When done right, businesses in the hospitality industry can be goldmines. Consumers are spending more money in bars, restaurants and hotels than ever before, and so with the right support, you can capitalise on their willingness to spend and take your company to the next level – but only if you can manage your finances and stay afloat when things aren’t so good.
Below, we’ve put together four of the best ways to save money when you’re working in the hospitality industry. Read on to find out more, and you’ll soon increase your bottom line.
Cut down on food waste
One of the biggest reasons why many food establishments struggle to survive is waste. The average pub and restaurant can waste more than 50% of its food stock per year due to ill planning and poor usage, so take a look at the bigger picture and find ways to cut down on the amount of food you’re buying. Do regular stock checks, fish out menu items that aren’t being ordered on a regular basis, and streamline your menu to reduce waste. With the food that is left over, create dishes, like soups, sandwiches, and pies, to avoid excessive waste.
Hire the right team first time
Rather than taking on friends and family and using temporary and relief chefs when you’re busy, you should build the right team the first time. Don’t go into this blindly – it’s easy to make the wrong decision and hire staff that are not compatible or have picked up bad habits on their journies, so rely on a company that offers hospitality recruitment for the best results.
Find a new supplier
When was the last time you spoke with your supplier and tried to arrange a discount on your food order? If you haven’t been keeping a close eye on your incomings and outgoings, you may not even know how much you’re spending per dish, so you should explore your options and look for a supplier that offers more affordable produce. Small businesses, for example, could benefit from ditching their wholesale catering supplier and switching to supermarkets, whilst larger organizations could visit their local cash and carry rather than paying delivery.
Change your serving style
Finally, rather than hiring waiting staff to greet guests, take orders, and ensure tables are happy, you could adopt a more casual dining approach, similar to that of chain bars and restaurants like Nando’s. By getting patrons to come to the bar to order their food and drinks, and make sauces, sides and soft drinks self-service, you’ll save a tonne of money and will be able to reduce your staff bill. There are drawbacks to this approach, however; your service will suffer, and regulars who enjoy your attentive service may be alienated, so weigh it up.
There you have it – a few ways to save money in the hospitality industry and increase your profits. Whatever technique you choose to try, we wish you the very best of luck with it.