WE MEAN BUSINESS
According to a recent NAB Moments that Matter report, only 32% of Australia’s SME’s ranked high profits as a measure of success.
Surprisingly, this was well behind other priorities such as financial management (58%), positive word of mouth (56%), productive staff (49%) and happy staff (45%). Only 11% ranked large turnover as a measure of success.
As a small business, you cannot afford to be merely just as good as the guy down the street. You have to be better. All other things being equal, the point of differentiation is how well you understand the ‘business of the business’ – how it works, and how it can help you adapt to changing conditions and opportunities as they present themselves.
You should know the financial fundamentals that drive your business, and what your biggest areas of both profit and cost are. At any moment in time, understanding your business is key to making adjustments that help move the needle in a positive direction.
If you don’t know how to get started with operational measurements, you’ve come to the right place. We have mined the brains of some serious business advisors to help you get a better handle on the business of being a barista.
*We do not provide or claim to provide legal, financial, taxation or business advice. Users should seek appropriate independent professional advice prior to relying on, or entering into any commitment based on any material on this site.
What are Café and Barista Insurance?
Café and Barista Insurance is specialist business insurance curated to address the risk exposure of businesses and individuals operating within this sector.
Cafe and Barista Insurance can help you and your business survive the unexpected, with minimum losses.
BaristasForBaristas asked Phil Scorer from Scorer Insurance Group for a heads up.
What are the Specific Risks that Cafes and Baristas are exposed to?
Café owners and baristas face a significant amount of risk during their day-to-day operations. These risks are often unpredictable and unavoidable, but can have serious consequences for the individual and the business when they do occur. We understand that while every café is different, all are exposed to certain risks, for example:
• A waiter or barista at a busy cafe spills a drink and forgets to clean it up. As a result, a customer slips on the wet floor and suffers a serious injury. Public Liability insurance may cover the subsequent costs incurred by the café.
• Thieves break and enter into a cafe, taking stock, equipment and money from the safe. With an appropriate café insurance policy, the costs incurred by the business as a result may be covered.
• A city café faces legal action after several customers contract severe food poisoning from food served there. With appropriate business insurance in place, the cafe may be covered for legal costs and any resulting compensation payment.
• A water pipe bursts and causes a flood in a café, damaging furniture, fixtures and fittings. The café may be covered for the costs associated with repairing or replacing damaged property with their business insurance policy.
What Are the Key Things That May Be Covered By a Cafe and Barista Insurance Policy?
You need a Café and Barista Insurance policy that addresses the specifics of you and your organisation so that you are adequately protected against physical damage to your premises and equipment as well as being covered against any accidents that may occur when dealing with members of the public.
Scorer Insurance Group can source the most appropriate cover to suit your needs, with access to a range of covers, including:
Business Pack Insurance: Provides a wide range of insurance protection for you and your business that can be tailored to suit you and your company’s specific needs.
Commercial Property Insurance: Protecting your business from property damage as a result of fire, flood, theft and accidental or malicious damage.
Cyber Insurance: Protection for businesses against risks relating to information technology infrastructure and activities. It is a specific insurance policy designed to cover against losses incurred as a result of data destruction, extortion, theft and hacking.
Management Liability Insurance: Management Liability Insurance protects café owners against management claims by employees and government departments for dishonest and/or negligent actions from directors, management team or employees.
Tax Audit Insurance: Covering professional accounting fees that arise from an audit conducted by the Australian Taxation Office (ATO) or any other Australian (Federal, State or Territory) government agency, which has the statutory responsibility to conduct audits in relation to taxation, duties, or levies.
Who Needs Cafe and Barista Insurance?
Baristas and cafes are exposed to certain risks unique to the industry, from public liability risk, to the risk of fire, theft and mismanagement.
Whether you run, or are a barista at a small rural café or a chic city eatery, it’s important that you find a Café and Barista Insurance policy that fully protects you and your business.
Scorer Insurance Group specialises in sourcing the right cover for you and your establishment, whatever your set up.
Contact Us Today on 1300 729 199
Scorer Insurance Group (AFSL: 344 648) is an Authorised Representative of PSC Connect, which are an integral part of the PSC Insurance Group: one of the largest privately owned insurance brokers in Australia. The PSC Insurance Group has over 300 staff with experience across a broad range of insurance risk products and industries. The Group manages over $350m in premium on behalf of 50,000 plus clients and takes this responsibility very seriously.
So you’ve chosen a career in coffee – one of the top 10 fastest growing occupations in the country. Australia’s obsession with the perfect barista coffee means café life is now a seriously good career choice with room to advance, strong long-term prospects and decent money to be earned.
But let’s get one thing straight; the industry doesn’t exactly have the best reputation when it comes to personal financial planning.
It’s time to get real, your future is hospitality and it’s a great future. Now’s the time to ensure you put plans in place to build, manage and protect the wealth you create.
BaristaForBaristas talked to industry leader, Blue Chip Wealth Management about the need for financial planning.
What makes you the experts?
We don’t do one size fits all, we provide strategic wealth creation advice that’s tailored to suit your unique situation and we’re dedicated to changing the way café owners and baristas think about their career, their financial situation and their future success.
When is the best time to start planning ahead?
We can’t stress enough how important it is to start your financial plan early on in your career. It’s called the compounding effect — even a little money, invested regularly can grow into a tidy sum over time as you earn interest upon interest.
Where do you see Baristas or café owners need the most advice?
We find simplifying financial matters and creating solutions that are tailor made is so important. That means we can help you to work through all the things you probably haven’t even thought about yet. Here are some examples:
• Getting the most from your super
• Deciding if a self-managed super fund is an option for you
• Protecting your family with disability, income and life insurance
• Minimising your tax payments
• Making the most of savings
• Investing into your future
• Reducing risk in your business and applying appropriate insurances
• Structuring loans correctly and reducing your debt
• Planning for your business’ future and taking care of your staff
How do you know where to even start the ball rolling?
A great place to start to learn more is to go to Wealthmaker Tips.
You’ll find answers to some of the things you’ve probably never thought of before.
Or arrange an obligation free consultation by calling
Blue Chip on 02 8188 0148 today.
The information provided in this article has been provided as general advice only. We have not considered your financial circumstances, needs or objectives and you should seek the assistance of your Blue Chip Wealth Management Pty Ltd/GPS Wealth Ltd Adviser before you make any decision regarding any products mentioned in this communication.
The thought of engaging a legal firm is as daunting as it is confusing. These guys speak in a language unto themselves so it’s not easy to know whether you are getting the right advice or not.
Typically cafe operators might need to understand and navigate their way through shop leases, employment arrangements, insurance requirements and (possibly) franchise agreements and trademark/logo issues.
David Grinston believes firmly that well-prepared legal documents should speak for themselves.
BaristasForBaristas had a quiet chat with David Grinston, the principal of Grinstons Lawyers.
Is it all mumbo jumbo?
We feel that clients should be able to use such documents without needing to frequently consult their lawyer for explanation or interpretation.
“If you engage Grinstons Lawyers and expect to find a lot of legal ‘mumbo jumbo’ in our documents, you will be pleasantly surprised!” David says.
How do you simplify the process?
Grinstons has developed a range of documents that we can customise to suit our clients’ needs, in a variety of business contexts. Our clients benefit from the time and effort we have invested into these documents. This allows Grinstons to offer a competitive and cost-efficient legal service.
Grinstons is a niche law firm with proven expertise in producing clear and concise documents for its clients. For more information go to grinstons.com.au
Espresso coffee is one of the most important parts of a cafe business and can be overshadowed by other cafe products. A well-trained coffee barista can give a cafe strong market share and credibility. If you create awesome-tasting coffees and develop a relationship with your customers, they will come back time-after-time. Better still, they could actually refer your cafe like crazy! This is why it is important to understand not only your coffee, but your café business.
BarsitasForBarsitas did the numbers with David McSweeney, principal coffee bean counter at McSweeney CA
Did you know that a cup of coffee could earn around 300% in profit?
When done correctly, a cup of coffee can be one of the largest revenue earners for a cafe. For example, by increasing your coffee turnover by 50 cups per day at a profit of $2.70 could earn an additional $675 per week … or $35,100 per year!
How can you help cafes to become more successful?
We are not just coffee bean counters! We take a multi-faceted, holistic approach to your financial future. We always look at the bigger picture and look after you. Sure, we’re experts at doing tax returns, but the scope of our expertise encompasses so much more. Whether you’re after business and tax strategy, superannuation and retirement planning, investments, financing, or personal/business risk, we are here to help you.
McSweeney CA – family owned for over 40 years
“Our aim is to make a difference to your life by helping you realise your financial and lifestyle goals.”
If you’re looking for an accounting practice founded on honesty, integrity and professionalism, feel welcome to contact us for a coffee and a chat!
For over sixteen years, Joel Kahan Consulting (JKC) has provided quality Point of Sale (POS) Solutions to hundreds of hospitality venues & retailers across Australia.
Rapid advances in information technology, coupled with the advent of digital tablets and smartphones, has resulted in the transformation of the POS landscape. Server based systems that require dedicated terminals and an extensive investment in hardware & software are now in decline.
JKC now provides a non-cloud-based iPad POS solution, which has the capability to manage hospitality venues of all sizes. Key features include –
• Data & processing is managed on an iPad, with the ability to connect as many additional mobile devices (iPads, iPhones or iPods) as required.
• All connected devices are able to process orders, either at the counter or ‘on the go’ by staff as required.
• Beta Testing is currently in progress, which will enable customers to place orders using their own device.
• An iPad/s may also be used as a Kitchen Display Screen (KDS) to display the preparation dockets, eliminating the need for paper dockets.
• The internal Wi-Fi Network does NOT need to be connected to the internet as the solution is non-cloud based.
• The system’s performance & reliability is not dependent on a solid fast internet connection.
• Should an internet connection be available, the venue may be monitored remotely via any browser. All data is updated to the cloud after each transaction is completed in real time.
This solution is available at a fraction of the cost of traditional POS Systems.
For further information please contact Joel on: 0418 254 689.
You need a good cup of coffee and a clear head to navigate Australia’s workplace relations systems, arguably one of the most complex in the world. The amount of red tape associated with employment relations and work health and safety is enough to make you wonder why you ever bothered to start up your own business in the first place.
BarsitasForBaristas spoke to Cameron Taylor at Employsure, the largest provider of employment regulations and work health and safety services in Australia to get some red tape cutting clarity.
Why isn’t there a ‘one size fits all’ workplace agreement?
Effectively managing employees and establishing compliant workplace structures are some of the most challenging concerns for Australian employers. Workplace relations are a complex, dynamic landscape. Changes to legislation, and the workplace relations’ frameworks can be difficult to interpret, particularly when the requirements can vary greatly amongst differing employees.
What about small business owners, how do they manage?
We believe all Australian employers, no matter their size, deserve access to comprehensive, quality, honest advice and support that is scalable to the needs of their business. Employsure empowers employers, providing them with the knowledge and strategies to ensure fairness and safety in the workplace, something that is fundamental to business success.
What are some of the key services you provide?
Our services are focused on two major aspects within your business: Employment Relations and Work Health and Safety.
We can help you with Annual Leave Entitlements, Dismissal and Termination, Employment Contracts, Fair Work, Maternity and Parental Leave, Redundancy, Wages and Pay and much, much more.
How can Employsure simplify the process?
Employsure was established to take the burden out of navigating complex workplace relations. It is our aim to ensure Australian employers have access to cost-effective, professional advice on all employment relations and work health and safety matters. For more details, a visit to our website can give you the peace of mind to focus on running your business.
For more information see our website: Employsure.com.au
Our Employer advice number is 1300 651 415
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