During peak times, quick service restaurants rival any other type of retail environment in business. Between serving customers, making food, and the hustle and bustle of staff working in small quarters, cash management may not be a priority. In a fast-paced work environment it can be difficult to keep up with the demands of proper cash handling policies and procedures but poor cash handling negatively affects your bottom line.
If your quick service restaurant needs a cash handling pick-me-up, here are 7 tips that will boost your business:
1. Train Staff Effectively
Quick service restaurants are often notorious for high rates of employee turnover that may force a quick hiring and rushed training process for new staff members. Well-trained staff are not only more likely to remain loyal to their workplace, they are also more likely to uphold policies and procedures. Training staff is crucial to the success of any retail business when it comes to proper cash handling, customer service, and maintaining security.
2. Encourage Accuracy
When dealing with busy periods during the day, it can be easy for proper cash handling procedures to slip through the cracks. Staff may be distracted by long lines of customers and ensuring that orders are filled correctly, leaving cash management lower on the priority list. Stressing the importance of accuracy to your staff will ensure that they effectively process cash transactions accepting the right amount of cash and dispensing the correct change to customers.
3. Boost Accountability
High employee turnover rates are often accompanied by low rates of employee accountability. While providing staff with training opportunities will help boost accountability, business owners can also create safeguards to ensure that staff uphold policies. Using cash management technology that requires personal identification numbers to gain access will allow management staff to track transactions by employee.
4. Lower Risk of Theft
Quick service restaurants process a high volume of cash transactions throughout the day and frequently have large amounts of small cash denominations on-site. Storing high volumes of cash on-site leaves you vulnerable to losses. If your cash drawers and safes are overflowing, you risk losing cash. It’s important to prioritize the safety of your staff, customers, and your business by reducing the likelihood of losses.
5. Save Time (And Money!)
There’s not a moment to spare in a quick service restaurant! Keeping up with the demands of proper cash handling is made more efficient by investing in automation like coin and cash sorters. They accurately and efficiently count and sort your cash allowing you to quickly complete your cash balancing tasks. This saves time for your staff and reduces your overall labour costs.
6. Create Policies and Procedures
Policies and procedures are the backbone of implementing a new cash management system. Not only do they detail best practices and the proper way to complete tasks, they also act as a reference for staff and are there to consult should any discrepancies arise. Make sure that your policies and procedures are kept up to date and that your staff are informed of any changes that occur.
7. Secure your Cash
You can take precautions and enhance your security by investing in automated cash management solutions that restrict access to your cash to authorized staff members. Making the investment in a smart safe will provide your business with secure storage, protection against counterfeit fraud, and accurate cash totals. Updating how your business works with cash will boost security and create opportunities for growth of profitability within your business.
