The restaurant business is not a stable industry. Everything from snowstorms to local high school basketball games can affect the amount of business you do on any given day. One slow weekend or one piece of broken equipment can put you behind, and once your bank account dips into the red it can be very hard to pull back it back into the black.
So, what do you do when your find yourself coming up short of your budget? Well, I think itís more important to first discuss what you should not do. Trust me I speak from experience here. There are several things you can do to save some money in a pinch, but they can come back to haunt you big time later on.
The article Five Ways to Destroy Your Business
, by about.com Business Law/US Tax expert, Mark Minassian, gives several common scenarios faced by small business owners who are in a money crunch. While not all these situations will lead to the demise of your restaurant dream, they can be very costly. FYI- the interest charged by the IRS for late taxes makes most credit cards look like charity. On top of money lost, these common five mistakes can add a lot of stress onto the shoulders of an already overstressed business owner. So, before you begin to experience any financial woes, have a plan in place of things you arenít going to do!