What will your New Year resolutions be in 2022? Marc Bertorelli, Business Development Manager at Paperchase, the UK’s leading hospitality accountants for the hospitality sector, offers some sage advice.
Whilst we can’t ignore the elephant in the room, the new Omicron Covid strain, and restrictions over the festive season, how was your December? As we gear up for 2022 here are a few ideas from Paperchase to help make the next 12 months a success.
Reflect – Was the festive season a damp squib? If your business was unable to fill the war-chest to see you through the quieter months of January and February, you may be facing issues with NIC, VAT and Corporation Tax, and if so, act now. Being honest with yourself, identifying there may be a problem in looming, now is the time to be speaking to your accountants, and HMRC. Alternatively, have a conversation with Paperchase, as we are the UKs leading hospitality accountants.
Diversify – Can you diversify your offering, as many did during lockdown, such as meal kits, take-outs and deliveries? These things worked then, but will they work now? Explore new ways for your customers to find you or make your restaurant more attractive to a wider audience. Dog owners, who in lock down had been constantly with their pets, are now entering corporate life again, taking their dogs to the office. Finding places to eat where dogs are welcome is high on their agenda. The same goes for working from home, with local restaurants having better lunchtime trade rather than dinner. Don’t be afraid of letting go of the old, letting go of what no longer works or what no longer serves you well. Embrace the new, the untried, the uncomfortable, perhaps even what seems risky. Remember – a bend in the road is never fatal… unless you fail to turn!
Use Insights – Good financial reporting week on week, month on month, can help you understand revenues and profits better, enabling you to modify your offering and react quickly to market changes. In a compressed market, making greater margins is so important. Weekly in-depth reporting will tell you what is selling best, what is not, what dishes have the best margins, etc, from which you can change your menu to be more profitable, reducing waste. With imported goods increasing in price, can you modify your menu use local products? These may be cheaper and would resonate better with your customers, as supporting British artisan food producers is now big in the consumers agenda. Paperchase provides its customers with weekly financial insights through focused hospitality accounting, which in turn helps them to operate more efficiently and profitably.
Collaborate – Its tough out there, so don’t go it alone. Think of partners, allies, referral sources, and joint venture partners who can help you leapfrog over obstacles and who may complement your own products and services. Share marketing costs with suppliers, run joint promotions, create buying groups, etc. Contact your black-book contacts and build (or grow) your relationship with them so you can collaborate more closely.
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