Did you hear about the oldest bar joke that was preserved in time? It goes along the lines: ‘’A dog walked into a tavern and said I can’t see a thing, I’ll open this one’’. Those Sumerian people were truly ahead of us when it comes to absurd humor.
This just goes to show how important bars were that people made jokes about them even 4000 years ago. Today, when it comes to running a bar, you need to know a thing or two about handling money. Here are 6 tips from the pros in the bar industry to help you work with all that cash.
1. The Right POS Software and Hardware
The right POS software and hardware is the very first thing you should think of before handling money. Many financial troubles in a bar come from improper POS systems, which add to more losses both in time and money. No matter whether you run a small bar with just a few stools or a big one, you will need to invest in this system.
Luckily, getting this system is pretty easy and really worth your time. With a free quote estimation from the incredible team at harbortouchpossoftware.com/, you can know exactly what you are getting yourself into. With so many options for new or more experienced businesses, you can find the POS system that will suit your bar. Next time you are neck deep with customers, you will be happy with an easy-to-navigate POS system.
2. Be Up to Date With Business Records
No one likes to waste time writing their business records. But, you must do it if you do not want to get in more trouble later. Make sure to take the time of your day to do this properly, and plan it ahead. No matter how busy your day was, it is always good to not save this one for later. Always fill in your legal documentation on time, and you will be fine.
Doing regular data analysis is also great for determining what you are doing right and wrong. By following when you have the highest earnings, you can spot a trend. Or, if you are down with earnings, you can spot what went wrong. It is very important to analyze your mistakes in the bar industry and learn from them.
3. Good Relationships With Other Bars
No matter where you turn around in this world, there is always some sort of competition. It is great to have some challenges in life, but you do not need enemies. You should look at other bars more like allies with a bit of rivalry instead of competition. By doing so, you can all benefit from mutual cooperation and your bars will prosper. You will be surprised to see how many people are open to working together and striving together.
4. Always Be Ready for the Unpredictable
What makes running a bar exciting is that every day is a unique one. In the same way, as good things happen when you least expect them, the same goes for bad ones. Always have your documentation ready for an unexpected inspection.
Always have your money sorted, counted, and no hiding. Besides getting money, your other concern should be not losing your money. By knowing how to handle your money according to the law, you will not lose money due to mistakes.
Just this one loan more is the usual sentence people say before they get another loan after that one. Loans are a great way to kick-start your bar, but relying solely on loans will get you nowhere. Always work to pay off your loans as soon as possible, do not play with your loans. Do not get another loan if you did not pay the last one in time. Do not get a loan if the risk of not paying it is too high, you are the one who will regret these decisions.
6. Energy Efficiency
Many bar owners spend way too much money on electricity for their bars. This usually boils down to equipment with poor performance or energy mismanagement. It is more worthy to invest in lighting that costs upfront more but saves money over time. The same goes for other types of equipment such as energy-efficient fridges or heating. Again, sometimes saving money is about planning how not to lose your money.
Once all of this becomes a part of your usual routine, you will be a very fine bartender. Of course, running a bar is more than just counting money and worrying about legal matters. But, you can not run a bar if you do not have the basics covered. This is why it is sometimes more complicated than the usual picture you get. But is it still worth running a bar even with these tasks?
Of course, these are just some menial things that you will learn in a matter of a few weeks. Once you settle these boring tasks and learn how to handle them, you will be able to enjoy running your bar. There are always some sacrifices you must make in order to do what you love, and these sacrifices are minimal.