The current global economic situation we find ourselves in is impacting many businesses and individuals around the world. Supply chain disruptions and reduction in many people’s disposable income means that your business is likely struggling with some kind of cash flow challenge at the moment. Cash flow is the lifeblood of any business. In order…
A company is required to list the details of sales, purchases output VAT, and input VAT paid over the past quarter or month as the case may be. The output VAT is the amount of tax collected on the company’s sales, and the input VAT is the amount paid to the supplier towards purchases and…
If you are a people person drawn to the hospitality industry, owning your own restaurant is likely an appealing prospect. Going out for a good meal in a pleasant environment never goes out of fashion, and a well run restaurant can be a lucrative investment. Running a restaurant can however be physically and mentally demanding…
Like for every other business, as a restaurant owner in Dubai, there might come a day when your circumstances could change so much so that you decide to sell up. You may have discovered that running a restaurant is not for you after all and decide to cash out some profits. Or, having made a…
As a restaurant owner, keeping your customers happy and getting them to come back is one of your top priorities. This is done by offering a product with consistent quality. But if your kitchen is often out of ingredients, having to make substitutions or scratching items from the menu, chances are you don’t have a…
When discussing the financial strategy of your company, you’ve probably heard the terms Planning, Budgeting and Forecasting. You may even have heard them used interchangeably. While the three terms are indeed linked and all concern building a financial road-map for your business, they are not quite the same. Let’s take a look at what these…
It’s tough running a busy restaurant and ensuring it is financially healthy at the same time. The two don’t necessarily complement each other in the seesaw industry, and sometimes they even conflict. Ultimately, it’s the numbers in the books, rather than the number of people through the door, that will signal your Dubai restaurant’s success…
As small businesses that are built on skill at what they do, a lot of restaurants don’t even think of hiring a part-time Chief Financial Officer (CFO). Just say the word “CFO” and many such business owners will go to great lengths explaining why they don’t need one. Have you noticed how restaurant businesses seem…