It’s Monday, a Public Holiday in Nigeria, which is also a great time for restaurant and bars in Nigeria. Long weekend, higher sales (Monday and Tuesday public holiday). From my experience as a consultant in the industry, weekend sales account for 50 – 70% of total sales. POS (debit card) sales account for up to 30% of sales transactions in restaurants and bars that average N6million monthly. 60% of N6million is N3.6million, and 30% of N3.6million is N1,080,000. What this means is that business owners/investors in this industry will not get “alerts” until Wednesday!
There are so many point of sale applications out there, but it is important to be well informed before you make a decision on which one will work best for your business. What most business owners are shopping for is a “solution” not just some fancy, popular software. There are certain questions that need answers when looking for an application that works best for you. I have taken time to identify some of them.
It’s close of business, yes 2am Saturday morning. Sales was pretty good yesterday, we had to hire chairs for customers to sit down. The time I dread the most has finally come, reconciling sales! From the waiters, to the bar man, it does not get easier. Sometimes I stay up till 7am reconciling sales records alone! It’s worse when there are shortages, some waiters have more shortages than their salaries at the end of the month! Do you know some waiters deliberately have shortages? They “borrow” money from the restaurant and “payback” at the end of the month. How long can I continue like this? The business is good but the leakages are too much!
Chidi walks up to a customer with an Android device (which serves as his docket) provided by the restaurant to take an order for Small Stout and Goat Meat peppersoup. Using his Android device, he opens a ticket for the customer (ticket named “man with gold teeth”). He selects the 2 items (Stout and Goat Meat) and then saves the order.
Have you ever been tempted as a business owner to fund your personal project with your company’s funds? Or ever had an experience where your boss complained of cash flow but not pointing a finger at his frequent withdrawal of funds for his personal project. Every business owner loves to diversify his business to become a conglomerate, but the truth is you can’t eat your cake and still have it.
Imagine a situation where 2 or more individuals are responsible for the well-being of a group of people. Who is held accountable if someone gets hurt? This is common in traditional family businesses in Nigeria where different family members make the “final” decision.
A couple of years ago, a colleague told me she developed a pseudo-board of directors shortly before the birth of her business. She mentioned that these set of individuals helped to streamline her ideas to the realities of the business environment she was going to be operating.
We came across an article on a discussion forum (Nairaland) and decided it’s interesting for a good debate. See below:
Today, and once again, I’m writing on a very familiar issue. Degrees are outrightly overrated – especially down here in Nigeria. This system churns out thousands of graduates every single year, and almost all of these graduates have the same mindset of seeking and getting a job somewhere.
A couple of weeks ago, I made contact with a potential client in need of accounting services. A Tanzanian involved in buying and selling of goods seeking opportunities in an unfamiliar business environment (Nigeria).