Business
Amfil Technologies Inc., Announces The Company’s Strategy to Successfully Navigate Through The COVID-19 Pandemic Ensuring Strong Cashflow and Finances While Maintaining High Service Standards
Amfil Technologies Inc., Announces The Company’s Strategy to Successfully Navigate Through The COVID-19 Pandemic Ensuring Strong Cashflow and Finances While Maintaining High Service Standards.
About this update from Amfil Technologies Inc.
[{"type":"text","content":"Amfil Technologies Inc., (OTC: FUNN), is pleased to provide investors with an overview of some of the initiatives and strategies implemented that began in 2019, and have continued through the COVID-19 pandemic, to improve the Company’s cashflow and to ensure success without sacrificing service.This strategy consists of 3 fundamental core values:SAVING – Retaining capital and reducing expenses SIMPLIFICATION – Simplifying processes, procedures, leaner staffing and operations, etc.SERVICE – Focusing on our primary source of revenue: our guests.To remain concise, we will focus and expand on these 3 specific areas below and will provide further details and discuss additional initiatives in an upcoming release.SAVING – Reducing expenses and increasing cashflowWages have been the area with the clearest reduction in $ costs (Total savings year over year from 2018 to 2019 of $1,137,900.33)$ CAD20182019% of savingsANNEX789,151.63571,362.3527.60%COLLEGE1,121,074.11833,001.4025.70%MIDTOWN848,816.34524,168.2338.25%The largest effort was undertaken at the venue level, specifically in the following areas:Removing position of supervisor ($15 per hour)General Managers on salary (instead of hourly wage)Changed pay scale of all ‘tipped staff’ to minimum ‘Server’ wage and provided better split of the tip money.Expanded sections in which each server is responsible to reduce the number of servers required (the additional servers previously working also caused congestion in the bar and kitchen passes on Friday and Saturday nights also)Changed rules around minimum staffing numbers present at venues while openMoved management staff offsite for meetings and ‘office hours’ Dedicated additional attention to ‘Midtown’ which is currently the least profitable venue. Cost savings are coming from shortened hours of business. The venue now opens at 4pm instead of 11am.Additionally, the General Managers are now stationed on the floor more often to allow them to cover multiple positions when required.Additional Cost SavingsINC Head Office709,322.91470,568.2633.66%INC Tech125,692.0564,171.3448.95%Savings at Head Office were due to the implementation of a leaner Management team.Tech savings were a result of streamlined processes resulting in much less IT personnel required to achieve a high level of efficiency.INC Warehouse92,471.0285,356.157.69%At the wa...