The CEO of NFS Technology has joined a group of top UK based CEOs in the hospitality industry to warn of fragile consumer confidence following an uncertain election outcome.
The concerns raised follow a survey commissioned by the British Hospitality Association (BHA) and executive search firm Heidrick & Struggles.
The research cited optimism that consumers would continue to spend money over the next 12 months, with 72 per cent of executives positive about the UK’s economic growth outlook.
However, it did reveal a genuine fear of ‘rash’ policies being put in place by any incoming government that could ‘spook’ consumers in to spending less.
Says Luis De Souza, CEO of NFS Technology: “The positivity in the hospitality industry is a stance which NFS is certainly in a position to endorse, with clients seeing a clear upsurge in activity in the first half of 2015.
“However, at the same time, the uncertainty surrounding tomorrow’s election is a natural cause for concern as it could lead to a decline in consumer demand and confidence, especially in the worst case scenario of a political deadlock.”
Here Are Four Top Tips from NFS in the Event of Political Uncertainty to Ensure Your Business Can Ride the Storm and Stay Successful:
1. Make sure your marketing programmes are in place to continue to attract existing and loyal customers who can make the difference in uncertain times.
2. Ensure your reporting is up to date so that costs can be allocated correctly and monitored in real time to ensure better management of food and beverage prices. This is especially critical if there is a run on the Pound caused by an indecisive election result.
3. It is absolutely critical for you to focus on outstanding customer service through use of great front of house staff who can utilise latest technology solutions to ensure every customer has a great experience with you, leading to great reviews and encouragement to visit on social media.
4. Take a long-term view of investment in your business. Through the darkest days of the last recession, many of our clients (Ed Diner’s Group, BrewDog, Gaucho, Dishoom, Cabana and Giraffe) invested in technology and are now leading the way in being among the fastest growing restaurants in the UK.