Professional Tips On Running A Restaurant Business

Contrary to what you may think about the restaurant business from what you see in the movies, it is actually a very stressful business. It’s one thing to open up a restaurant, and a whole other to run it properly and achieve success with it. It requires quite a lot of discipline and hard work.

Still, with all the challenges in their way, a lot of business owners manage to handle the task really well. So how do they do it? It takes experience to learn how to serve amazing meals, offer the perfect service, and maintain a loyal customer base. 

Here are some of the best tips you can get from the experts.

Have a professional relationship with your staff

Your employees are your number one asset, so you need to have them work as a consistent team. How they deal with their daily tasks and serve your customers can make or break your business. 

While not every interaction with them has to be serious, there has to be a professional tone and manner in your relationship with them, in order to get the best out of what they can do. 

You need to have them working as one, so that your restaurant offers a consistent service to your customers. Schedule routine meetings to discuss the business, and have them come together for trying out new recipes.

Know and maintain who you are as a business

The fact is that it is impossible to be everything to every single person out there. If everything about your business is in line – accounting, staff, legal issues and all the other business related things – then your main focus needs to be your concept. 

The fact about your concept is that it will work or it won’t. But it is essential that you determine what it is and stick to it. Even if everything is not working according to plan, there is nothing worse than changing who you are as a business midway. 

It sends the wrong message about your restaurant, and is certain to result in failure.

Conduct regular surveys about customer satisfaction

You need to always be in check with what your customers think about you and how satisfied they are. You can conduct physical surveys by handing out printouts, or make the best out of online reviews. 

What you need to know is that not everyone wants and has the time to write an online review for you, so your online efforts will most probably take up to 25% of your inquiry. 

The case when people most often write an online review about the place that they have visited is when they are extremely satisfied or disappointed about what they experienced in your restaurant. 

Make the best out of surveys, as they are a great way to learn about how to retain your customers.

Keep your restaurant clean and organized

Nothing can turn away customers as a restaurant that doesn’t make the best effort to be perfectly clean and organized, in order to provide the best possible dining experience. 

Restaurant cleaning professionals from Sydney suggest that the best idea is to hire a professional cleaning service to do the job on a regular basis. This way you can make sure that your restaurant is always in pristine condition, and that customers can truly enjoy their meal. 

After all, it is the place where people come to eat, and nobody likes to have a dinner or lunch in a place that isn’t concerned about cleanliness.

Have your competition in mind

When it comes to competition, experts take two sides. One side thinks that, as long as the market isn’t too saturated, having some competition is good for you. 

The reason to this is that it works as a drive to always keep improving your services and offer better food to your customers. Furthermore, if you are in the area where there are multiple restaurants, this fact itself will drive traffic to you. 

On the other hand, there are experts that think that you should start your business somewhere where there will be no competition at all. This way people will come to you for what you have to offer, because you will be the only one with such services in the area. 

If you are a Chinese restaurant, you might want to open your business somewhere where no one else offers Chinese food. Both trains of thought make sense, so it is up to you to decide which side you are going to choose.

In summation

Running a successful restaurant business can be hard, and requires determination and discipline. You need to have a good understanding of your employees, your customers, and your competition. It also goes without saying that your restaurant needs to be perfectly clean and presentable. If you follow these advices, running your restaurant business can be made easier.

Financial Planning: 4 Reasons Why It Is a Good Idea

We know we need to save, but saving is not enough to really survive in today's economy. Having savings brings no return. 

You need to not only know how to save, but how to use your savings properly and spend well. Savings are important, but so is financial planning. Among the many reasons financial planning is a good idea are:

Security

Security is found in knowing that there is something there when you need it. Security lessens stress, and less stress means less risk of heart-related diseases. You want to make sure that you have security in knowing that if you were to have a financial emergency you would be prepared.

Stability

Stability is found in building assets that grow. This includes a home, rental property, a 401(k), and passive income from bonds or dividends. This can allow you to grow a lot financially in many ways other than through savings.

Wealth

Wealth is grown over time by having a stable asset base to provide a secure income. You want to make sure that you start planning well financially now so that you can build up your income and have more secure and stable finances in the future.

Access to funds

By seeing increase in all of these other areas you can also see increased access to funds, be it from a fast lender like Payday Express, or a different bank such as Capital One. Increased access to funds is essential to being able to stay on top of your money and stay financially secure.

Beyond these reasons there are two areas of financial planning we want to touch on. One is when to start planning; the other how to do it properly.

When to Begin Financial Planning

The truth is that you have already begun planning financially. It begins each time you get a paycheck and decide what to do with it. 

If you're in line for the latest iPhone, then you've financially planned to spend that money, and the monthly charges. Since you have already been doing this the question is how to do it in a fashion that will help you make some serious money.

How to Plan for the Future

Have you ever heard the phrase pay yourself first? This is the process where you plan for retirement by having money taken directly from your check so that you never miss it. You can do this with $25 per month or $2,500. 

The key is to set aside an amount of cash that you can reasonably part with, and then you watch it grow. For more info on how much you can make if you started today you can use a savings calculator. 

By plugging in the numbers you'll see that by saving just $100 per month over 30 years at 8% interest your $36,000 contribution will more than quadruple to $149,000!

There are many good reasons to do financial planning. The key is to recognize you're already doing it, and then to make the choice to pay yourself first. 

After that be sure to set money aside for savings and properly plan out how to spend your paycheck. It really is amazing how much of a difference a little planning can make.

The More You Know: Knowing Which Insurance to Buy When Travelling Abroad

It can be a difficult thing looking for insurance, but taking the time to ensure you purchase the right plan can save you money in the long run. Travelling and insurance can be even more complex as you’ve got to consider the local laws, health systems and how comprehensive and portable your medical coverage is. 

Travel insurance can make things simple, but what if short term cover is not appropriate for you?

This article, by leading international insurance broker UAE Medical Insurance, explains what your health insurance options are when heading overseas and why one may be more appropriate than others, depending on your needs. 

Travel insurance

If you’ve ever travelled before, you’ll know a thing or two about travel insurance. It’s the most common product offered to anyone travelling overseas and is generally cheap and simple. Your typical travel insurance benefits will include:

• Flight cancellations 
• Travel delays 
• Emergency medical expenses, or necessary medical evacuations 
• Repatriation costs 
• Accidental death and dismemberment 

Travel policies are often better for short term travellers, normally covering up to 3 months but some insurers can provide travel coverage for up to 12. 

The added advantage of travel plans is that they cover you for things such as lost travel documents and flight delays, however the health benefit components are generally less comprehensive. The main aim of travel plans is to get you healthy enough to return home.

The other advantage of a travel plan is that they are often the least expensive health coverage option when abroad. 

They’re readily available from most airlines and travel agents who can add the cost to your whole booking fee, and include the documentation with your tickets. Keep in mind that travel plans often exclude pre-existing conditions, charge more for certain regions of the world, and don’t reimburse you if you cancel your trip. 

Local healthcare coverage

Relying on the local healthcare system of the country you’re visiting can be a mixed-bag, and really depends on the type of system the government provides:

• Free, state funded health cover 
• Compulsory state provided insurance 
• Optional or mandatory private medical insurance coverage 

Some countries, such as the UK, can provide tourists with fantastic medical coverage at virtually no cost (through its nationalised NHS system). 

France’s Couverture Maladie Universelle is paid through compulsory deductions from employee wages, so working expats can attend healthcare facilities like a French national would. Finally, countries like the US and Dubai, legally require you to hold private medical insurance for entry.

If you’re a mid-to-long term traveller, purchasing a health insurance plan from the country you’re based in can make more sense. 

They’re like purchasing cover in your home country and can come with a range of comprehensive benefits from inpatient and outpatient care, to vision, dental and even maternity coverage. Local plans will be more expensive than travel plans and will often only cover you for the country you’re in.

Many of you enjoying travel in your later years will also need to be aware that some insurers will either increase the premium for older customers, or may even flat out deny coverage altogether (retirees in places like Nicaragua will find it impossible to find local insurance). 

Pre-existing conditions can be difficult to find coverage for, and you’ll also want to consider the state of the health system in the country you’re in.

International medical insurance

International medical plans are the most comprehensive form of insurance you’ll find on the market, however they do come with a hefty price tag. They’re designed especially for longer-term expats, both working and retirees, and can include the following benefits:

• Extensive medical coverage both in your home country and abroad 
• Options to add dental, maternity and wellness benefits at an extra cost 
• A wider choice of private and semi-private hospitals, medical staff and care options to choose from 

These plans are the most useful for travellers as they will often act as one policy that can cover nearly all of the countries you can think to visit. 

This can make for a lot less stress when booking trips and heading to other places, and you’re often guaranteed to have access to the best healthcare facilities and professionals available in a country should you need it.

Older travellers will find international insurance plans to be the most flexible out there; allowing you to tailor your coverage and benefits to something that best suits your needs. 

Insurers will be more open to accepting applications containing pre-existing conditions, however you should always be clear about what coverage you need when applying.

Author bio: Choosing the right option for you

Nobody knows your situation and needs like you do, but it can be a good idea to talk things through with an insurance expert. Broker UAE Medical Insurance (UMI) has been providing high quality health insurance to expats both in the UAE and around the world for more than 15 years. Their expert team strive to deliver fantastic insurance solutions with exceptional customer service.

To find out how the UMI team can help you save money on your insurance needs abroad, contact them today!

First-Time Homebuyers: How Your Mortgage Will Affect Your Personal Finances

When you're used to paying rent every month, it can be easy to think of a mortgage as more of the same: a monthly expense for housing. 

The truth is a mortgage can affect your personal finances in many ways that rent cannot, including saving up for your down payment and closing costs, ongoing maintenance and repairs, and your tax liability. 

Also as a renter, you are usually not responsible for any major updates and repairs. As a homeowner though, you will also be financially responsible for any home updates and repairs for the duration of your homeownership. Here's what you should know.

Saving for a Down Payment

The best way to clear your path to homeownership and keep your loan payment affordable is saving up for a down payment. 

If you choose a conventional mortgage, you will need a down payment of at least 20% to avoid private mortgage insurance (PMI) in most cases. PMI is a type of insurance that protects the lender if you default and it can add $150 or more to your payment. 

With an FHA loan, you will need a down payment of at least 3.5%, but you will need to pay two mortgage insurance premiums (MIPs) if you put down less than 20%. 

The upfront (MIP) of 1.75% is due at closing while the annual 0.85% MIP is automatically added to your monthly mortgage payments for the life of your loan.

If you don't have much saved for a down payment, a USDA mortgage may be a good option, according to USA Peak Loans. 

This loan option is designed for low to moderate income buyers buying in "rural" and suburban areas. USDA mortgages do not require a down payment.

Budget for Maintenance Expenses

For first-time buyers, one of the most overlooked costs of buying a home is the cost of maintaining the house. 

Expenses like lawn care, trash removal, plumbing repairs, and roof replacement add up over time. According to the Las Vegas Review-Journal, the average $350,000 American home costs $1,126 per month to maintain -- although this includes homeowner's insurance, property taxes, and utilities. 

A good rule of thumb is budgeting at least 1% of your home's value per year to spend on general maintenance and repairs like plumbing leaks, HVAC servicing, and roof repairs.

Owning a Home Can Offer Tax Breaks

While this may not affect your day-to-day budget, buying a home and taking out a mortgage can offer many tax breaks not available as a renter. Owning a home can reduce your tax liability in the following ways:

• Mortgage interest deduction, which is especially beneficial with new loans as the interest payments are higher 
• Mortgage points deduction 
• Mortgage Credit Certificate Program allows you to get a tax credit (not deduction_ worth up to 30% of the interest you pay every year. This program is available from many local and state governments for lower income first-time buyers. 
• Real estate tax deduction 
• Tax-free IRA withdrawals for first-time homebuyers to avoid the 10% penalty normally applied to early withdrawals 
• Deduction for interest on home equity lines of credit (HELOCs) and home equity loans to finance home improvements 

A home loan can affect your finances in many ways, both good and bad. It all comes down to how well you manage your finances each month. And hopefully you didn’t buy a home with a mortgage payment that you can’t afford in the long run. 

While owning your own home means being solely responsible for the property taxes, maintenance, and repairs, your mortgage can also be the gateway to better credit, tax breaks, and financial stability.

5 Ways You Might Be Sabotaging Your Mortgage Preapproval

If you're beginning the process of buying a home, obtaining a mortgage preapproval is one of the first key steps. Real estate agents often require a preapproval letter before showing homes to potential clients. 

With preapproval, you'll fill out a mortgage application from your chosen lender and pay the requisite application fee. You'll also need to provide documents that prove your income, and the lender will check your credit score. 

Here are five of the most common mistakes that potential homebuyers make during the preapproval process, and how to correct them in time to avoid sabotaging your mortgage during the early stages.

1. Not Knowing Your Credit Score

For most lenders, you'll need a FICO credit score of at least 620 to qualify for a mortgage, and a score of over 700 will qualify you for the best rates. 

Experts recommend checking your credit at least six months before you plan to apply for a mortgage preapproval. This gives you time to take necessary steps to raise your score before beginning the home buying process, such as paying down debt and disputing incorrect information on your credit report. 

Improving your score will not only help ensure you get approved, but potentially save you thousands over the life of the loan.

2. Making a Large Credit Purchase

You've already gotten your preapproval and had an offer accepted on your home, so it's time to finance your new furniture, right? 

Not if you want to qualify for a mortgage. According to industry blog My Mortgage Insider, Fannie Mae and Freddie Mac now require credit to be pulled again 48 hours before closing. 

If there are major changes, it could affect the lender's willingness to provide final loan approval.

3. Paying Off the Wrong Debts

You know that you have to get rid of some of your debt before you'll get approved for a mortgage, since your debt to income ratio should ideally be below 30 percent. 

According to Nerd Wallet, some aspiring home buyers waste money paying off old debts that are no longer collectible and won't affect mortgage approval. 

Instead, focus on paying down credit cards with a large balance in order to obtain the magical 30 percent ratio.

4. Missing Loan Payments

Make sure to keep paying all your credit cards and other loan obligations on time from the time you're applying for preapproval to the time you close on your home. 

Missing a payment in this period can jeopardize your mortgage loan by damaging your payment history and thus lowering your credit score.

5. Not Having Cash on Hand

In most cases, you'll need to show the lender that you have the required down payment funds plus three months' reserve in your bank accounts. 

If you're planning to cash out investment accounts to purchase a home, do so sooner rather than later so the funds will be in your account.

Buying a home is a great step, but it can be set back greatly by unwise choices surrounding the mortgage preapproval process. By keeping these five tips in mind, you're helping ensure that the mortgage approval process will go smoothly.

What's the Difference Between a Bank Loan and a Title Loan?

Many people experience a situation in which they need cash to make a purchase, but they do not have enough on hand. 

A bank loan or title loan can be used to generate an influx of cash for a situation such as a home repair or payment of a medical bill. 

There are some important differences between bank loans and title loans that you should understand before signing your name on the dotted line.

Bank Loan Requirements

Bank loans are provided by a lending institution that must operate under the terms of federal laws for interest rates and other loan terms. 

In order to get a bank loan, you may have to provide proof of your ability to repay the loan. This would come from copies of your pay stubs. If your income is low, you may need to have a co-signer. 

The bank will also check your credit score. A low credit score can mean a high interest rate.

Prerequisites for Bank Loans

Banks will scrutinize your finances and calculate your income to debt ratio before agreeing to a loan. 

The bank loan can be secured, such as with a mortgage. In a secured loan like a mortgage, the deed to your house would go to the bank if you fail to pay. In an unsecured loan, the bank is taking a gamble on your personal finances. 

The interest rate for an unsecured bank loan is usually higher than the interest for a secured loan.

Title Loan Terms

The terms of a title loan are different from a bank loan. With a title loan, the title to a piece of property owned by you secures the cash that is loaned to you. 

For example, you could put up the title of your car. If you fail to repay the loan, the lender gets the title of your vehicle. To get a title loan, you must own the property free and clear. 

Some companies, like American Cash Advance and Title Loan, know that the property cannot have any liens on it. Title loans also come with interest fees, which can be tied to your credit score.

Before taking out a loan, be sure to read all of the fine print. You will need to know the terms of the loan, such as payment schedules and what could happen if you miss even one payment. 

Understanding how these loans work will help you to make the best financial choice for your situation.