The hospitality industry is beginning to see signs of recovery, with research indicating increased optimism for pubs and restaurants. However, many businesses continue to struggle with rising costs, including the recent minimum wage increase in April.
Some venues have successfully offset these costs through price adjustments, and larger brands are showing renewed confidence by investing in refurbishments and reopening.
If you’re navigating these challenges, here are some ideas that could help your business thrive:
Innovative Recruitment Strategies
According to specialist recruiter Caterer, some businesses are attracting talent by offering relocation packages that include flexible shifts, bonuses, and even subsidised housing to entice workers from across the UK. Consider how your recruitment efforts can stand out in a competitive market- what unique incentives could you offer to secure the staff you need?
Optimise Operational Hours and Staffing
In response to fluctuating demand, some venues, even in major cities, are closing during unprofitable periods. Zero-hours contracts provide flexibility, but it’s crucial to remain an attractive employer. We can assist you in reviewing staff contracts and analysing your weekly trading patterns to determine if a more flexible approach would benefit your operations.
Exploring Community Ownership
The number of community-owned pubs has risen by 63% over the past five years, providing a lifeline for struggling businesses, particularly in small villages and rural areas. If your venue is at risk, transitioning ownership to the community or your employees could be a viable solution. Reach out to us if you’d like to explore this option further.
Key Differentiators for Success
- Data-Driven Decision Making: Effective decision-making relies on accurate, real-time data. Let us help you enhance your bookkeeping and management information systems to provide the insights you need when you need them.
- Strategic Planning: We can help with strategy sessions or brainstorming, to help you find other ideas and possible directions.
- Building Support Networks: Running a business can be isolating and exhausting. Connecting with other business networks can provide valuable support and understanding. We can help you find the right networks.
- Maximising Supplier Finance: Strengthen your credit score to secure the best terms with suppliers. We can guide you through this process.
- Proactive Cash Flow Management: Anticipate cash flow gaps before they become stressful. We can introduce you to specialist lending products tailored for hospitality businesses.
We’re Here to Help
For more information on any of these strategies, please don’t hesitate to contact us on 01904 655202, or email enquiries@hghyork.co.uk
