3 Tips For A Successful Hospitality Business
What is the recipe for a successful restaurant, bar, or pub? This is a question that we are often asked. Understandably so, as over the past 30 years we have helped more than 400 hospitality brands enhance their profits and develop their businesses. While every brand is different, from our extensive experience as leading hospitality accountants and consultants, we have identified a few common mistakes that can be avoided and best practice tips that can be implemented to enhance your hospitality business.
TIP 1 – Be proactive and organised
It goes without saying that hospitality is an extremely busy and constantly evolving industry. There is a lot to stay on top of so it’s unsurprising when we come across businesses that do not have adequate planning and forecasting in place or who do not have their books in order. While we understand how easy it is to lose track and fall into a reactive state in such a fast-moving climate, it is vital that businesses are proactive and organised in order to achieve success.
Having a dedicated team to oversee and manage the behind the scenes admin and financials can make all the difference between a business’ development or decline. Paperchase can provide this team. We offer a range of accounting, analytical, consulting and forecasting services, allowing our hospitality clients to stay organised and able to make informed and profitable decisions while running their businesses.
TIP 2 – Improve efficiency
Efficiency is another area where hospitality brands might struggle. Whether it be in relation to developing efficient processes or implementing better cost control , there are many solutions for raising efficiency and thus performance in restaurants, bars, pubs and nightclubs.
One solution is StockTake Online. StockTake Online is an inventory management system that helps businesses control their stock and costs, as well as better understand and improve their margins. Such online tools, apps and services are pivotal in helping hospitality businesses save time, effort and money, allowing them to make better use of their resources for business development.
TIP 3 – Stay Informed
Knowledge is the key to success in many areas of life including hospitality. Brands that are able to tap into networks of knowledge will be able to gain insight which could give their business an advantage. As mentioned earlier the hospitality industry is constantly evolving and it can be challenging to stay informed about changes that could impact your operations and performance.
This is where having eyes, ears and a supportive hand in the background to look out for your business can be helpful. At Paperchase we work diligently with our clients to keep them up-to-date with the latest support schemes, information and advice to support their business development. Our clients can rely on us to be more than hospitality accountants, but also informative and supportive consultants guiding them along the way.
For more information speak to a member or our team – we can help you:
- Benchmark the performance of your restaurant, pub, bar or hotel
- Identify development opportunities
- Explore guidance for raising efficiency and growth
- Address issues or areas of concern in your business