Flexible Furlough Scheme – Guidance for Employers July to October
From 1st July 2020, employers will have the flexibility to bring back furloughed employees for part-time work, for any amount of time and on any shift pattern, and still claim furlough grants for any of the employee’s normal hours which are not worked. Furlough pay will be calculated according to an employee’s usual working hours in a claim period minus the hours actually worked. The final date by which an employer can furlough an employee to benefit from the CJRS was 10th June 2020, as the scheme closes to new entrants from 30th June 2020 and an employee must have had a minimum 3-week furlough period before that date if…
Top 5 reasons why restaurants fail in the first year
To be fair, in a restaurant, there are a million-and-one things that are likely to go wrong and you need to be the master juggler at a circus to stay on top of everything (or, better, have a good team who does). However, here are five key areas you need to focus on to ensure a better chance of success through the first year. 1 – Location Not understanding the difference between destination locations and high traffic locations, also termed A and B in the UK market. If you are looking at a location in an area classed as “A” (high traffic), it will usually be a more central location…
The Real Cost of Online Reservation Systems
You are a restaurant and you want more customers. You want control over your booking system and a database of your customers. You want a simpler way for your customers to be able to book without needing to always have to speak to somebody, or for that same somebody to check emails constantly. And you want to be able to quickly and easily check the bookings you have. Enter the online reservation (or online booking) system. There are lots of companies that provide this system, including ResDiary, Open Table, Quandoo, Bookatable, Welcome Table, simpleERB, et al. Some offer fixed pricing, but the bigger players offer a per-cover model that is…
Types of Restaurant Finance
There is one key driver in the restaurant business – cash flow. If the cash is not flowing, the restaurant is not growing. And from time-to-time, you need an injection of money into the restaurant for anything from a refit, to expansion, restructuring or simply cash flow. Here is a list of the types of finance available to restaurants: Tax / VAT Funding Business Development Loans Cash-flow / Cash-release Facility Refurbishment Loans Asset Finance / Re-Finance (Leasing) Vehicle Funding Merchant Cash Advance Invoice Financing (Factoring) Personal Loans Secured Loans (2nd charge) Almost all lending is unsecured (ie not secured against property) but does require personal guarantees. I will cover these…
BUILDING A SUCCESSFUL RESTAURANT
