It is true that you require more than efficiency to run a restaurant or even a small chain of restaurants. You need to have the passion to set benchmarks in customer satisfaction day in and out to make sure that your restaurant always ranks high in the perception of your customers. The market is extremely competitive but the scope of growth is also quite high. At the same time, the cost of running the restaurant keeps going up and so does the need for making investments to improve or increase services or adding more items on the menu. These are operational costs that keep cropping up regularly. For small restaurant businesses there is only one source of funds – restaurant funding from alternative lenders.
What do you need the funding for?
When you approach an alternative lending company for funds, you are going to find that the lending agency is quite happy to extend the credit to you. Unlike traditional lenders, who make you feel that they are doing you a favor by just hearing your request for funds, alternative lenders will engage you warmly.
Next, comes the question – how much money do you require and for what purpose? This is not an invasive question to put you on the defensive. Rather, they will help you understand the different kinds of alternative business funding options that are available for you. This is where you have the opportunity of presenting your case for funding and getting approval for the amount you need.
Payroll disruptions affecting service quality?
It is not at all unusual for a business to face a shortfall in meeting operational expenses of which a major part goes into payroll expenses. There can be many reasons for such a shortfall and most of these are quite normal but your expenses cannot wait too long. Nothing to worry there; you can always access working capital funding to manage such expenses.
The other major worry with unsolved payroll expense disruptions is that it could trigger adverse reactions from your employees. If they absent themselves or strike work, that will hit your services, which in turn will rub off on your business. Therefore, get quick working capital funding on easy terms from an alternative lender like Alternative Funding Group as soon as you can.
Inventory expenses running out of control?
Inventory is another major expense in the books of a restaurant and just as you need your staff to operate in full capacity, you also need to ensure that your rolling inventory doesn’t slow down or come to a halt. That could push your business up against the wall. In order to avoid that kind of a situation from going out of control, pay your suppliers on time and if you run short of cash to do that, you can count on quick funding from alternative lenders.
Your restaurant also needs to have the right ambience which comes from quality interior décor, furniture and furnishings. That requires regular maintenance and upgrades as well as periodic overhauls. All this requires consistent bank-rolling, which you can get when you apply for business funding to an alternative lender.
Haley Hayward is an experienced writer at financemag7.com, where she’s credited with more than 200 articles covering everything from entrepreneurial stories to mental health at work.
She also oversees the Comment&Questions, which poses important admission questions to experts in the field, and regularly hosts webinars on various aspects of the business school experience.
Prior to joining financemag7.com, Haley honed her skills as a freelance writer, tackling a wide array of topics from petcare to car maintenance.
Haley holds a Master’s degree in English Literature from the University of Edinburgh, Scotland.
