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Industry news, resources and tips from the team at IHS.
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For hospitality businesses, effective stock management is not just a routine task, it is the backbone of profitability and efficiency. However, many business owners and managers aren’t clear on the distinction between stock taking and stock counting, often assuming they are the same thing. While both involve tracking inventory, they serve very different purposes and yield different insights that can dramatically impact business success.
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There is a wonderful – and almost certainly apocryphal – story about the Queen that suggested she thought that all buildings smelt of fresh paint. The theory went that anywhere HRH was planning to go was given a brush-up, spring clean and a lick of paint. Effectively, her Majesty never saw places for real. The same can occur in venues when senior management are visiting. One way to genuinely discover how well a site is performing is to get someone to go undercover with a mystery visit.
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The next step is to gain a better understanding of how to positively impact the average SpH in a venue.
A good starting point is to look at the venues in the previous parts. However, there’s a range, depending on the type of centre and how it’s operated. For example, we would anticipate a well operated Boutique style centre in the same location to return a SpH figure of more like £7.00. Equally, a poorly operated FEC style centre in a similar location can quite easily slip to F&B SpH returns of around £2.00.
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