![]() In 2020, the company reported $41 billion in property and equipment assets before depreciation.* The hamburger business was, at one point, a way to pay for real estate that appreciated tremendously over time. Kroc created a separate real estate company that acquired land and leased it to franchise partners, which make up about 85 percent of the nearly 40,000 stores in 100 countries. Kroc knew that the real money was the real estate business portion of his restaurant empire. Fast food, maybe, or hamburgers? Yes, Kroc explained, but that’s not all. ![]() McDonald’s founder Ray Kroc was known for asking MBA students what business they thought he was in. Do you have another business hiding in plain sight? He'll also be available for "Candid Conversation.Sometimes the obvious money-maker isn’t the biggest one. See Bill Hansen at #Catersource 2018 in Las Vegas!īill Hansen will present two "Proven Ways" panel discussions, with three small, medium, and large catering companies represented. #Hidden business operations how toI hope you will join me at Catersource in Las Vegas this February for my panel discussion on how to find more money hidden in your business.īill Hansen is the CEO, Bill Hansen Catering and Event Production, Miami, FL If you prefer to use a credit card, we will add 5% to your invoice."Īnd lastly for this article, have you checked your advance deposit schedule lately? Whatever your policy is for advance deposits, think about changing it to draw in more money sooner. "Prices quoted are discounted by 5% for payment by check, wire transfer, or cash. Simply state something like this on your invoice: Have you checked your credit card processing charges lately? I hope by now all of you have put in place a system to recover the cost of credit card processing. Even partners have been known to cheat! Cash handlers can alter the books and add to their own personal bank accounts, not yours. Rule number one: Never, never, never let the same person keep the books and handle the cash, the credit cards, and the bank account unless it’s yourself, the owner. Picture this, the person who orders signs for merchandise that is not received and then gets a kickback from the supplier. Thousands of restaurant owners and caterers have been swindled out of millions and millions of dollars. If you’re the owner or manager, never, never, never let the same person purchase and receive. You will generally save about 20% before the expenses of driving there and back. Most distributors have minimum orders, so during your slow season-don't build up your order amount to get it delivered, hop in your catering truck and head out to your wholesaler's warehouse and pick it up yourself. Remember too that your price is determined by delivery frequency, timely bill payment, and product mix. Generally, the distributor seeks to obtain a high percentage of the caterer’s purchasing power in exchange for preferred pricing. Coming into a client meeting unprepared will more likely than not leave all money on the table.Īt the dinner table, during tastings, are you offering upsells? An appetizer course, an upgraded entrée, a welcome drink, a coffee cart … there’s extra money there waiting for you.ĭo you have a prime vendor agreement? These are pricing mechanisms that distributors offer to caterers for the items they frequently buy. This goes a long way toward closing the deal. Social media is loaded with useful information about their backgrounds, likes, dislikes, friends, and mutual friends. ![]() I can tell you, good negotiating skills will add dollars to your top and bottom lines.ĭo your homework on your clients before they come in. I know you’re busy, but we all need to take some time away from working in our business and work on our business. ![]() If you haven’t taken a class or read a book on negotiating, you are not getting the most money for your products and services. Most of us are “People Pleasers” and not the best at negotiating with our clients. I could write a book on this topic, but for now let’s look at some obvious places. Where can you find this money? Trust me, it’s there. ![]()
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