When It Comes to Restaurant Tips, the IRS Means Business

irs tip reporting rules

 

Important Changes to Tip Reporting

Anyone who works as a server in a restaurant is aware that tips are considered income and are required to be reported as such when income taxes are filed at the beginning of each year. This is not just limited to restaurant employees, however, as anyone who receives tips, including taxi drivers, hairdressers or other service personnel, must report tip income to the Internal Revenue Service.… Read more

Restaurant Owner’s Guide to Planning for the EMV Credit Card Shift

emv chip and pin cards
by explainthatstuff

Soon, All Merchants Will Accept Chip and PIN Credit Cards, or Else

Effective October 2015, all merchants who accept payment by credit card will face a change in how cards are processed. Europay International (EMV) is currently the standard in other countries, with the United States being the last major country to adopt the standard. Those who don’t adopt the technology could face liability for fraudulent charges when accepting payment from non EMV cards.… Read more

What to Do Before Accepting Mobile Payments at Your Business

accepting mobile payments safely
Image by Joey Bones

Protect Your Business By Implementing the Right Security Measures

Mobile payments are becoming more common and convenient for small-business owners, but some security steps are needed before adding this technology as a payment option. According to current research, taking too few prevention measures is a common problem among small-scale entrepreneurs adopting mobile payment systems. The cost to your finances and your customers’ personal information can be catastrophic, so be sure to familiarize yourself with the recommended security measures for this type of payment processing.… Read more

Some Mistakes Are Unforgivable

target struggles

Target Struggles despite Commendable Efforts

You’ve probably all heard about the incident during the holiday shopping season in which Target and millions of their customers became victims of a huge cyber security breach. If you are a Target shopper, it’s likely that you felt some concern upon hearing this information. Many of folks across the country had similar fears. To their credit, the company rushed to make a public statement holding themselves accountable and ensuring customers they planned to rectify the situation.… Read more

Only the Best and Worst Customer Service Gets Attention

customer service small business

Get attention by impressing your customers with your service.

As in all of life, only the best and the worst get attention. The 2013 holiday season certainly had its best and worst and they garnered the lion’s share of attention from the media. Not every business will make headlines, but the local chatter is just as important. Make sure the type of attention you’re company gets is the good kind.… Read more

Make the Most of 2014 with These Small Business Goals

small business goals

Goals and resolutions for business owners.

Millions of people across the United States make New Year’s resolutions at the end of every year. Whether their goal is to lose weight, save more money or get a better job, improving themselves is number one on their to-do list.

Similar to individuals, small businesses are resolving to improve their financial positions in 2014. If you’re a small-business owner looking to improve upon 2013, these small business goals will help get you on the path to success:

Increase Efficiency and Productivity

Whether you’re self-employed or have a staff of 50 individuals, increasing efficiency and productivity will be essential to success in 2014.… Read more

Tough Love for Your Business

employee reviewsb

 

Cleaning House Should Include Underperforming Employees

One of your greatest assets is your employees. They are the ones who work diligently to ensure your business is successful day after day, and often perform job duties that may not be suitable for you as the owner.

While you may love your employees almost as much as you love your own family, parting ways with those that underperform should be a normal part of your routine.… Read more

Is Buying the Competition’s Customers a Good Idea

 

AT&T has an interesting new strategy. They’ve decided to buy T-Mobile customers if they can’t convince them to switch any other way.

Although there has always been a soap opera behind every dollar a consumer spends, the recent move by AT&T to actually buy the business of T-Mobile customers seems a bit well… dramatic. Will consumers see this is a good deal or a bribe?… Read more

Rethinking Your Restaurant — Finding Other Ways to Profit

new profit centers for restaurants

When business is slow, smart restaurant owners find other ways to increase sales.

Owning a restaurant is one of the hardest jobs in existence. When restaurants are new or still small, owners and their families usually have to keep labor costs down by working for many hours a week, often at no or little pay.

It seems counterintuitive to ask the owner to take on even more effort, but by expanding your line of products and services, you might find other profit centers that can expand your brand beyond the food on your menu.… Read more

Don’t Be Afraid to Raise Prices — Just Do It the Right Way

raising prices retail

Perceived value is the key to getting the most for your products.

As a small business owner in today’s challenging economy, raising your rates is something that you’ll most likely need to consider at some point in the near future. On the one hand, you need to increase prices to keep up with inflation and other rising expenses. On the other hand, you don’t want to lose new business to your competitors or make loyal customers angry by asking them to pay more for the same products and services.… Read more