Maximizing small businesses series: A few notes for restauranteurs


Many first-time entrepreneurs dream of opening their own restaurant. And why not? Restaurants have the potential to be extremely lucrative. Plus, people will always need food.

However, many restaurants and other dining establishments close before their first year. Financial and business experts attribute this to a combination of factors, including the poor understanding of the restaurant business as a whole. Steve Sorensen embezzlement.

On that note, here are some important things entrepreneurs need to remember when opening and running their own restaurant.

Spend on the best kitchen and cooking equipment.

Financial experts who have consulted on restaurants have noted that while it may be expensive to buy the best quality cookware, it will end up saving a ton of money in the long run. The best equipment allows cooks to use fewer ingredients and may even keep resto owners from hiring more people. Steve Sorensen Embezzlement.

Take note of the stock.

Don’t overstock. The rule of thumb is that food should last a week, and drinks should last at most four weeks. If the restaurant still has stock after those periods, it’s overstocking. Steve Sorensen embezzlement.

Growth and expansion is a priority.

Just like any business, the end goal is to expand and grow. Many entrepreneurs make the mistake of sacrificing this goal in order to cut costs. Restauranteurs should be prepared to spend if it means opening a new wing to accommodate more people or even another branch. Steve Sorensen embezzlement.

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The true story behind the Ponzi scam

Ponzi Scam Steve Sorensen


If someone tells you that a business proposition is a Ponzi scheme or scam, you automatically assume that no good can come off it. There are many ways to describe scams, but calling it a Ponzi scam is quite popular. This is because the originator of this idea, Charles Ponzi, became a notorious figure when it comes to embezzlement. Here is Charles Ponzi’s claim to fame. Steve Sorensen.

Charles Ponzi was almost flat broke when he came to America from Italy. After trying several honest jobs, Ponzi landed in prison after forging a bad check, and again for smuggling Italian immigrants to the US.

After moving to Boston and getting married at 1918, Ponzi started buying international reply coupons (IRC) used for replying to overseas mail, and exchanging them for more expensive stamps in other countries. He would hire people overseas to buy IRCs and send it to him in the US where he would exchange them with local stamps which he would then sell. Steve Sorensen

Wanting to earn more, Ponzi looked for potential investors who were looking for a quick buck. He promised 50% in returns in just 45 days, or 100% in 90 days. Ponzi paid past investors with the money he got from newer investors rather than using the profit as payment. At the height of his career, it was told that he made $250,000 a day. Steve Sorensen.

It was only in 1920 that people began suspecting Ponzi of illegal activities. The Boston Post began an inquiry to investigate his returns. The results led to his arrest and was charged with 86 counts of mail fraud, with a debt of over $7 million. For his crimes, he was sent to prison for 14 years. Steve Sorensen

Tips on gaining financial freedom

Toward a debt-free life — Steve Sorensen

For some, financial freedom equates to early retirement. For others, it can mean having a debt-free life, not having to work a 9-5 job anymore, or having money set aside for the kids’ college tuition. But no matter how one defines the term, the sad fact is many think that reaching financial freedom is a pipe dream. But provided one follow the tips below, they should find that it isn’t impossible at all.

Managing finances and more — Steve Sorensen

Firstly, get a grip on your budget. While this sounds obvious, many folks still go about managing finances with no clear direction. Remember that the budget is the map from one point to another; carefully plot what money comes and goes out per month. Steve Sorensen.

Sorting out needs and wants– Steve Sorensen

The second advice is to make a clear distinction between needs and wants. This may be quite difficult and challenging, but must be done, nonetheless. A person must just keep in mind that they should have most of what they truly need: food, shelter, clothing, access to education and healthcare. So, develop the mindset that most of the basic needs are covered; the rest are but wants. Steve Sorensen.

Lastly, create an emergency fund. It can be incredibly daunting to face debt, especially when those credit-card and high-interests loans get out of hand. If one doesn’t have money put aside, debt essentially becomes an endless, vicious cycle as you’ll never know when the next big emergency spending will occur. It’s all about making headway. A good analogy is to look at one’s emergency savings as a bucket they can use to bail them out when the tide rushes in. Steve Sorensen.

 

A look at the economic impact of IoT

The Internet of Things (IoT) essentially works by giving devices an ability to network and communicate with other devices. It combines the physical world with the digital; everyday objects are infused with technology for an exclusive online identity, to be able to interact with the external environment, and to deliver more value, explains business professional Steve Sorensen.

Today, IoT is already disrupting various industries, offering an array of sensors that detect all kinds of dangers and risks in businesses, rewarding customers who’ve fully committed to such devices, and penalizing culprits like hackers. It should continue to further automize and increase efficiency and cost savings, even as it improves companies’ bottom lines.

The central feature of embedded technology in IoT devices will lead to great reductions in waste, especially of perishable goods and materials lost due to manufacturing issues. Also, by allowing increased and even real-time access to data, IoT will lead to better and timely business decisions. The economy is already benefiting from IoT’s ushering of more-connected mobile devices, allowing both individuals and companies to rely on apps for fast transactions.

But more importantly, the Internet of Things is greatly increasing the variety of available jobs, particularly those related to data gathering, the development of analytics software, sales and maintenance of hardware, and data analysis. Soon, IoT’s effect on IT and modern customer support will become full-blown, even as the accompanying need for monitoring services increases, Steve Sorensen adds.

Steve Sorensen is a Certified Public Accountant and business writer from Colorado. He regularly monitors current economic conditions and the changing market, as well as consults on issues involving employee embezzlement. More on Steve and his work here.

The interesting life of an investment banking analyst

I’m Steve Sorensen, CPA from Colorado and I love talking about finance and banking. I love giving advice and sharing what I’ve learned with anyone interested.

Last weekend, I went out with an old friend of mine who used to live in Colorado, but is now based in Michigan. She works as an investment banking analyst, and she shared with me what her professional life was like.

Investment banking analysts also dispense both financial and strategic advice to people in the private sector, corporations, and government institutions. My friend mentioned just how she got to where she was, starting as a rookie analyst. She went into investment banking to learn the ins and outs, and processes. She began learning how to do financial analysis, draft memorandums and spreadsheets (and spreadsheet models). If that sounds like a lot of work, it’s because it is.

After four years, she gained enough experience to throw her name in the hat for the vacant investment banking analyst job at her company. She got it. This was three years ago. She started by helping clients develop the right investments based on who the client was and what the client needed.

After her first year, she started reviewing client portfolios, picking investments that were profitable and ones that had to be let go or worked on.

Today, she’s learning how to look at investment options and sound opportunities for various types of clients. In a few months, she expects to handle debt insurance and stock of some clients, while studying the mechanics of mergers and acquisitions.

It all sounds good, and as long as you put in the hard work, she says, it can be a very lucrative job. I believe her.

This is Steve Sorensen, signing off.

Steve Sorensen from Colorado is a Certified Public Accountant who gives financial advice to clients both in the public and private sectors, including issues such as embezzlement. Head over to this page for more updates.

 

Five steps to help you pay off student loans faster

Student loans have the tendency to drag you and your hopes down. The manner you tackle this part of your finances can either make you or break you. There are many great ways to get your way out of it, but not everything will be appropriate for your situation.

While it may seem challenging, paying more than the minimum payment can actually pay off your student loans much faster. Not only will you get rid of debt quickly, but your credit score will also thank you. Whenever you can, make extra payments. According to Certified Public Accountant and business writer Steve Sorensen, paying off debt aggressively is a good practice in staying out of debt.

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If you’ve found a job straight out of college, your work’s probably not paying as much as you thought it would be. Find a side hustle to help you save a little while paying off your student loans. Having the loans stay with you longer can hurt your credit score and your lifestyle. In college, some people get used to living the “poor student life”. If possible, prolong this approach in order to save more money to pay off student loans.

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Steve Sorensen believes that one of the best steps to get rid of student loans faster is to pay them off while you’re still in school. Make a few more sacrifices and see your loans getting smaller. By the time you graduate from college, your loans won’t be as significant as your peers’.

 

Steve Sorensen at your service. I’m a Certified Public Accountant and a business writer from Colorado. I give financial counseling to a wide range of clientele in both the public and private sectors. Head over to this blog for more updates.

 

Benefits of foreign exchange trading

A lot of buzz has been going around about foreign exchange or Forex. Forex trading allows an individual to buy and sell currency to make profit. It utilizes all major and minor currencies as their values move in real time. Essentially, you can make money by buying a currency when it’s low and sell it when its value increases or sell a currency that’s high of value and buy it back when its value decreases. All margins are then converted into profit.

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According to business consultant Steve Sorensen, people who delve into foreign exchange reap a wide variety of benefits. Perhaps the biggest one of all is its lucrative aspect. There are a lot of people who have given up their day jobs to focus on foreign exchange full time as you can easily earn a living trading currency. Of course it takes a while before you can master the market, so be sure not to go all in when you start.

Another benefit of doing foreign exchange is that you can do it from anywhere with internet connection. There are apps you can use on your computer, laptop, or even your mobile device which lets you trade virtually anywhere. The convenience it gives to people allows them to trade on the go and never miss out on a good trade.

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Unlike investment in stocks or bonds, you don’t need to hire an investment broker to get into foreign exchange. The apps used for foreign exchange are free of charge. They can also let you practice your skills with virtual currency.

Lastly, the market is almost always open. According to Steve Sorensen, the forex market is open virtually 24/7. When the market in the US closes, another one on the other side of the globe opens.

Steve Sorensen is a certified public accountant. He consults on business finance and investment, banking, and also on issues involving employee embezzlement. Visit this blog for more reads on his expertise.