This article is part of our Brexit Survival Guide: Practical Tips for Hospitality Businesses series, and is written by Edward Hallett , the UK Managing Director of iZettle
Half of Britain’s food is imported and about 30% comes from the EU. A quarter of the 3 million people in Britain’s hospitality sector are EU nationals.
With these two facts in mind, it is inconceivable to think that Brexit will have no impact on food and staff costs for operators in the hospitality industry. In this context, operational excellence to control costs and remain profitable is critical.
Having worked with providing time and cost saving technology to food and drink operators for 7 years, I have found that the following areas are key to keeping costs under control and achieving profitability in the longer term:
- No lock-in contracts for POS systems: traditional point-of-sale solutions charge a significant upfront fee and tie businesses into multi-year contracts. Especially if you are just starting your business or focusing on cutting down costs, consider providers with no lock-in contracts and limited upfront investment to spend your money in other areas of your business. This will enable you to stay agile without being tied down.
- Simplify information flow across touchpoints: using efficient technology to help scale business operations is critical and streamlining information processes is a vital element. At iZettle, for example, we provide one unique commerce platform to simplify the business flow across all touchpoints including taking payments, managing sales and leveraging transaction data to help drive efficiencies and reduce costs.
- Integrate staff & inventory management: modern POS systems are built on robust technologies that make it easy to integrate with partners, whose products you may already be using. Look for a system that allows you to integrate with third-party apps to make managing staff and suppliers easy, so you don’t have to deal with the added hassle of dealing with isolated systems. For example, iZettle has partnered with Planday to allow you to track your staff revenue and benchmark it to your payroll costs to build the most cost efficient schedule for your business.