The craft brewery industry has been booming over the last few years, and not just in Canada. Craft breweries have turned into something of a global phenomenon.
Just because they’re popular, however, doesn’t mean they’re always profitable. You probably understand that better than anyone. Most brewers operate with slim margins. Rising labour costs across Canada have likely been pushing your bottom line. The search for efficiencies and costsavings continues.
One of the areas you should be looking at is better cash management for your craft brewery. New technologies like coin and bank note recyclers can help you not only curb costs but boost your profits too.
How Do Coin and Bank Note Recyclers Work?
A coin and bank note recycler is a cash management technology designed to assist with handling cash from end to end. These machines are often installed at the point of service, where they do everything from count cash to dispense change.
As your employees conduct transactions, they’ll add cash to the recycler. The machine automatically counts it, sorts it, and ads it to a running tally. The cash is then made available for creating change during the next transaction.
The benefits of a cash recycler include lower cash handling costs, improved employee productivity, and a better audit trail for cash transactions.
With this in mind, how can this machine boost your profits?
Manage Cash More Efficiently
The first thing coin and bank note recyclers do for your brewery business is help you manage cash more efficiently. Preparing floats is easier when a recycler is employed, and there’s no need for cashiers to spend time tallying the till at the end of their shifts.
In fact, the machine does the counting for you. Preparing audits, bank deposits, and more is easier when the machine is in use. It reduces the number of times per day your employees need to handle cash and improves their accuracy.
This lowers the associated costs of cash within the business, which can add to your bottom line.
Improving Employee Efficiency
With rising labour costs across the country, craft brewery owners have been looking for ways to curb their overhead costs. Improving employee efficiency is one sure-fire way to help.
Using coin and bank note recyclers can be part of this solution. As mentioned, the recycler reduces the number of times an employee needs to handle cash during any given shift. Instead of spending time preparing floats or counting tills, your employees can spend their time taking care of more productive tasks.
If you have a gift shop, this might mean unpacking new products or tidying shelves. In a busy restaurant, it might mean your employees can serve more tables. You could reduce overlap between shifts, saving the business money.
How Does This Increase Profits?
You can see how using the coin and bank note recycler in your business lowers labour costs and the costs of cash. Saving money on costs can most certainly help you improve your bottom line.
Can you actually increase profits by adopting cash management technology though? The answer is a most definite yes.
The more productive your employees are, the more likely your revenue is to rise. If your employees can serve more customers or spend more of their time delivering better customer service, revenue will go up. Even small tasks like tidying up or being more efficient at finishing transactions can add up in a big way.
A recycler could help you increase profits for your craft brewery in a few different ways. If you want to find out more about what this technology and other cash management solutions can do for you, talk to a provider today. A provider’s expertise can help you find the right solution for your business.
