It’s not easy to make money in serviced based industries. They are full of pitfalls — angry guests, unhappy workers, uninformed managers — that can bring a business to its knees. If a business owner isn’t careful, they could become just another casualty among the multitude of failed restaurants, resorts and accommodation parks out there.
But hospitality veteran Andrew Williams has a few key pieces of advice to keep that from happening. A long-time chef, food and beverage expert and hospitality specialist, Andrew has recently dipped his toes into consulting with Williams & Co., his new company that looks to help fledgeling businesses understand what it takes to cut a profit and keep growing. Here are a few of the key ideas he shared on a recent episode of the That Bad Review podcast.
Think About Your Guests
Does your business understand its core demographic and what they want? Are your services reflective of that? If your core customers are wealthier business people from the city, you’re probably not going to want to offer them run-of-the-mill bar food or accommodation — they’re going to want a step above. On the flipside, a family-oriented business probably doesn’t need to offer champagne at their restaurant or top of the line amenities. Make sure you know what your guests really want when they’re looking to relax and unwind.
Understand The Numbers
Plenty of business owners run their operation in a devil-may-care way, not concerning themselves with pesky numbers or analytics. But those statistics, while sometimes dizzying, can provide a treasure trove of information for your business. With a good point of sale system, a business owner or manager can look at when and where people are spending money. Maybe there is a cafe or small restaurant in a park that is leaching more money than it is making. How can a business owner see that problem if they’re not looking at the numbers? Having that real-time data can then let you make small adjustments to your business and examine the results.
The best way to not have to deal with “that bad review”, Andrew says, is to avoid it in the first place. While no business is going to be void of problems, managers can still take steps to resolve any issues before they arise. Is there a patch of grass that hasn’t been mowed in a while? Take care of it. A small water leak in a bathroom that could inconvenience a customer? Hop on it.
Take Care Of Yourself
Service-based industries are ruthless. There are long hours, angry guests and plenty of other stressful demands to deal with. However, some cope with this in unhealthy ways, whether it be through alcohol, drug use, poor diet or any number of other poor lifestyle choices. This may seem like an attractive rockstar lifestyle, but it wears on the mind and soul quickly. And an unhealthy, distracted manager is not going to make good decisions for the business.
Above all, be mindful of your actions, understand how guests are feeling and make adjustments as necessary. As Andrew says, a healthy mind and healthy heart lead to healthy action in your business.
Listen to my entire conversation with Andrew here.