Feb27

Are you here for a good time or a long time?

(27 /02 /2014)

I love these old clichés obviously and normally when this one is touted I would be the first to put up my hand and say a good time! However, in the hospitality business I would be leaning towards a long time.  The key to success in an already saturated market place is planning!  Understand your customers.  Know who your target market is and what about your competitors?  Do you have a USP – Unique selling point?  Why would someone keep coming back to your restaurant when there are another 5 to choose from on the same street?

With infrastructure going ahead great guns and another major development opening just around the corner, how will you compete with the increase in cafes, restaurants, take aways, conveniences that come with these developments.  In a saturated market, with a high percentage turn over, it is important that you have the right systems and procedures in place to give you a clear and honest view of your business.  Take off the rose coloured glasses and really look at the bones of your business.

What are your real costs, can you get better supplier deals, what is the true amount of wastage, and do you have a marketing plan, a business plan, and a long term plan? So many questions but ones that are all important to ‘outlast’ your competitor.  Population growth can only support so many businesses and it is the ones who are organised and have clear goals in mind that will defy the stigma of our industry.

So rather than, cutting prices and making a loss consistently focus on making sure you have the internal arteries of your business running like clockwork and make consistent profits.  This will ensure you are the ones left standing.

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