Lounge and bar owners have a unique understanding of the implications of a slow time of year, rising labor costs, and stiff competition. Setting their eyes on the bottom line has likely become a necessity in the industry, especially as of lately, which is why we have comprised a list of ways to stay competitive. Even more importantly than sharing this information with your clients is securing their operation with a comprehensive and customized Lounge Insurance Program.
Reinvent the lounge.
Once every ten years or so, experts recommended revamping the lounge. Brighten up the space, update décor, modernize the menu, and expand the drinks. There is always room to improve and ways to attract more clientele.
Don’t get stagnant.
When business is steady and you have established a steady stream of solid, loyal patrons, it’s easy to take a step back and just keep the business running as usual. But that kind of thinking can often lead to stagnation and risk of falling behind, explains BuzzTime. Stay hungry and look for ways to improve, learn more, and grow the business.
Focus on reviews.
Whether your clients are tech-savvy or not, they need to embrace online reviews and listen to what customers are saying. A bad reputation will curb potential customers faster than anything else, so be sure they monitor their online presence, respond amicably to negative reviews, and work to improve processes and services.
Keep an eye on profits and losses.
Reviewing the books is a critical factor to any lounge’s success. Analyze the numbers to prevent disasters from happening before they begin. Remember, the numbers never lie!
More and more applications and technological advances have been made to make your clients’ life easier such as OpenTable, Urban Spoon, and tableside payment applications. Encourage them to utilize these tools to improve efficiency and the customer experience.
About RMS Hospitality Group
At RMS Hospitality Group, we want to ensure the success and protection of your clients’ lounge and these tips will help to promote their business and sustain the crowds throughout the year. Our coverages are crafted specifically for the hospitality industry and protect against the wide range of perils that one might face. To learn more, contact our experts today at (888) 359-8390.