Why a Benchmarking Study is an Essential Part of your Re-Opening Preparations

COVID-19 has significantly impacted on our health, our wellbeing and our economy. It is well known that the hospitality industry has been among the worst hit. Now that we are entering a new phase of the lockdown, with the country carefully encouraged to slowly return to a new socially-distanced normal, operators and suppliers are having to mobilise plans to re-open.

As well as having to consider the physical logistics of a re-opening strategy, manage supply-chain demands, implement social-distancing measures, reassure workforce and ensure their protection, hospitality businesses must also think about ongoing financial planning, whether this involves government support, business interruption loans or investor support.

To do this it is more imperative than ever that businesses are able to benchmark their performance against the rest of their sector and the wider industry.

As well as helping you develop insight into your own business practices, enable enhanced strategic planning, more efficient operations and improved services, a benchmarking report is an essential addition to any business plan to help you position your business to prospective lenders and investors.

This information is hard to come by. That is why I have decided to make benchmarking freely available to everyone who participates in this benchmarking study.

By taking part, you contribute to the overall measurements of your sector and the industry. Your data is kept confidential at all times and is not shared with anyone. The information is averaged for the report, which will be distributed once sufficient data has been gathered to provide a useful measurement tool for you. Best thing is – its complete free, apart from about 10 minutes of your time. Click here to participate.

That way, you can get on with all the planning, sourcing and organising you have to do, safe in the knowledge that in a few weeks you will have all the data you need, with handy charts to drop into your business plan, and so you can see where your business performs compared with everyone else.

As an extra special bonus, the report will also contain some simple consumer insight so you can gauge where consumer sentiment is regarding returning to eating and drinking out when lockdown eases further.

The report should be available by early June and you will get updates about its progress.

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