Q1. Could you do a short introduction about yourself and what you do?
My Name is Marc, I am the chef/owner of Arbite, a quaint little bistro own at Serangoon Gardens. I manage all aspects of the business which include operations, marketing, HR and finance.
Q2. What are some of the money saving tips that you live by?
Waste not! In the food business wastage can be a big problem, especially a small one like ours. It is important not to over order inventory, food being perishable must be kept fresh.
But not having enough to sell is also a problem as it can lead to lower sales and customers leaving disappointed.
Q3. Being an entrepreneur, what is the toughest part in managing your finance in your job?
Being in operations sometimes you tend to lose focus in the need to invest in research of new dishes or menus and human development. When having to handle the daily running you tend to be to busy to see these things till it is too late. One is that you might lose opportunity to expand the business as you might have spent the money elsewhere. Or maybe you wanted to expand the business and put all your money on the hardware but missed out on retaining talent and have no capable staff running the business. There need to be a bit of discipline in managing the finances on the different aspects of finances.
Q4. Any tips for the aspiring entrepreneurs out there?
Plan wisely on what you spend on, being the person to make those decisions can be a real challenge. Financing is a big part of the business but it is also not everything. Your core product is, always remember the reason why you started the business in the first place.