The trend of abrupt restaurant closings in Charlotte hasn’t received enough attention until just recently, causing Charlotteans to question the reasons behind it.
In addition to countless other businesses, Babalu, Rock Bottom, and Hi-Tide were notable on an exhaustive list that struggled to remain open. Peculiar Rabbit remains up for sale, and entrepreneurs cite an “exhausting industry” as the main cause of closure.
In the midst of industry expert talk, owners have said financial issues and rising costs are a large portion of the problem creating the exhaustion. Among the massive growth in the city of breweries and restaurants alike, the lack of financial knowledge has climbed to the forefront of business leaders’ minds.

When a business lacks the power to take charge of their finances, issues arise that amount to a snowball effect of lingering problems. Inability to pay workers, rent, and lack of resources to aid owners in their efforts to reconcile books consistently are major contributors. Monthly reconciliations, transaction maintenance for company activity categorization, and generation of monthly financial statements provide solutions to business owners if sought out from consulting firms in the city that can provide relief other than within the business itself. Outsourcing financial bookkeeping and accounting matters has been proven to keep businesses alive longer to cultivate the Queen City and abroad for culture, including breweries, restaurants, and small startups alike.

Financial knowledge brings us together. Happy Friday, QC.