assets for their business and look to hire new workers.

Budget 2015: Why The Time Is Right To Upgrade Your Hospitality POS

19/5/2015

 
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One of the big announcements from last week's budget was the range of incentives for small business to go out and invest. The one incentive that attracted the most headlines was the $20,000 instant asset write off. So what does it mean for us in the hospitality industry? How does this incentive work and is now the time to look at purchasing new assets like a POS system?

What is it the small business instant asset write off?

The instant asset write off for small business allows you to write off any asset purchased up to a $20,0000 threshold against your taxable income. This deduction has no limits so it can be claimed for as many asset purchases as your business makes under the threshold. This incentive came in to effect on budget night last week and is due to run until June 30, 2017. 

These new tax rules are being seen as a big win in the small business sector because previously the asset write off was capped at $1,000. So for example if you purchased a ViViPOS machine starting at $3499 before the budget you would have to spread the tax deduction over a number of years. Now you can claim the full amount in one hit.

Is your hospitality business eligible?

To be eligible to claim the instant asset write you need to be a registered small business. The easiest way to be able to prove this to the tax office is your quarterly BAS statements or by having an ABN. Your business also needs to have a turnover of $2 million or less. 

What assets can be purchased?

Your hospitality business can purchase any asset that directly relates to you running your business. The asset can be new or second-hand and includes things like appliances, furniture and IT equipment like a new computer or POS system.

What can't I purchase?

While the instant asset write off covers most asset purchases there are restrictions:
  1. Horticultural plants and software developed in-house cannot be claimed (software purchased for the business like the ViViMobile App can be claimed though)
  2. Assets must be physical items
  3. To claim the deduction the asset must be purchased outright. Any assets acquired through hire-purchase or leasing are not deductible.
  4. If you purchase an asset that is worth more than $20,000 then it is not eligible for the tax deduction straight away. Instead it will be depreciated over a number of years, 15% in the first year and 30% for every year thereafter.

Is it time to upgrade you POS system?

For small business that are already operating or those that are thinking about starting, there hasn't been a better time to purchase a new asset like a POS System.

The ViViPOS system is designed especially for those small business running a cafe, restaurant or retail outlet. It has a range of customisable features, over 20 different kind of reports to ensure your business is tracking how you want it to be as well as an intuitive interface and systems that will make you a more efficient business operator.

We are happy to provide an onsite visit to assess your needs or you can get in contact via our website and we will be in touch.

5 strategies to build customer loyalty for your restaurant

5/5/2015

 
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1. Get Personal

To build customer loyalty for your restaurant, diners want to feel that you care about them. One strategy to do this is to put in place a system to ensure new dinners feel welcome and returning guests are recognised. This kind of attention makes diners feel special and increases the likelihood that they will return.

One tip when greeting new patrons is to share your name with them straight away. Ensure all your staff are trained to do the same. People feel a greater sense of connection when they know each others name. It also shows diners that you're prepared to be accountable. This small step can be the first step in building a loyal customer for your restaurant.

For returning customers it is important you and your staff remember names. If you have a system in place to remember when and what they last ate at your restaurant you are able to offer a more personalised service which they will appreciate. For example "Welcome back Jane and Jim, I remember last month when you ate with us you particularly enjoyed our seafood dish, well we've since updated our menu and I'm really keen for you to try out our new seafood pasta!"

2. Pay Extra Attention

To build extra loyalty for your restaurant from returning diners ensure you give them the VIP treatment. Don't punish loyal guests by making them wait outside for a table. Seat them straight away. Loyal customers will then know that eating at your establishment will be hassle free when compared with your competitors. 

Seating returning customers straight away isn't the only way you can show you value their loyalty. How about sending out the chef to chat to loyal patrons. Wouldn't that make diners feel special? Especially if it was reserved for only loyal customers. Sending personalised, handwritten, birthday, anniversary or holiday cards are another option. These small gestures can be the perfect touch to show how much loyal customers are worth to your business. 

3. Get Feedback

You can build customer loyalty for your restaurant by paying attention to customer feedback.  Consider these tips to ensure your getting the feedback you need to consistently improve your business.

  • Ask new customers why they have chosen you
  • Ask existing customer what you do well and what can be improved.
  • Review and respond to reviews left by diners online
  • Encourage and make it easy for diners to provide feedback
By paying attention to customer feedback you have an opportunity to resolve any issues and improve your customer service. Customers both new and returning will see (with the help of some self-promotion) that you have listened and have improved. This will set you up to build long term customer loyalty.

4. Stay Connected

It is important to remain in contact with customers to promote the fact that you care about their patronage. You could choose a number of methods by which to do this:

  • Phone
  • Email newsletter
  • Social media
Whatever tool you use to reach your customers you should make sure they are aware of how your helping them through better customer service. If you fail to promote the fact that you have taken their feedback on board and have acted, then they may not notice. You could promote the fact that your now accepting online reservations or that you have introduced a special set menu following customer feedback.

Set up the mechanisms to reach out to existing diners and dedicate the time to maintain a database with which to contact them. This is especially the case on social media. If you're going to have a presence on social media platforms, ensure that when people visit they are greeted with up to date information.

5. Use Technology

What should be clear from these tips is that technology should play a central component in building customer loyalty. Technology can help make your processes more efficient. 

A POS system like ViViPOS can help maintain a customer loyalty program. This will help you record, organise and plan your contact with existing customers.
Sources: Inc.; Marketing Donut; Entrepreneur; All Business.
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