So what should you do to make your pub a success?
1. Use a licensed trade accountant that can help you avoid the pitfalls of running a pub in tough times
Particularly in times of economic uncertainty, having a trusted accountant that has seen it all before will give you the skills and knowledge to make the right decisions at the right time
2. Have regular stock-takes to ensure you are achieving the best possible gross profit margins on your products
Know how your business is performing so that you can be both proactive and reactive, adjusting your pricing to optimise profits.
3. Control wage costs as a percentage of your turnover
Staff can be one of your highest controllable costs and your most valuable asset. Financial advice on wages costs will help you plan for the future and grow your business
4. Ensure you save for your tax and VAT
The only way to run a sound and stable business is to save for tax and VAT. Peaks and troughs in cash-flow can be managed with careful tax planning.
5. Monitor entertainment costs and make sure your events pay, not just ‘break even’
Sometimes you’re so busy ensuring the event is a success that it’s difficult to step back and think ‘Is this profitable?’ Setting a realistic budget, careful planning and a post event assessment will ensure every event is not only successful but highly profitable.
6. Train your staff to give not just customer service, but customer delight!
Excellent customer service will not only set you apart from your competitors, but it also builds customer loyalty and recommendations. Going above and beyond with your customer service strategy will create a culture of customer delight.
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