Taking up loans may sound daunting for some business owners. "Borrowing money" is usually connotative with high-interest rates or they will be in debt. Truth is, loans could be the source of opportunity for growth. Flexible access to cash with longer period of repayment can definitely help businesses grow.
In this video, owners of Enjoy Eating House & Bar, Joel, and James, share how cash flow is crucial to run the daily operations of a business. By having an option to extend the usual credit terms that suppliers normally give, they can use part of this credit term for marketing purposes and bring in more customers.
Enjoy Eating House and Bar, founded in January 2019, was first inspired by the chef's personal experience growing up in Singapore. He aims to keep the traditional way of cooking local food alive by using real ingredients and not taking any shortcuts when it comes to food preparation. Some of the recipes have been passed down in the family for generations.
The flavors to the foods are very old school and taste towards more of the older days where fewer shortcuts were used. All the ingredients used are fresh and food is made from scratch upon order. Without compromising the quality of food, Enjoy Eating House and Bar also try to maximize human interaction by being comfortable and friendly when serving the customers.
"The idea of them (customers) coming to this place is to feel comfortable like going to a friend's place, to someone's home. The food itself is something homey and familiar". - Joel, Chef & Owner
With their home-cooking style, it is also very cozy. Somewhere friends and family can enjoy good food, good drinks. That is why it is called the Enjoy Eating House and Bar.
For small businesses, especially FnB businesses, cash flow is very important. One of the challenges is the high cost of running many things: manpower, ingredients, rental. As a lot of costs are involved, the cash flow is very important to keep your business running.
"One of the reasons why Enjoy Eating House and Bar is open long hours (11a.m. - 1a.m.) is to increase the profitability". - James, Manager & Owner
"Even though it is hard work for everyone, they are willing to do it to keep the business going in the face of high costs and capital input for small FnBs in Singapore," he continued.Having more payment options that provide ways to extend credit terms will definitely help with the cash flow a lot. It will also keep the business running smoothly by preventing any stoppages in certain services or requirements that they may acquire.
"I find it really interesting that we are able to extend credit terms by more than the usual 14 or 30 days that our supplier gave us". - Joel, Chef & Owner
Enjoy Eating House and Bar has been using one of Aspire's services: Pay. They use this service to extend the credit terms that their suppliers gave them. Aspire will pay their suppliers first on their behalf and they will have 60-days interest-free terms to pay Aspire back. Find out more about how you can pay your suppliers today with Aspire Pay here.
"On top of that, we can use part of this credit terms offered by Aspire for big one time purchases such as marketing". - Joel, Chef & Owner
They use part of these credit terms for big-one-time purchases, such as marketing, which have helped boost their sales significantly. Without this credit available, they will need to properly save up before they can actually spend it. Eventually, they might have already missed the opportunity to do the right marketing.
The restaurant is located strategically beside Kam Leng Hotel, accessible from:
We envision a world where business owners have fast and simple access to the funding they need to grow. That’s why we’re on a mission to re-invent banking for SMEs across Southeast Asia.Our current product provides SME and startup owners in Singapore with financial flexibility through a line of credit of up to S$150k. Which, can also be used to make business payments to enjoy 60 days free credit terms.With no monthly fees or obligations to withdraw, you only pay interest on the amount you end up using. Opening an account is free and can be done online here.