Financial Modelling of New Solutions
Many of these new solutions that venues are developing, require more staff or greater investment by the venue. Often both! At this time, many venues are putting in place creative solutions and not addressing the increased cost, by raising prices with their clients. One such addition of a COVID-19 surcharge by a IACC member was resoundingly voted down by clients and was not considered a reasonable approach. As we consider that measures and bespoke dining solutions may well be with us for the mid-term at least, venues should consider plans for charging for enhanced experiences. Some changes to the service style, can be considered an upgrade for the attendee and might be priced and marketed accordingly. It will be a careful balance and the marketing of these carefully may be the answer and our businesses need to be viable long term. The continuity of our brand is at stake and we need to protect the value proposition.
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