The hospitality industry has experienced some significant changes and challenges over the past couple of years. The pandemic has completely upended the way the industry operates, from how guests are served to the operating hours that both restaurants and bars have.
This period of change will come with a new set of challenges, such as the workforce shortage and supply chain issues, that restaurants and bars will have to navigate successfully if they are to continue delighting their guests and turning a profit.
To counteract workforce shortages, restaurants and bars will need to focus on new strategies to find talented workers and keep their team. There will be a renewed focus on staff retention, the use of technology to access internal efficiencies, and improved hiring processes.
The most profitable bars and restaurants will use technology to keep up with changing customer expectations, improve back-of-house efficiencies and improve their profit margins. Examples of trending technologies that will be utilized by restaurants and bars include inventory management systems, online ordering solutions, handheld PoS systems and contactless payment.
With lockdowns and local regulations impacting the operating hours of hospitality businesses, restaurants and bars have realized the importance of having multiple revenue streams to increase their profitability. This could include anything from selling deadstock, introducing a takeout service or even opening your own bar or restaurant-branded store.
There has been a trend in the past for restaurants and bars to build huge menus. The problem is, the amount of inventory needed to support these large menus is overwhelming, and often leads to product waste and large amounts of deadstock. In 2022, we expect to see restaurants and bars simplifying their menus. With food prices on the up and supply chains slowing down, the hospitality industry can benefit from scaling back their menu and focusing on a few core products that their guests love.