Although the hospitality and leisure sector is broad in scope, with industries ranging from hotels, pubs and nightclubs through to holiday centres and tourist attractions, many of the areas of work are common throughout and all participants need to constantly monitor their cost lines, portfolios and potential transaction opportunities.
This said, against the uncertain backdrop of Brexit, the impact of the national living wage and a constant influx of new competitors, savvy operators are not only cost conscious, they are looking at skills and innovation to improve productivity, efficiency and staff retention. Efficient workforce management systems, raising prices, productivity related skills development, reductions in procurement costs and improvement in working capital and supply chain management are all examples of initiatives that are constantly being implemented to offset macro level pressures.
Irrespective of the economy, businesses that have really good management teams with the right leadership and management skills, and great concept will outperform the market. Embracing New Technologies and maximising the application of Digital Business, no matter how tough the economy, there are always businesses in hospitality and leisure who do really, really well. They innovate and develop new concepts and the money goes towards them.