Develop a clear strategy for your hospitality business
21/11/2022
The hospitality business is showing signs of recovery, according to a survey, but it is not going to thrive without a robust business strategy.
Pubs, bars, and restaurants are recording positive sales in Britain’s major cities.
The latest ‘Top Cities’ report, from hospitality research experts CGA by NielsenIQ and connectivity provider Wireless Social, shows combined sales in Britain’s 10 most populous cities in the four weeks to 22 October 2022 were four per cent higher than in the same period in 2019. Seven of the 10 cities recorded growth.
To keep the momentum going a clear strategy needs to be worked out, so it is wise to adopt a tool commonly referred to as ‘now, where, how?’.
What is the current position?
Hospitality has the continuing problem of staff shortages and rising inflation, which could threaten the long-term goal of providing a great service. It could be that a new approach to hiring is required as well as offering improved benefits to attract, keep and develop staff. Reviewing suppliers may also be necessary to secure the best deal.
What is the ultimate goal for the business?
Planning for the future is key in the hospitality industry and you should have a perspective of where you want to be in three to five years.
There is a method in sales called SMART, which means Specific, Measurable, Achievable, Realistic, and Time-Based – to create a clear target for employees to work towards and maximise revenue. It is no different with hospitality where all of those measures should apply to help identify your potential.
What is the plan to get you there?
It may be that small steps are needed before achieving the ultimate goals. These could include:
- Establishing your USP. What can you offer that the competition cannot?
- Identifying your ideal customer, do you need to pivot the business to attract new clients?
- Maximising talent. Your staff are your most important asset.
Embracing the latest technology will help you to stay ahead of the game. As well as maintaining multiple POS outlets and handling accounting or billing processes, it can analyse and compare data to see where improvements can be made.
It can also reduce the pressure on staff and encourage them to stay. There is a lot of time and expense involved in training new staff, which ties up valuable resources and holds back the business.
Need advice with your business strategy? Please contact us.