Industry analysis

45910518 - vector illustration of hotel luggage cart with luggage, briefcase, backpack and bag. luggage trolleyWe have already seen what are on the face or it quite surprising numbers in terms of how many people work across the many strands that make up the Hospitality industry. Some of the suggested basics for running or operating within a successful business in this sector are already known or could be guessed based on the Industry dynamics. It’s a high employer of people given that a good number of its functions are those that cannot simply be automated to reduce staff numbers, in fact the mere name Hospitality suggests a person being hospitable or an environment created by humans that is welcoming. In such situations having employees ‘on Brand’, as we saw previously in the insight into how Pret a Manger train their staff is an important factor in how people see the business. Staff turnover is also key…the bulk of the industry will be made up of lowly paid roles which are very easy to quit and move down the road to a similar employer who invoke a more friendly, stimulating and progressive work environment.

Customer Preferences

However, one of the most important factors to be considered at any point in time for a business is how close it is to customer preferences, preferences that are constantly changing. Many a business has started a decline in their fortunes or accelerated in by failing to keep up to speed with customer preferences or new entrants in the marketplace who are changing the dynamic of how the industry sub-sector operates. This is more the realm of what is known as strategy and there are simple ways to gain an insight into how forces that are changing business are impacting on your area. One such way is to take a whistle-stop tour of what those who have access to the decision makers and leaders in the Hospitality industry are saying and then looking at how these trends could or are changing the ways that Pubs, Hotels and Restaurants, Coffee Shops and Food outlets are run.

The following can provide you with any trends that you might need to be aware of and are valuable sources of information for you now and in the future (most of these organisations make such reports available annually).

Are you interested in any of the above, or just want to find out a little more?

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