There are reasons to feel cautiously optimistic but there are still significant pressures on businesses in these industries, with rising costs and resource shortages showing no signs of abating. So what can you do to try and ease these?
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Don’t overlook what you can do to ensure you are a good employer. This means not only presenting your business in a positive way in order to attract staff, but doing what you can to retain your existing staff. This need not simply be paying more but ensuring they are appreciated, offering training and a supportive positive work environment. There may be employee benefits you can offer such as gym membership or private health insurance. It’s important to regularly review your marketing strategy to ensure you are in touch with your consumers’ needs and desires, and ensure you are doing as much as you can to reach and attract potential new customers.
Despite endless discussion in the media, it is obvious that there is no silver bullet to solve the issues we currently face, but hopefully the summer of 2022 will see a continued improvement in the region’s leisure, tourism and hospitality sector.
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Consider bulk buying products or ingredients whenever possible, to take advantage of discounts and longer-term credit facilities. Look at contacting suppliers to fix future costs where possible, such as utilities, phone etc. Examine the costings of your key products and whether you can increase prices to the consumer. If this is difficult then consider other ways of maintaining your margin. These could include using different suppliers, designing menus around alternative ingredients or considering portion size, to cut down on waste.
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LEISURE AND HOSPITALITY | SCRUTTON BLAND | 9
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