by Chandra | Apr 17, 2020 | Business to Business News, News
$354 Billion of Funding Gone in Less than 20 Days
As Congress fights amongst themselves to release another much needed 250 billion through the CARES Act to small business owners, what can you do to save your business? Now that the shock is over, and the reality has set in, what are you going to do? Give up? Retire? Wait for the Government to save you? No, you are an American Entrepreneur, strong and resilient, and here are a few tips to implement today!
FIle for help as soon as you can:
Make sure your paperwork is in order to file for your PPP (Paycheck Protection Program) as soon as it opens up again if you haven’t received funding. See the breakdown of the 2 Trillion Coronavirus Aid Package.
Check your Local Chamber and Associations for Programs:
Today the U.S. Chamber of Commerce Foundation launched the Save Small Business Grant Fund. Corporate and philanthropic partners have established this in a collective effort to provide $5,000 grants to as many small employers as possible. They hope these supplemental funds will help you get through the next days and weeks. Sorry, the funds were exhausted the first day. However, the EIDL Fund is going to be replenished.
Initiate an Online, Curbside Pick-up, or Delivery Program Now!
Business, as we know it, will never be the same again, and your business needs to adapt to stay competitive. Amazon is nipping at everyone’s heels. Learn from this an do what the big box merchants like Walmart, Target, and Large Grocery Stores are doing……Online, Curbside, Pickup, and Delivery. They are all catering to their customer’s mobile devices of choice and it’s working. Isn’t it time your business followed their model and adopted a similar On-line Ordering model?
by Chandra | Apr 10, 2020 | Business to Business News, Capital or Financing, News, Restaurant Industry News, Uncategorized
Get the Funding You Need
We are in a Health and Financial Crisis of unprecedented magnitude and a huge financial impact on you, and your business is still a big unknown. Many of you are experiencing a 50%-95% drop in sales, and some of you may have closed your doors completely. Our hearts go out to you, and we want to help in any way.
First, we must plan for the worst and hope for the best. Financial assistance is available today. It’s out there and available for you in several forms, and we can help. This is our understanding as much as one can involving the Federal Government. Please understand we are not offering legal or accounting advice, contact local professionals licensed in your area for more info.
As your trusted advisor, we are here to help by sharing some useful guidelines we have found while navigating the process ourselves. We have also included some helpful references below. Please check your state as they may have some funding programs available in addition to the EIDL (Economic Injury Disaster Loan) and the PPP (Paycheck Protection Program).
Many of the banks were still awaiting guidance from the SBA before releasing their latest applications and their portals to be up and we are encouraging you to apply with them if you have an established relationship. As you can imagine, they are overwhelmed with a flood of applications and processing their clients first.
We have an alternative solution. We have partnered with a Lending Platform, Lendio, that can help expedite this process. They charge no fees and are entirely automated and accepting applications online today. They have been providing loans to small businesses for many years, and therefore already have the automated tools in place to process your loan quickly.
Three Suggestions to Help You Today
Apply for the PPP loan
It doesn’t matter if you are C-Corp an S- Corp, Partnership, LLC Sole Proprietor, 501C Non-Profit, Tribal Business, or even an Independent Contractor, you can apply. This is first-come; first-serve, so get your application in through your bank or click here to apply through our banking platform.
Summary of PPP
- Forgiveness of 2.5 x monthly payroll, payroll commissions, benefits, and taxes, as long as employees retained
- 1% interest loan with forgiveness (was initially announced at 0.05%)
- No personal guarantee
- May also include some insurance, rents, utilities
- 100% of the loan is supposed to be forgiven if 75%+ of the revenue is payroll related
- Loan payments are deferred 6 months should you have to pay it back
- 2-year term
Treasury Fact Sheet
Apply for the $10K ECONOMIC INJURY DISASTER LOAN (EIDL)
Businesses affected should immediately apply for the $10K loan to help them get funds quickly. It is easy to fill out (10 minutes online) and will be forgiven if the guidelines are followed: SBA.Gov. Remember, this is first-come; first-serve, so get your application in quickly.
Apply for State Emergency Funds
The Florida Disaster Bridge Loan is a $50K ($100K in special circumstances), 12-month, 0 interest loan. It requires more paperwork but worth a look. Check your State’s available resources. Sorry, the funds have been exhausted already. However, the EIDL Fund is going to be replenished.
Time is of the essence for all of us as these are first-come, first-serve programs. The money well is only so deep ($350 Billion) until additional funding is approved (maybe). We urge you to act quickly by contacting your lender or us so we can connect you with our lender.
Please stay healthy, adhere to the CDC guidelines, and as we have always done in our history…. America will get through this!
References
https://www.sba.gov/
by Chandra | Feb 10, 2020 | Marketing, POS Systems
Marketing Tips for 2020
Have you started a marketing plan for 2020 yet? Valentine’s Day is already upon us. Why not start with this simple blueprint for success every holiday and special occasion. Each year you will look polished by taking it to the next level. We can help you make all these ideas flow together with one easy-to-use system.
Decorate Your Website, Social Media Sites and Physical Location
Decorate your website, social media, or storefront to draw attention to your business during the holidays and special occasions. It doesn’t take much effort to add a banner, adjust your store window design, or incorporate festive packaging into your sales. Small acts of festivity will make your customers feel they are acting on a time-limited opportunity.
Create a Holiday-Focused Marketing Campaign
Using videos or holiday-themed campaigns can be extremely useful and should not be overlooked during the season. Thanks to modern technology, creating a short video or online poster can be done in no time.
Stock up on Gift Cards and Place Visual Everywhere
Gift card sales in the United States were approximately $160 billion in 2018, and sales continue to increase every year. It’s essential to stock up on gift cards and make them available at your customer’s reach.
Invest in a New Point of Sale System or update your old one
According to the National Retail Federation, Holiday sales during 2019 were expected to increase between 3.8% and 4.2% over 2018. Overall, holiday sales represent approximately 20% of annual sales per year, which means that if you don’t know what your percentages are, its time you invested in a POS System! A Point of Sale System not only tracks your sales, inventory, and employees but also gives you a complete ordering history to make future purchases faster and more intuitive.
Give a Holiday Gift with every order
A great way to inspire customer loyalty is to offer a gift with each purchase. This can be something as small as a coupon, information, product, or even a token of your company. The idea is to make your customers feel included in the celebration.
Offer a Sale
An easy and smart way to encourage company growth is through holiday sales. Days such as Cyber Monday are great opportunities for companies to increase profit through sales. All you need to do is plan what you will put on sale before the holiday is upon us and start doing some Digital Marketing or even some print mailers. Some companies also go the extra mile and offer presales to exclusive club members. Yet another perfect reason to use a POS System to capture valuable customer information. These kinds of loyalty perks inspire potential customers to invest in your company and keep customers coming back for more.
Remember we don’t plan, to fail we fail to plan!
by Chandra | Sep 13, 2019 | POS Systems, Restaurant Industry News, Retail Industry News, Salon and Spa News
Customer loyalty programs are smart, innovative ways to increase revenue and create repeat business. These easy to implement programs not only create loyal, happy customers they give you a method to reach out to those customers with specials and new products. Also, 69% of consumers say they make their shopping decisions based on their loyalty programs or lack thereof. Studies also reveal that although finding new customers is crucial for a thriving company, it is far less expensive and better to maintain your current customers.
Loyal customers advertise for you
Loyalty programs are not a new concept, however, they can be very versatile. They can be in the form of an app, an email, or a simple letter in the mail. Having an app on their phone offers your customers a convenient shopping experience, and increases company awareness for potential customers. Appreciating your customers will draw them to your company, as well as maintain their interest. On average, a loyal customer can be worth up to ten times as much as their first purchase with your company. Personalized loyalty programs are very appealing to customers, such as a customized email with their name.
There are many ways to use loyalty programs. Most companies use points by tracking purchases. Companies such as Starbucks and Tarte use this method. For every purchase customers make, the business gives them the value spent in points. Customers save their points and redeem rewards or discounts exclusive to the company’s loyalty program. Some programs even encourage customers to positively review or share their products on social media in return for additional points. Turning their customers into advertisers for the business.
Easy to implement and inexpensive
In addition, loyalty programs are not expensive and can be set up a few different ways; using a POS or terminal to capture customer data and track purchases or a simple app customers can download on their phones. Decide which method you prefer, choose your reward and watch your profits grow. Most programs will track and reward your customer and the newer loyalty systems may even text or email you to notify you of the reward with beacon technology. Many systems just keep track of benefits and work only when a customer asks to use their card.
The small amount invested will be worth it when your profit increases. On average, companies will spend up to eleven times more on finding new customers than maintaining the ones they already have. Reaching out to your current customers is simple once you have the data. Also, sharing on social media has never been easier.
As technology continues to advance, so do company reward programs. It’s always a good idea to revisit your existing program and keep up with current trends to maximize company profits and maintain your customer loyalty. Whether in the form of an app, an email, or a letter, customer appreciation stretches far. Loyalty and customer reward programs are extremely efficient in inspiring customer loyalty and maximizing profits. If you do not have a program in place it’s time you looked into one.
by Chandra | Aug 21, 2019 | POS Systems, Security
Could this be happening at your restaurant?
How many times have you used a credit card at a restaurant, added a tip and signed for the total, and then just threw it away?
For most people, that’s the regular occurrence, but on occasion, servers are changing the tip amount to put more money in their pocket. This is stealing from your guests and guarantees they will never come back. Tip bumping may also make people avoid your restaurant altogether. If there is a known restaurant or establishment has staff that is stealing, guests will not be coming through the doors and worse yet, they are spreading the word. The sad thing is you may never realize it until someone complains and by then the brand damage has been done.
How does it happen?
Tip bumping in a restaurant is simple to do without check systems in place. All a server has to do is make a few slight modifications by changing a 1 in front of a 2 or by changing a 6 or to a 9. They can also reprint the slip, adjust and sign it themselves. How many times have you requested a copy of your signature? Some waitstaff only target foreign tourists as the currency conversion is complex and it is a safer way to steal. Others feel entitled after they feel they have been slighted by a small tipper.
To remedy tip bumping there are three main strategies: audit, automate, and watch. These three options are the most effective when used together and help eliminate tip bumping and angry guests.
Audit:
The restaurant manager or owner closing out should always verify the recorded tips and totals on each server’s checkout with the actual tips and totals on the credit card receipts. This method seems tedious but is the only way to ensure accuracy and guests check amounts are recorded properly.
Automate:
Implementing a Pay-at-the-Table POS or Kiosk eliminates the old paper receipt system and the tip is entered into the POS by the guest, ensuring the correct tip is recorded. The server only handles cash transactions and tips with this method.
Watch:
Install a camera system within your Restaurant POS for firsthand recordings of the theft being committed.
Most of these types of crimes go undetected until the customer complains. Some merchants have even had servers arrested if they are caught tip bumping. Nothing sends a better signal to the rest of the staff, that this is a real crime and it will not be tolerated. It is also encouraged to do background screenings on new hires as incidents like this or others will appear on their record protecting employers from theft and brand damage.
Fortunately most servers are honest but you if you suspect this is happening at your restaurant, it probably is. Protect your business, patrons and reputation by taking precautions. If you don’t have systems in place, we will be happy to help.
