Whether it's due to waste, theft, employee negligence or other, loss of profit is a silent killer that eats away at your business. According to statistics, the hospitality industry loses a whopping $99 billion every year due to these preventable issues (The Sensormatic Global Shrink Index report, 2018).
The UK alone makes up over £11bn of these losses (that's an average of 2% of total revenue!) It's not sounding good for businesses, right?
And thanks to COVID-19, this year has seen pubs, bars and cafes in the UK bear the harshest brunt of lockdown measures. For them, every single penny makes a difference - each one needs to count. It doesn't matter whether it's 1% or 10%. What's imperative to the health of your business is that you're proactively working to bring your losses to zero.
So what's the first step to start saving those precious percentages from bleeding out into your losses?
By focusing on what you can control, you can start making savings that will go straight to your bottom line. Luckily for you, we've formulated a Loss Buster Checklist to help you increase margins, cut your losses, and shape up that bottom line. This incredible tool of reference promises to be your next best friend in cost management.
Read on to find out why.
Checklist? Sounds Too Good to Be True!
If you're sitting there shaking your head with skepticism (which you're entitled to do), then ask yourself this: are you really happy with the way you manage your losses right now?
If the answer's no (because there's always room for improvement!), then perhaps you're currently on the lookout for a more effective strategy. If so, then good for you! You've come to the right place. We're confident that, with the right technology, you can start making some real savings in your operations.
That's why we've designed an all-in-one solution that'll transform the way you manage costs for good.
No more hopping between spreadsheets - juggling data is for clowns.
So How Does It Work?
Our Loss Buster Checklist lays out in black and white the 7 steps that make for better margins. They are:
- Create a Positive Culture. Because people's happiness makes a difference.
- Empower Your Team. Satisfied employees are loyal employees.
- Take Control of Purchasing. Total transparency minimises loss.
- Keep Your Books in Order. Make those admin errors a thing of the past.
- Manage Your Stock. Good stock keeping is integral to your accounts.
- Control Waste. Because waste monitoring can mean make or break for a business.
- Record Data. Stats and data will reveal more than you know.
Download the Loss Buster Checklist to find out, and take the first step towards transforming how you do business.