[caption id="attachment_221441" align="alignright" width="200"] Gabrielle Widenor [/caption]
Every spring, sports fans swarm to local restaurants and bars to eat, drink, and cheer on the teams playing in the college basketball tournaments. In towns across the country, establishments prepare for an increase in business throughout the tournaments and championship weekends. Local restaurants and bars should prepare for busy weekends as the top teams in the tournament compete to be crowned champion.
Events like college sports tournaments can bring an influx of cash to establishments of all sizes, some of which might not have the right cash logistics system in place. When managing an influx of cash, there is an increased chance of risks for cash mismanagement. Below are some key risks to prepare for as you and your team get ready for any type of event that can bring in more customers paying with cash:
Consider Smart Safe Technology to Reduce Cash Loss: By nature of the business, restaurants and the food-service industry run a high risk of threats including cash shrinkage, inefficient cash handling and the amount of time you are paying employees to handle cash. Identify the amount of time you and your staff spend handling cash. Once that amount of time is calculated, determine the labor costs to support cash handling efforts alone. For example, a smart safe or other device can save about an hour a day of an employee’s work time, and with minimum wage increasing to $15 per hour this could result in a $450 savings per month. Soft and hard costs can add up and can typically justify implementing a cash logistics solution like a cash recycler or smart safe from a company like Cash Connect. Smart safes enable businesses to deposit money directly into a secure safe that automatically calculates the amount of money deposited, removing human error from the equation. The money deposited is then available in the business’ bank account the next day, without having to visit a bank in person. Our stats show that restaurants are the top adopters of smart safes since it saves them time, money, and significantly lowers their personnel risk while providing daily cash flow.
Drawer Drop Off: If you or one of your employees will be physically taking cash from your business to a local bank branch, you must consider the associated risks, especially if they follow a routine for this process. A full-service partner will not only ensure you have the appropriate amount of cash on hand based on current activity – including factoring in high-cash holidays – but can safely handle transport without risk of harm to your employees or cash loss.
Cash Reporting and Reconcilement: With the added excitement and hustle of a busy day, you may experience a higher volume of reconcilement challenges. Leveraging cash automation technology with reporting features can provide critical business intelligence, especially when managing and monitoring cash flow across several locations. This frees up more time for your employees to assist customers and minimizes the opportunity for error.
As many establishments are still working to rebuild after the pandemic, events that draw in crowds can be an exciting time for restaurants and bars as they look to rebuild their financial foundations. Exploring the option of a third-party organization that can manage these cash-heavy days—everything from in-store cash management to up-to-date cash flow—allows you to not only save time, but it ensures your cash is safe, secure, and available. Now is an optimal time to rethink your cash logistics solutions and consider whether an all-in-one partner could help you better compete in the market or if there are à la carte options that could solve the individual challenges you’re facing.
About the Author – Gabrielle Widenor Gabrielle Widenor is the Business Development Executive for Cash Connect, a division of WSFS Bank. She is responsible for the growth of several product lines and channel partner relationships nationally. Prior to joining WSFS in 2015, Gabrielle held various leadership roles and cultivated invaluable sales and marketing experience over the course of 10+ years. She is a graduate of Tufts University and School of the Museum of Fine Arts Boston.