More than a third of the UK’s hospitality sector is at risk of business failure in early 2023 due to the cost of doing business crisis, according to analysis of a new survey by UKHospitality, the British Beer and Pub Association (BBPA), the British Institute of Innkeeping (BII) and Hospitality Ulster. So when times are tough, what can you do to ensure your food hospitality is still standing?
Focusing on profitability and efficiency is key. Surviving an economic downturn demands you increase your revenues while decreasing your costs. And, as we mentioned earlier, although some measures may need you to spend some money, it’s essential to keep your return on investment in mind. Efficient business processes are vital to productivity and sustainability.
In the hospitality industry, being able to achieve more with the same resources increases your profitability and improves your agility in a competitive market – which is where smart technology paired with expert support comes in. A successful and productive solution requires the perfect balance between people, processes, and technology.
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