Keeping Up With the Questions | Part 2 | Matt Basile | Fidel Gastro

FidelGastroPublished: February 10, 2018
Published: February 10, 2018

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In the essence of keeping content fresh and new Matt has put himself under the gun and publicly asked fans of his channel via Social Media what questions they would like answers to. This is the second video where he is answering questions and it is every bit as enlightening as the last.

Matt starts the video off by discussing the fact that as a business owner he has made some mistakes on his journey to owning and operating a successful company. That is par for the course when it comes to starting a business, but Matt clearly states that he wishes he had someone experienced that could have advised him effectively when he was about to make a questionable business decision. While it would be ideal to have a consultant at your beck and call when starting up any business most businesses don't have the capital to afford a consultant early in the game, Matt was no exception to the rule.

However, Matt had a dream and he intended to see it through. He wrote up a business plan to open a sandwich shop and took it to the bank asking for a business loan to get started. He was rejected because he did not have enough experience, he had after all never run his own business before. Instead of hanging his head low and walking away defeated Matt simply changed his business plan. Matt opted to start doing pop-up food events, then purchased a food truck, which ultimately led to the opening of the restaurant. Around this same time, he was offered a show on the cooking network, which you may know as "Rebel Without a Kitchen". The show was enough of a success that is was recently picked up by Netflix. After the restaurant opened he released several cookbooks and grew a massive catering empire using all the resources at his disposal. He managed to accomplish all of this in just 7 years.

Now that you know a little more about Matt and how he made his dream a reality let's get to some questions. Ashley asks Matt "How do you keep track of everything when you have multiple businesses?". To clarify here Matt has one main business with multiple different functions. He says they use a variety of methods to keep everything organized. The first one being to have regular meetings where everyone gets in sync. The second one being the use of systems to track inventory, make new orders, manage employee data, send invoices for accounts payable and receive payments. The third thing that Matt does on a regular basis is essentially an audit of the first two items. It's called accountability and essentially boils down to making sure your meetings are running smoothly, everyone is participating, people are sharing ideas, and so on. In addition to that he's triple checking inventory, invoicing, employee statistics, and more. Just remember that it is vitally important to keep an eye on every aspect of your business.

The second question comes from Amanda and she asks "How do you manage cash flow in your small business?" Matt grimaces and says that this will be the hardest thing you have to do. The core of this process is managing funds coming in and funds going out, which sounds simple enough but due to the large volume of transactions a business like a restaurant does it can become overwhelming in no time at all. Years ago people had no choice but to manage all this using archaic paper archiving and a dedicated accountant slaving away in a corner office. These days this can all be seamlessly handled using the advanced technology we have at our disposal. Matt relies heavily on INTERAC e-Transfer to handle transactions like paying the rent and sending money to his staff when he's out of town. He also uses it for accounts payable. A cheque can take anywhere from five to ten days to clear. . When Matt gets paid via INTERAC e-Transfer he gets the funds instantly. With the new Request Money feature he also has the ability to attach an invoice to a request for funds which completely streamlines the process of getting paid. In addition to the convenience of having your funds available instantly your book keeper will be able to go to and see all the transactions that have happened, further streamlining the overall process of managing cash flow.

There are many more questions asked in the video that reveal even more nuggets of wisdom from Matt based on his experience as a business owner so be sure to tune in to the whole video so you don't miss out on anything.

As always thank you for watching. For even more fantastic recipes, cocktail concoctions, and fresh new content be sure to subscribe to the Fidel Gastro YouTube channel.

https://www.youtube.com/channel/UCJbzMICK2BG787K-cH8QFpQ

This post is sponsored by INTERAC as part of the #UpstairsAmy program. In exchange for this post, I have received perks in the form of products and/or compensation. All opinions are my own.

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