Whether it’s due to waste, theft, employee negligence or other, loss of profit is a silent killer that eats away at any business. According to statistics, the hospitality industry loses a whopping $99 billion every year due to these preventable issues (The Sensormatic Global Shrink Index report, 2018).
The UK alone makes up over £11bn of these losses (that’s an average of 2% of total revenue!). It’s not sounding good for businesses, right?
And thanks to COVID-19, we’ve seen food and beverage businesses in the UK bear the harshest brunt of lockdown measures. For them, every single penny makes a difference – each one needs to count. It doesn’t matter whether it’s 1% or 10%. What’s imperative to the health of the business is that venues are proactively working to bring their losses to zero.
So, what’s the first step to start saving those precious percentages from bleeding out into losses?
By focusing on what F&B businesses can control, they can start making savings that will go straight to the bottom line. Luckily, we’ve formulated a Loss Buster Checklist to help venues increase margins, cut losses, and shape up their bottom line. This incredible tool of reference promises to be the next best friend in cost management.
Often F&B businesses could be skeptical, but the question to ask here is: are they happy with the way they manage losses right now?
If the answer’s no (because there’s always room for improvement!), then perhaps they’re currently on the lookout for a more effective strategy. We’re confident that, with the right technology, hospitality businesses can start making some real savings in their operations.
That’s why there are solutions out there that could transform the way businesses manage their costs. No more tedious manual data entry and hopping between spreadsheets.
So how does it work?
The Loss Buster Checklist lays out in black and white the 7 steps that make for better margins. They are:
Create a positive culture
Because people’s happiness makes a difference.
Empower your team.
Satisfied employees are loyal employees.
Take control of purchasing.
Total transparency minimises loss.
Keep your books in order
Make those admin errors a thing of the past.
Manage your stock.
Good stock keeping is integral to your accounts.
Because waste monitoring can mean make or break for a business.
Stats and data will reveal more than you know.
Download the Loss Buster Checklist to find out action points on the above, and take the first step towards transforming how you do business.