Sunday, March 2, 2014

Business trends

I frequent a nearby doughnut shop on a regular basis. The past few years business has been slow and the mood of the owners has not been all that positive. That's changed lately. The last time I went by, the store was busy and the owners were in a much better mood. Being interested I asked if business was better. The answer was yes and they volunteered the reason. They had started to accept credit and debit cards. They also charged $0.50 for the convenience. As a result, they had increased their daily business by $2-300. They are now making an extra $6,000 or $7000 a month. Hey, that would make me happy. I understand why they wanted to run the business all cash, but if you are leaving over $6000 on the table, you need to change your ways. People want the convenience of using their credit or debit card these days. I wonder what else has changed that businesses are missing and leaving money on the table?

What do you think?