A technology founders perspective by Patrick Clover, Founder Stampede
As a technology founder deeply entrenched in the hospitality sector, | have witnessed first hand the myriad challenges that have befallen our industry, especially in recent times.
The dynamic landscape of regulations and economic pressures has spurred a need for comprehensive reforms and relief measures to ensure the survival and thriving of businesses within the hospitality realm.
| am going to explore some key areas where reform is crucial and share insights on how technology can play a pivotal role in addressing these challenges.
Alcohol Advertising: A Digital Marketing Revolution
Compliance with alcohol advertising regulations and Minimum Unit Pricing (MUP) requirements is paramount.
Leveraging digital marketing tools and analytics, technology can assist businesses in crafting targeted, compliant advertising campaigns. Software solutions can aid in dynamically adjusting pricing structures to meet MUP standards without compromising profitability.
Non-Domestic Rates (NDR) and the Power of Data Analytics
Navigating the intricacies of Non-Domestic Rates (NDR) is a complex task for hospitality businesses. I’ve plotted this out from 2018 to now, you can clearly see the reliefs coming down while the gross payable amount is getting ever so slightly increased. The delta created here will directly impact profitability and this trend looks like it will continue. Harnessing the power of data analytics and technology that delivers ROI will give a clear path to growth and increased sales.
The job to be done here is making sure your growth rate increases faster than these changes.
In conclusion, the challenges faced by the hospitality sector demand a multifaceted approach, and technology stands at the forefront as a catalyst for positive change. By embracing innovation, financial management, marketing strategies, safety protocols, and workforce practices, hospitality businesses can not only weather the storm but also emerge stronger and more resilient than ever before.
As a technology founder dedicated to the well-being and sustained growth of our industry, | am optimistic about the transformative ~~ power that technology holds in reshaping the future of hospitality.
I’d welcome the chance to talk to any operators more on these topics and others.
