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Struggling pubs: How to weather the storm for a profitable tomorrow


CAMRA (Campaign for Real Ale) have reported that 18 pubs close each week across the UK. In 2016 500 pubs called ‘last orders’ for the final time. What’s causing the decline of the traditional British pub? And what can landlords do to halt it?


Closing pubs are leaving a void in our communities, our high streets and in our economy. Hospitality has always been a difficult sector to navigate for small businesses, sensitive to shifts in political policy and consumer confidence, as seen recently with rising business rates and Brexit implications.

There's a sense amongst publicans that the situation is likely to get more difficult in the coming months. Banks being less willing to lend teemed with wage inflation, rising food costs and skills shortages are enough to furrow the brow of even the sternest business owner. And yet, some small adjustments may be enough to limit any potential damage, allowing you to weather the storm for a more profitable tomorrow.

Protect your cash flow

Struggling pubs: How to weather the storm for a profitable tomorrow

Poor cash flow management is repeatedly cited as the number one cause of business failure. Even profitable businesses can face bankruptcy if they don’t have cash in the bank when they need it. Here are some things you can do to safeguard your cash flow;

Diversify your business

Struggling pubs: How to weather the storm for a profitable tomorrow

Businesses must evolve or die, and it’s early adopters who often prosper. Times have changed and people's expectations are higher than ever before. Look for ways to invite a broad spectrum of people into your business and encourage them to spend more while they’re there.

Be people focused

Struggling pubs: How to weather the storm for a profitable tomorrow

The definition of ‘hospitality’ is “the friendly and generous reception and entertainment of guests, visitors, or strangers.” People should be at the heart of your business, your customers, your staff and yourself.

Challenging times often serve to stoke entrepreneurial spirit and there’s no doubt that there are some tough times ahead, particularly for those working within the hospitality sector.

The pub is a British institution, as are our small business owners famed for being resourceful and resilient. Identifying pain points, using technology to streamline your business and improving customer satisfaction will all work to safeguard the future of you business.



AUTHOR

Erin Heenan

Erin joined Epos Now in 2016 as an in-house content writer for the marketing department, making use of 10 years experience working in busy restaurants. An avid fan of shopping and eating out, she is committed to helping retail and hospitality SMEs get the most out of their businesses.



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