With Brexit on the horizon, businesses are faced with preparing for any eventuality. With such an uncertain future, it’s important you focus on improving your hotel or spa’s revenue strategy as best as possible to prepare any outcome. With that in mind, here are five ways to improve your business forecast for when the UK leaves the EU.
Stocktake for the whole year
Perform a thorough stocktake to see what products have been the most popular, helping you plan for the whole year ahead. That way, you can increase your order on the essential items you need to perform those popular treatments, or switch to UK brand equivalents to help with acquiring the products down the line.
Focus on market trends
Examine periods of performance in the hotel and spa industry to highlight trends. For example, a downturn in revenue may be an occurrence in your area or across the sector during a specific period, rather than just your business. This will help inform what areas to focus on that are unique to you and what could be impacted industry-wide come Brexit, helping avoid any costly decisions.
Break down your stats
Check statistics from previous periods and segment them into postal code areas your clients have visited from. Guests from specific locations may peak during certain periods, for example, which could be affected by Brexit. Breaking down these statistics will help you gauge where your business is coming from, what will likely be most impacted and what areas you should allocate your revenue towards.
Dynamic pricing
If you have yet to provide dynamic pricing, now’s the time to look into it. Through examining your reports, you will be able to see what times are most popular, such as weekends or evenings. Offering lower prices for non-peak times will attract clients, benefitting them further. This system will help you be flexible with your prices to tailor them to the post-Brexit climate and keep a constant flow of revenue coming in.
Plan for lighter treatments
It is possible that client spending will be cut back post-Brexit, either as a result of being careful or even from a recession. This is where moving away from luxury treatments and planning for smaller or lighter alternatives could help incentivise those holding back on their spending. This makes for a good addition to dynamic pricing, offering an overall more affordable alternative for you and your clients.
Pulling reports on business performance will help you forecast for Brexit, regardless of its ever-changing nature. Core by Premier Software can help do this, keeping an eye on trends within your business. For more information or to book a presentation, call +44 (0)1543 466580 or visit our website at www.premier-core.com.
