Marisa Bidois ( Restaurant Association of New Zealand CEO) wrote a great article where she shares tips for Hospo Businesses down below.
Here is a summary for those who don't have time to read the whole thing,
**Survive and Thrive: Hospitality’s Blueprint to Beat the Economic Crunch**
The hospitality industry faces rising costs and fluctuating consumer confidence. Here's how to navigate these challenges:
1. **Double Down on Marketing**: Use effective campaigns and social media to attract and retain customers.
2. **Leverage AI for Marketing**: Utilize AI tools for personalized campaigns and trend predictions.
3. **Menu Optimization**: Manage food costs with portion control and seasonal ingredients.
4. **Dynamic Pricing & Promotions**: Maximize revenue with flexible pricing and off-peak discounts.
5. **Focus on Customer Experience**: Train staff to provide exceptional service and gather feedback.
6. **Community Engagement**: Organize events and support local causes to build loyalty.
7. **Diversify Revenue Streams**: Explore catering, take-home meals, and retail products.
8. **Training & Development**: Invest in staff training for efficiency and job satisfaction.
9. **Financial Management**: Review financials regularly and cut costs strategically.
10. **Embrace Technology**: Streamline operations with tech solutions.
11. **Adaptability & Innovation**: Stay informed, innovate, and adapt quickly to market changes.
By fostering resilience and creativity, your business can thrive despite economic uncertainties.
Feel free to contact me for information regarding business valuation , acquisition and business buying and selling,
📞Jodie Yang 02102299173
#Hospitality #BusinessStrategy #EconomicRecovery #Innovation #CustomerExperience
The hospitality industry is no stranger to challenges, but the current economic climate has posed further hurdles. Here are some strategies that can help hospitality businesses survive in these turbulent times: https://hubs.li/Q02H24qm0
Restaurant Association of New Zealand #hospitality #hospitalitybusiness #business #strategy #hospo #hospbiznz