Restaurants and hospitality businesses have been on a roller coaster ride in 2020. They have been trying to keep their heads above water, staff on board and get some turnover to pay the bills. Now they are now facing new challenges as they begin to reopen.
One of the main challenges I see ahead are hospitality businesses simply going back to the way they used to do things Going back to the old business models and hoping for the best.
Unfortunately the old business model of 5% profitability is not good business. It’s just getting by. I believe there is are opportunities to make fundamental changes here and secure a better future. A future that leads to better financial fundamentals.
Check my YouTube video where I share four ideas on different strategies that can be implemented.
Find out more about our Hospitality Consulting Service at the MFE website.