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Offset rising staff costs with menu, purchasing and inventory excellence

Posted By Fourth , 10 October 2019

Staff costs are often the biggest expense of any hospitality business – one that has risen and risen over the last few years. According to the UKHospitality Christie & Co Benchmarking Report at the end of last year, payroll costs stood at 29.4% of turnover, an increase of 1.5 percentage points from the year before.

Obviously businesses are looking at ways to help reduce these costs through things like better forecasting, smarter schedules and employee retention. But savvy operators are now also turning their attention to the product side of the business to help offset some of these costs – by optimising menus, purchasing processes and inventory management.

Maintaining menu profitability
  • Know your sales trends. Get visibility into what is selling and what isn’t. Combine this data with the profitability of your dishes and this will 
    help 
  • you decide which items to keep on your menu, which should be removed and where tweaks can be made. 
  • Develop a single set of master data. This should include supplier catalogues and pricing so you can keep on top of exactly what each recipe costs, and adjust accordingly. This information should also flow into your purchasing system so everything is accurate and up-to-date.
  • See the impact of changes. If one ingredient in a recipe is swapped for a cheaper alternative, how does that impact the popularity of the dish? With analytics you can see how these changes affect the performance of the menu item.
  •  Let technology help you manage the process. Trying to manage all of this information manually results in errors, out-of-date prices and large, unwieldy spreadsheets that make the whole process less effective.

 

 

 

Optimising purchasing
  • Trade electronically. Information from suppliers can be uploaded into the system to make sure everything is correct and in the right place. You can place orders electronically, and also get update messages from suppliers on the status of orders, so you know exactly what’s coming from where.
  • Enforce supplier lists and delivery schedules. Lock down supplier lists so sites can only purchase from approved suppliers. Establish routing delivery systems to reduce costly ad-hoc purchases.
  • Manage invoices by exception. With 3-way auto-matching of the invoice, the original order and the goods received note, you can focus only on those invoices that have an issue – reducing admin time
 
Managing inventory
  • Start tracking waste. By getting a good understanding of exactly what food is being wasted and why, you can identify the issues and see where savings can be made. If a dish on your menu is regularly unfinished by customers, maybe the portion size is too big. And if an ingredient is often thrown away because it’s going past its expiration date, then you’re probably ordering too much.
  • Eliminate paper. Use mobile technology to get rid of paper from the inventory management process. With manual systems, it’s easy for errors to creep in which take more time to resolve.

  

 

 

 

 

 

For more detail on how to offset rising staff costs with optimised menus, purchasing and inventory, download our complimentary white paper here.

 

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Why the pub sector is an attractive ‘Alternative Market’ asset class

Posted By James Shorthouse, Head of Alternative Markets at Colliers International, 17 September 2019
From mysterious investment to sought after asset class

Pub operators have been paying rents to their landlords for centuries, but they were traditionally seen as a niche and somewhat mysterious type of investment. In the 1990s a financier called Guy Hands had the revolutionary idea of securitising  the income that a pubco received from its tenants. This contributed to a series of events which culminated in the whole pub sector becoming a sought after and recognisable asset class, appealing to an ever wider spectrum of investors.

A return to major transactions

In January 2019, Ei Group  sold a portfolio of 370 free of tied pubs to US Private Equity firm Davidson Kempner – a  fantastic illustration of how far the sector has come when viewed from the perspective of a commercial property investor.

The significance of the transaction is not just its size, although at £348 million it was  the pub sector’s biggest deal for two years. The fact that the leases are all free of tie, and that 90 per cent of the assets are let to private operators or small multiple operators, as opposed to the major plc covenants, is the highly significant feature. 

This is the aspect that sets the deal apart from other transactions, and confirms the pub sector’s place alongside hotels and healthcare as an attractive Alternative Market investment asset class.

In the last 2 months there have been two even larger deals; the £3bn sale of Ei Group to Stonegate, and the takeover of Greene King by a Hong Kong based investor, CKAH, in a £4.6bn deal which, if approved by shareholders, will dwarf any previous transaction. However these are both sales to parties who might be regarded as experienced pub owners and are of complex full businesses rather than being directly comparable to investment sales in other, more traditional, property classes. 

Pub portfolio opportunities

Pub portfolios are characterised by having a large number of (relatively) low value individual assets, all let on separate contracts, which gives the freeholder the opportunity to develop a proactive management strategy to enhance the assets. This may involve some selective disposals or acquisitions, targeted capital investment to increase income (benefiting both landlord and tenant), or the re-gearing and restructuring of leases to increase the investment value and give tenants improved security of tenure.

Investors in tied pub estates have been aware of these opportunities for years, and the tied lease model remains the backbone of the UK tenanted pub sector, but the owner of a tied estate requires infrastructure, systems and staff to manage their business. The owner of a free of tie estate, on the other hand, has much less involvement in their tenant’s day to day running of the pub, and consequently a much lower cost of running the portfolio. All of this makes a free of tie portfolio much more analogous to a traditional commercial property portfolio.

Tip of the iceberg

While deals such as the Ei Group disposal and British Land’s sale of its remaining pub investments to Aprirose make headlines, they are the tip of the iceberg. Under the surface there is a growing steady flow of smaller and individual transactions taking place. Buyers range from private individuals through to some of the UK’s biggest pension funds and global Private Equity investors.

Inevitably as demand increases yields have tightened, and the circa 7.6 per cent Net Initial Yield achieved by Ei Group is comparable to a number of other sales. However, given the very low yields achieved for industrial and office property, and the volatility and risk attached to the retail sector, it is easy to see why investors are still drawn to the pub sector. Indeed, the sheer volume of enquiries Colliers has received over the last 12 months suggests pub investments really have achieved the recognition they deserve. 

 

 

to get in touch with James - click here

 

 

 

 

 

 

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Can technology augment customer experience in hospitality?

Posted By Wes Thompson, Director of Sales at Bizzon, 30 July 2019

At a recent UKHospitality event, I asked one of the panel participants, a leader in a major hotel chain: “Do you think hotels should consider in part, becoming more of a technology company?  Do you think hotels should place technology higher on their strategic agenda?”

He said “No, hotels should keep on doing what they do best - delivering great hospitality experiences.” and I agree. 

Great customer experiences are at the core of the hotel business, but what if technology can improve upon the greatness of experiences provided at every level? 

Why, what exactly do you mean Wes? 

I mean, what if you could know a lot more about your guest at every step of their experience?

Learn what they like, what is important to them - and I do not mean THEM as a busload, but rather them as a couple, or even a single person. 

The What Ifs

What if they could order on the premises or on their way to your place using a mobile phone? Order automatically delivered to the right kitchen station or bar station, and you (or the shift manager) can see it was prepared and delivered on your phone. 

What if your customers could not just post on your social media channels, but have a positive interactive experience in doing so.  They share a photo on Instagram of their squad enjoying drinks at your hotel.  The hotel immediately comments on their post, saying they’ve applied a 10% discount to their open tab.  And what if that experience was completely automated so your staff didn’t have to do a thing.  Pretty cool, right?

What if your guests didn’t have to call down to reception to order room service, but ordered on their smartphones.  Or in a luxury boutique hotel, what if they ordered from a self-service kiosk on the wall. 

What if you wanted to reward loyal customers, but remove the manual sign-up processes, completely automated.  Just by tapping their card, the guests’ reward is applied.

Connect hotel inventory to the menu and the ordering system down to every ingredient or combination of toppings. When someone makes an order in person, via your website menu or app, inventory is updated. Low on rice?  Your technology partner could order it from your preferred vendor automatically. 

What if all this could scale from one boutique hotel to hundreds of locations around the world from a single, connected, omni-channel platform.

 Here and now…

Advancing technology means these interaction experiences can be created NOW.  Furthermore, Generation Z and Millennials expect them.  New indie hotels are on the rise and enjoying great success, as they provide them already.

So I guess, I agree.  Hotels should focus on what they do best – “providing great hospitality experience”.  But technology is not only useful so much as critical to enabling hotels to future-proof their business in the evolving customer expectations of interaction experience.

 

Read Bizzon's latest case study from a partnership with AccorHotels here. 

For more information on Bizzon please visit their website here. 

 

 

 

 

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The evolution of scheduling

Posted By Fourth , 16 July 2019
Updated: 11 July 2019

Approaches to scheduling have evolved over time, as operators strive for the nirvana of having the right people in the right place at the right time. Each evolution has brought new challenges, but has also brought more predictability and more accuracy, and brought us closer to the perfect schedule.

Weekly budget

In this method, managers allocate labour across the week based on their allowed spend (e.g. a percentage of expected revenue). They assign team members to set shifts with little thought to staggering or activity levels by hour, and the resulting day has times of overstaffing when quieter and understaffing during peak trading. Often, too many staff are scheduled at the beginning of the week and, to try and stay on budget, shifts at the end of the week are cut.

While the weekly budget is an important metric, all of this impacts employee and customer happiness. Employees earn less tips and have less to do when it’s quiet, or are run ragged during peak trading. For customers, they struggle to get adequate service when it’s busy, or find staff bored or overbearing during quiet times.

Sales Per Labour Hour (SPLH)

With SPLH, the revenue forecast is divided by a value that has been attributed to each labour hour, to decide how many employees are needed. Different roles have a different SPLH but as a rough example, if the total sales for the week are £4,000 and your target SPLH is £50, then the manager has 80 hours to work with.

Again, SPLH is an important metric (especially for benchmarking performance) but this approach has two main challenges. Firstly, workload differs depending on what’s ordered. £100 could come from fifty £2 soft drinks or a single bottle of champagne, but the time to serve is very different. Secondly, the forecasted spend often doesn’t account for tasks that don’t generate revenue, such as prep work or restocking.

Covers

While scheduling based on covers (the number of seats filled on a given shift) brings in a little more science, the main challenge is again that workload differs depending on the guest behaviour.

For example, if guests at one table order soft drinks and starters, while a different table orders a three-course meal and a few rounds of cocktails, the amount of time needed to prepare, serve, clear and tend to each set of guests is different.

Demand forecasting

Demand (or item-based) forecasting is currently the most scientific approach to scheduling. This method fully harnesses the power of data, with self-learning algorithms using data including historical sales, recent and year-on-year trends, weather forecasts, and events to predict the individual items that will be sold across the day. Managers can tweak this forecast based on their local knowledge, which results in an accurate shape of the day so staff can be scheduled to meet demand. By taking an item-based approach, the amount of time needed to deliver each item (including non-revenue-generating work) is also factored in.

This means managers can confidently get the right people in the right place at the right time, leading to happier employees (through calmer shifts) and happier guests (getting great service). It also leads to better profits by reducing costly over/under-staffing, and maximising sales of second drinks or desserts.  

To learn more about demand forecasting and how to optimize your scheduling, download Fourth’s complimentary Science of Scheduling white paper

 

 You can also view the latest webinar of UKHospitlaity where Fourth provides further insight on the benefits of predictability. To watch the webinar click here. 

 

 

 

 

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Latest research shows click and collect emerging as revenue driver

Posted By Zonal, 11 July 2019

While home delivery is the food service trend of the moment, click and collect – the practice of ordering food online and collecting it from a restaurant – is also emerging as another revenue opportunity for town centre restaurants, according to the latest GO Technology report from Zonal.

Of the 5,000 UK adults surveyed by CGA, one in five (22%) have used click and collect.  Despite being a modest figure relative to delivery, which more than half (58%) of GO Technology respondents have embraced, click and collect is still in its relative infancy in the branded restaurant sector, but as operators adopt it, more consumers are likely to use the service.

 

However, for it to be successful, location is everything with large proportions of click and collect consumers based in city centres (28%) or town centres (30%), where the distance needed to travel to restaurants is often low. Unsurprisingly, it is less popular with consumers located in suburban and rural areas.

“Our GO Technology research shows that convenience is key when it comes to click and collect and it’s most appealing to those who are looking to grab something appetising for the family on their way home. This is where click and collect wins over delivery, as you don’t run the risk of arriving home after the delivery person.  But, in order to deliver a seamless experience, integrated technology is vital to customer satisfaction” said Zonal Marketing Technologies Commercial Director, David Charlton.

Because click and collect consumers tend to be early adopters, it has the potential to become more mainstream over the next few years, with a fifth (22%) of consumers who have not yet used click and collect finding the idea appealing.

Karl Chessell, CGA Business Unit Director, Retail and Food, concluded: “With visits to restaurants, pubs and bars largely flat, click and collect offers an opportunity to add incremental sales, build brand loyalty and recover some of the margin that is lost on third party delivery.

Smartphones have made it easier than ever for consumers to order their food, and our GO Technology survey shows there is a worthwhile market to be won.

 

 Access full report here

 


 

 

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Reshaping your business: The impact of sustainability on the food and beverage sector

Posted By Eversheds Sutherland, 04 July 2019

Global law practice Eversheds Sutherland - Consumer sector have launched their latest thought leadership report Reshaping your business: The impact of sustainability on the food and beverage sector’.

In this latest report they have focused on the environmental aspects of sustainability in the food & beverage industry and the over-arching implications for businesses. The report also highlights the challenges boards and legal teams face as this grows in importance and looks at ways to address them.

From the research findings it is clear that there is an expectation of ever increasing consumer pressure, greater scrutiny from investors and a very surprising desire for more legislation. The report is a culmination of views from legal department heads and senior executives in companies at all stages of the “field to fork” chain, both publicly listed and privately owned – representing nearly 600,000 employees and with a combined market cap of over £300 billion.

It is clear Eversheds Sutherland clients are very open to conversations on this growing subject. Eversheds Sutherland believe we can use this report to position ourselves as a strategic thinker in this area, able to look beyond legal issues to the broader challenges facing the industry and demonstrate implicitly how the firm can add value to the client as a business partner.

For any questions please contact Paul Moorcroft, Head of Consumer Group and Partner at Eversheds Sutherland.

To view the report and to find out more information please visit Eversheds Sutherland alternatively please visit Eversheds Sutherland Consumer Hub where all latest consumer news and updates can be found.

 

 

 

Eversheds Sutherland provides legal advice and solutions to a global client base ranging from small and mid-sized businesses to the largest multinationals.

Their global network of lawyers has in-depth knowledge of the consumer sector, from retail, food and beverage and hospitality to leisure companies. They are proud to have worked with many of the leading global brands in this industry for decades, including high-street stores, household product manufacturers, hoteliers and pure play retailers.

Tags:  consumer  Eversheds Sutherland  food and beverage  sustainability 

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Retaining Staff

Posted By Heidi Birkin, Head of Marketing at Deputy EMEA, 13 June 2019
Updated: 05 June 2019

Over 50% of YouGov respondents say more control over work and life patterns would aid staff retention.

Deputy commissioned a survey with YouGov to better understand the low staff retention rate in the UK hospitality industry. Unsociable working hours, low pay and benefits, and lack of career prospects are the top three reasons why the sector suffers from a low annual staff retention rate.

According to Deputy data, the hospitality sector has an employee turnover rate of 30% – double that of the UK average – and is forecasted to increase as the ‘Brexodus’ of EU workers continues.  We used the survey to understand the real reasons people leave hospitality and what might be done to retain them.


YouGov Report

Deputy worked with YouGov to investigate the reasons hospitality workers leave the industry. The survey of 1,006 GB employees reveals that:

 

THE GOOD
  • 42% of GB employees have worked in hospitality at some point.
  •  62% of those currently employed in hospitality believe it is viable to have a long-term career in the sector. 
  •  The key factors which would make employees less likely to leave are:
  • Better pay and benefits (63%) 
  •  More control over work life and shift patterns (55%) 
  •  More stable income and guaranteed hours (52%) 
  •  Better career prospects (42%) 
  •  More transparency from employers regarding shifts/scheduling (32%)

THE BAD
  • Last resort:  40% of respondents who have worked or currently work in hospitality said they took a job in the sector because it was the only one available. 
  •  A stop gap: For 44%, working in hospitality was their main occupation; 38% said they did it while in education and 15% said it was a second or third job.

 

THE UGLY
  •  The top three reasons for leaving the sector were:
  • Unsociable working hours (69%) 
  •  Low pay and benefits (63%) 
  •  Lack of career prospects (35%)
  • Just 3% answered that they chose to work in hospitality for the career prospects it offered

 

One key note is the majority of those surveyed (55%) feel that more control over work and shift patterns would make hospitality workers less likely to leave.  It can be stressful not to know when you’ll be working week to week, limiting your ability to plan and to make the most of both work and ‘down’ time.  Deputy can help solve this issue by giving employees more control and freeing up valuable time for employers.

Using the data from the survey, Deputy produced a report detailing the survey findings, the challenges impacting staff retention, and potential solutions both from an industry and individual business perspective.

If you want to read more, download the full report.

Survey figures, unless otherwise stated, are from YouGov Plc. Total sample size was 1,006 adults. Fieldwork was undertaken between July 4-9, 2018. The survey was carried out online. The figures have been weighted and are representative of British business size.

 

 

UKHospitality members receive 20% off the cost of Deputy Premium for their first six months.

See how Deputy can help you better manage your team by trying Deputy for free or contact us on 020 3150 1149 to learn more.

 

 

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Making pay work

Posted By David Kelly, General Manager at Deputy EMEA, 04 June 2019
Updated: 29 May 2019

As most hospitality businesses employ hourly paid workers, one of the most common problems we see are payroll process issues. From tracking and capturing time to transferring money, the process of paying people can waste huge amounts of effort and cost up to 1.5% of the monthly wage bill.

 

The problem with payroll

 

On the face of it, payroll is simple. Multiply hours worked by the rate of pay, send the numbers to finance, and you’re done. The reality is more complex:

  1. Capturing time. It’s often manual, even paper-based, and massively prone to error. 
  2.  Collating data. Turning manual timesheets into data creates more potential for mistakes. 
  3.  Authorisation and sending to payroll. If the data is fragmented and not collected in an ordered manner it makes it harder to see and sign off. 
  4.  Calculation. This can be a serious headache for businesses that pay different rates based on factors such as role (kitchen, bar or front of house staff), day of the week, hours worked and age. 
  5. Processing. And if there are any payslip errors, tracking them can be a huge hassle.

The cost of ‘payroll pain’ impacts business in many ways:

  • Wasted time and money. At one 3,000-employee business in the UK, the payroll run tied up a three-person team for 3-5 days each month.
  • Dissatisfied employees. Payroll glitches can impact morale, customer service and productivity.
  • Poor visibility. Without a clear view of hours, rates and pay, businesses find it hard to make cost-related decisions.
  •  Compliance risk. New laws are putting more pressure on businesses with hourly paid or shift workers to record, maintain and publish accurate records of hours worked.

 

Why do businesses put up with payroll pain?

 

“If it ain’t broke, don’t fix it” applies to many payroll systems. Businesses are scared of disrupting a system that works, however imperfectly. Broken payroll can be hard to see. Head office may not be aware of much admin work is needed to keep the payroll system working. Finally, no-one ‘owns’ end-to-end payroll: there’s little incentive for either HR or finance to look at the big picture.

 

Pay that works

 

There’s a one-word answer to fixing payroll: digitisation. Happily, today, this doesn't mean ripping out and disrupting an entrenched system. Using mobile apps, cloud-based data and API technology, any organisation can shift immediately to a more efficient way of managing payroll data flow.

 

By utilising a cloud based workforce management system that integrates payroll, time capture and scheduling, it creates an end-to-end process that’s simple, accurate, transparent, and auditable. The time taken on monthly payroll can shrink from days to hours.

 

Fixing payroll doesn’t just make life easier for managers, employees and finance departments. By radically simplifying a process that holds back businesses with hourly paid or shift workers, it sets you up to be more agile, responsive and cost-efficient.

 

UKHospitality members receive 20% off the Deputy Premium Plan for their first six months. 

Make pay work for your business by trying Deputy for free or contact us on 020 3150 1149 to learn more.

 

 

 


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What will you be doing to ensure you get the best out of your people this new Financial Year?

Posted By Vilyen Pluck, Learning & Development Director at The People Factor, 28 May 2019
Updated: 29 May 2019

As I write this, I am supporting a team of business leaders to create personal development plans for the next 3 months. It’s a crucial time for the business as they set their strategic plan for the coming year. They have ambitious plans (..and don’t we all?!), however, I ask them a very simple and obvious question “are your people ready for this growth?”

It will be no surprise to you that this led to an immediate conversation around ‘how can we upskill our small team of people to deliver our plan?’ This conversation is one of many we are having at this crucial time of year, and getting ready for what may be another challenging year in the world of hospitality.

The following questions followed on….

  • Where do we start?
  • How much will it cost?
  • How can we cater for our small team?
  • How can I make sure each person receives their development?

At this point, we identified the possibilities and potential of the team and began to build a picture through ‘job chats’ with each member of the team. These were informal chats with purpose, which allowed us to identify where our key focuses belong. With this being a smaller business with dynamic growth ahead, the team are on the smaller side at this point. There were a number of needs identified…. Some needed coaching skills, some needed to brush up their leadership approach and others required a refresh on employee legislation. At this point, we had a clear plan of what we wanted to do, but could it be done?

The answer was, simply yes! Initially, we focused on our leadership approach. Here is how we tackled it…..

We swiftly recognised that, the world of hospitality has become diverse in many ways and the people within desire to be more entrepreneurial and feel part of the business they are running every day. With that, we noticed that not one of the managers was the same, however, they all had the similar passion and drive to deliver outstanding customer experiences. This is where we introduced personal leadership. Personal leadership is about being aware of others, what motivates them and building them up to have the confidence to grow and reach their full potential. Simply by making sure we had a different approach for each of our managers will ensure we are delivering personal leadership. It’s all about matching the needs of the people within the business and getting the best out of them. Of course, we recognised that we had a journey to go on and those that have a traditional leadership approach may have some challenges ahead.

We needed a starting point as this is where we began….. ‘why do we need to be more personal in our approach?’

The answer was clear… to maintain our place within a competitive high street – businesses don’t become the best without the best people. By trusting our managers and involving them in decisions will help them to feel empowered. And not to forget, our customers – ensuring our managers take personal responsibility for living the brand and delivering exceptional customer experiences.

So, how can business leaders help their managers?

By introducing the above as part of the way we do things, and our personal leadership approach, we will create that infectious culture that provides a strong sense of engagement with each of the team. The knock-on effect - our customers will love us too!

 

If you’re looking at ways to get the most out of your teams this new Financial Year, get in touch with The People Factor to discuss a bespoke learning solution for your business – we’re a friendly bunch and know our stuff.

 

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Adding up to 1% Gross Profit back into your business with automated Accounts Payable

Posted By Roger Gregg, co-founder of Lightyear , 24 May 2019

It is becoming even harder to make profits in the hospitality sector. According to the UKHospitality, costs in hospitality businesses are at a 12-year high. Controllable costs have risen to an average of 52.5% of turnover and payroll costs (the largest cost for eating and drinking-out businesses) now stand at 29.4% of turnover, which is an increase of 1.5 percentage points in the last 12 months.

As business owners, we need to ensure that we are managing our capital and expenses as effectively as possible.

It still amazes us how many businesses (both in and out of hospitality) have no idea of the cost of Accounts Payable (AP) to their business. You’ll never see AP as a row on a Profit & Loss account, but the process of managing AP certainly impacts the P&L. Typically, when we discuss this with a finance team of a hospitality organisation, the staff wages (or the cost of the bookkeeper) are top of mind, but what about all those additional costs?  It can be easy to forget that there are costs associated with running a business department that aren’t always visible and tangible.

We recently helped a hospitality group in Australia to automate their Accounts Payable with Lightyear, and they have been able to add 0.5% back into their overall Gross Profit.  That, with savings made in their back-office staffing levels,  was the equivalent of a 7% increase in net profits, from 13.1% to 14.0%.  Here’s how the exercise went.

Price-checking of food deliveries - increased Gross Profit

By loading up the cost per kilo/unit of the 20 most commonly purchased proteins (220g salmon, 250g rumps, 180g burger patties etc), the group identified the equivalent of £9.5k of overcharging in a 3-month period - call that £38K per annum - that correction increased food GP by 0.5%.

In addition, removing the need for chefs to manually price-check (an exercise which obviously wasn’t working as it should), saved 1,500 hours per annum, which meant 1,500 less casual hours, which equated to £17K per annum.  That saving reduced labour as a percentage of turnover by 0.2%. All up, implementing Lightyear improved food margins by 0.7% - that was 0.7% of turnover straight back to the bottomline.

Beverage stock-takes - improved Gross Profit and less Stock on Hand

Whilst price-checking of beverage did result in a small increase in GP of 0.2%, the main savings and benefits were seen during stock-takes. Lightyear allowed the Operations Managers to automatically keep stock-systems up to date with deliveries. There were now no data-entry errors, which resulted in stock-takes becoming faster and more accurate, but it also resulted in more than 4% reduction of stock-on-hand levels. By having the inventory systems up to date, managers were able to order more accurately, and stop erring on the side of caution. That resulted in there being more than £50K in the client’s bank accounts, rather than on shelves.

Consumables and Expenses - less overspend

By allowing managers to see in real-time what they were spending on print, entertainment or advertising for instance, managers were less likely to overspend. They were no longer tracking expenditure on spreadsheets. Lightyear allowed them to see in real-time what they had spent, and made budget forecasting a whole lot easier and precise.

All up, implementing Lightyear resulted in direct savings in food and beverage to the tune of close to £100K, it also allowed head-office to reduce their head count in Accounts Payable by 4 to 2, resulting in a further £75K of savings.  All up, Lightyear generated savings of around £200K, for only around £500 per month.

Lightyear is different from anything else in the market

  • Lightyear is the world’s fastest Accounts Payable software. It offers:
  • Real-time line-by-line data extraction, so no more data-entry
  •  Automatic price-checking, so no more overcharging
  •  within a customisable approvals workflow, so no more paper shuffling or lost bills
  •  Automatic supplier statement reconciliation and error handling, so no more time-consuming manual reconciliations 
  •  and online archive storage for 7 years, so no more, well...filing cabinets.

Are you ready to add gross profit back to your business

 

Lightyear are offering all UKHospitality members the chance to save time and money in their AP process.

You can sign up for a FREE 30-day trial of Lightyear and get your Let’s Get Going on-boarding program for free.

Use referral code UKH30 to avail of this offer. 

 

 

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