Don't Get Nickel'd and Dime'd to Death

Whether times are tight, or you're rolling in the dough, it's important to keep an eye on your hard-earned cash. It's just smart business.

Here are some quick tips to encourage proper cash handling.

• Your policy manual should address the specific responsibilities of all cash-handlers. A clear and detailed explanation of your policies and procedures should include a sign-off box for all employees to initial their agreement and understanding.
• Conduct a spontaneous and unscheduled "drawer audit" in which the full drawer is pulled, the register is "x'ed out," and a reconciliation is performed. This works best when done two to three times per month.
• In addition to the register drawer, do you have change banks? Sometimes when drawers are short, change banks are over, and vice versa. Do a check of both cash locations.
• Be fair. As long as more than one person has access to the drawer during a shift, you can not hold an individual, such as your bar manager, directly accountable for overs and shorts.
• The best way to ensure accountability is to have a cash handling seminar. This will help to ensure that your employees are taking all the relevant steps to handle money properly. Cover basics techniques like properly facing bills, calling out bills, and counting back change aloud.
• Once you are sure your employees have the skills to properly handle cash, implement a motivational incentive or contest. Have your employees think of the prize, the contest, and the rules. It can be as simple as keeping track of how long the bar or a register can go without over/shorts. Award a prize to the shift, team, or individual who can go the longest without over/shorts.

Download a six-page Cash Handling Audit from Bill Main & Associates to help you assess your cash handling proficiency.

Bill Main, FMP, FCSI, is a nationally-recognized author, foodservice consultant, and professional speaker. His goal is to help you define who you are, where you want to go, and the best way to get there. Bill Main & Associates (www.billmain.com) offers a wide range of consulting services, resources and tools in the areas of strategic growth, marketing, menu, leadership, training, and management development.