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Generally speaking there are only three ways to increase revenue in a hospitality business. This chart will show you what they are, as well as some ideas on how you can tackle them. It will also show you the different ways to reduce wage costs, food and beverage costs and the other costs associated in your business.
Profit in today’s economy requires a systematic approach, a deeper understanding of hospitality economics, and a willingness to abandon the old ways of doing things.
A healthy balance sheet is absolutely necessary so that you can get the work/life balance you may be seeking, put your business under management or lay the foundations for expansion.