A recent survey by Peckwater Brands of senior decision-makers within UK hospitality businesses found that 44% of businesses are operating at a loss, with 53% impacted by rising cost of goods and 50% by higher energy bills. Additionally, 70% feel they will have to increase prices to survive.
To help the hospitality sector address these challenges, attract customers and remain profitable, here are 8 strategies to consider:
1. Menu Engineering:
Menu Engineering is a great way to maximise profitability and customer satisfaction. Reevaluate menu items and eliminate or modify low-margin dishes. Focus on promoting high-margin items or introduce new, profitable menu offerings.
2. Labor Management:
Optimise staff scheduling to meet demand without overstaffing. Cross-train employees to perform multiple roles, reducing the need for additional hires.
3. Embrace Technology:
Improve efficiency and reduce labour costs by embracing new technology solutions. Many hospitality businesses have turned to SymPOS GO to increase table turnaround times without the need for additional staffing.
4. Customer Experience Enhancement:
Win the hearts and wallets of consumers by offering loyalty programs and incentives They don’t just have to be cash rewards - think outside the box.
5. Inventory Management:
Implement effective inventory control systems to minimise waste, avoid overstocking and manage customer satisfaction.
6. Marketing and Promotion:
Send your customers targeted marketing campaigns. Offer special promotions during off-peak hours or days to boost sales. A great way to capture email addresses is by implementing digital receipts.
7. Diversify Revenue Streams:
Explore takeout and delivery options to reach new customers and respond to consumer expectations.
8. Monitor Performance and Adapt:
Utilise EPOS reporting features to track your sales performance effectively, helping you make informed decisions. Once you know your stats, be flexible and quick to adapt to changing customer preferences.
MCR Systems works with hospitality businesses across the UK to help them streamline their operations, reduce stock and reach new customers. To find out more about our solutions and how they’re making a difference in the industry, contact the team at MCR Systems here.