When finance and a love of good food combine
Tim Brosnan has a knack for taking a struggling restaurant and turning it into a dining hot spot.
The Melbourne-based restaurateur and owner of Hawthorn establishment Once a Tailor, said he and his team, who come from a retail and accounting background, buy up restaurants on the decline and convert them into profitable establishments.
“Once a Tailor has been going for three years and we stepped in on the 30th June this year and put a new management team in place to turn it around from decline,” he said.
“Within twelve weeks of takeover we fixed the cracks and mended the place into a money-making establishment which is turning a profit each month.”
The accountant has other eateries up his sleeve including Tally Ho Fishermans Wharf in Mt Waverley where he’s taken the same remedy approach.
His advice on making his businesses financially viable is consolidating orders and building successful, long-lasting relationships with local suppliers.
“It’s allowed us to streamline costs and focus on sourcing the best quality ingredients to build a loyal customer base.”
He said he also uses Bartercard in each of his venues to conserve cash flow, attract new customers and grow profits.
Bartercard is a business market place where members exchange goods and services without the use of cash, instead using a digital currency.
“Each time we spend the digital currency on wine, cleaning products, advertising, refurbishments or graphic design, we keep cash in the bank or spend it in another area of growing the business,” he said. “But Bartercard raises revenue on a cash level too. Customers will specifically come to our establishment to spend the digital currency, and they usually bring cash-paying customers with them. We then focus on providing the best service to bring those customers back.”
Since joining Bartercard five months ago, Tim said he’s earned $46,000 in the digital currency and saved $36,000 by spending his trade dollars on business purchases instead of cash.
He said another tip is a creative menu concept that will drive traffic through social media, and taking a simplistic stance in the market.
“Clearly labelling who you are and what you do will let customers categorise you and presents your business definitively to the market,” he said.
Once a Tailor serves simplistic-style Italian and is located at 727 Glenferrie Road, Hawthorn.
Contact Bartercard today at: bartercard.com.au or 1300 BARTER (1300 227 837) to find out how you can grow profits and attract new customers.
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17th December 2015
