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NELSON’S COLUMN

When The Going Gets Tough, The Tough Get Going COVID-19 Business Survival Strategies

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ike many industries hospitality is now facing very challenging times, and this looks to continue over the next few months. This of course is nothing new for restaurant and bar owners who continually face issues in what is a great but challenging industry. In the past we have faced the Global Financial Crisis; those in the South have had to deal with earthquakes and every winter the industry has to deal with the fall off of tourists, so while we are all conscious of the current challenge the successful and savvy owners know it is a matter of making sure that you have a clear strategy in place to manage your business. This is a good time to take a step back and review all areas of your business. 12 APRIL 2020 - HOSPITALITY BUSINESS

It is a time to ensure that you have good processes in place to manage your operating costs, your purchase costs, staff performance, your processes and systems and marketing.

that you may have e.g. 200 different types of rum or bourbon, a steak offering – you need to get the message out and tell people by creating the reason. Creating a customer experience through either a point of difference or creating an atmosphere through great customer service not only encourages repeat business but also creates the cheapest marketing that you will ever invest in, word of mouth praise. Controlling food and beverage costs in a hospitality business is the single most important factor. Knowing not only what food and beverage (F&B) cost you are achieving but what cost you should be achieving is critical.

“Controlling food and beverage costs in a hospitality business is the single most important factor.”

Point Of Difference While managing your costs is important it is also a time to make sure that you are still investing in your business. Marketing and giving people a reason as to why they should come to your venue is crucial. What will appeal to them? Why have people come in the past? Create a “Point of Difference”, be that through the type of menu or quality of food that you offer, the type of entertainment that you have, a theme

– Peter Nelson

Profile for The Intermedia Group

Hospitality Business April 2020  

Hospitality Business is New Zealand’s independent source of news, insight, business advice and opinion for the hospitality and liquor sector...

Hospitality Business April 2020  

Hospitality Business is New Zealand’s independent source of news, insight, business advice and opinion for the hospitality and liquor sector...

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