Between 2020 and 2021, catering grew by 16% and was expected to grow another 11% in 2022. It’s a lucrative industry, but in the past several years it’s seen even more growth as more people realize its wide variety of applications. Whether it’s for company events, weddings, or family gatherings, catering has the potential to grow into a gold mine.
However, many catering companies have few employees, which means they have to maximize the productivity of each team member. One of the best ways to do this is to take advantage of technology, especially financial technology (fintech).
Let’s take a look at how the right fintech solutions can help you as a catering owner operate more efficiently, maximize profitability, and serve more customers.
Access to financing
As you build and grow your business, it’s important to make good business investments that help you serve more customers and hire more team members.
However, to make those investments, you need financing, and that can be hard to obtain from traditional banks. Fortunately, fintech companies can help. Whether you look at PayPal loans or funding from a business like Fundbox, fintech companies can help you access a small business loan in as little as a few minutes.
Of course, it’s important to do the same due diligence you’d do for any other loan. Ensure that you understand the interest rate and repayment terms and have a clear plan for how you will use the money.
Streamline your accounting
Fintech solutions are often very user-friendly for business owners, including easy-to-use accounting software. Having simple accounting software can make it much easier to keep track of revenue, expenses, payroll, and quarterly reporting.
Using accounting software allows you to improve business processes surrounding your finances. When you improve business processes, you can reduce boring, repetitive tasks, save money, better utilize your employees, and grow your business more quickly.
There are a variety of accounting software options, and the one that’s right for your business will depend on your accounting methods, the size of your team, and the complexity of your operations. For example, most catering businesses need to track both goods (like food) and services (the events themselves), so you’ll need an accounting system robust enough to support that.
Accept payments on-the-go
If there’s one thing that’s true about caterers, it’s that you’re always on the move. That means you need an easy way to accept payments no matter where you are.
Fortunately, card readers and mobile payment systems are affordable and easy to use. With a card reader, you can take debit or credit card payments quickly, and the transaction links to an app on your phone. This improves the customer experience and makes things easier for your team as well.
Mobile payments allow you to take payments from digital wallets like Apple Pay or Google Pay. This is simple and secure and makes payment seamless no matter where you are.
Taking payments on the go using a card or mobile wallet is secure, so your customers can pay with confidence. It’s important to use a payment system that integrates with your accounting software, so keep that in mind when choosing which fintech solution to use.
Embrace fintech as your company grows
Fintech is constantly changing in ways that can help your business— from the security of blockchain technology to the convenience of new fintech apps and software. It’s important to keep your eyes on this important industry as your company grows. Some experts even believe that fintech may evolve and incorporate other technological advancements like blockchain that can further drive down any hidden fees that are commonly associated with fintech.
Using a lot of technology doesn’t mean your business is impersonal—quite the opposite. The right technology complements a personal approach by improving customer service and is an important part of building loyalty to your brand.
As your business grows, you’ll find that fintech solutions help you streamline operations, save money, and grow more effectively!
