Flexibility Crucial for Survival

that drives up our mortgage rates, there's never a dull moment.

Caitlan Mitchell Editor caitlan@reviewmags.com

In today's interconnected world, it's hard to deny the influence of social media on pretty much every aspect of our lives. It affects the movies we watch, the fashions we wear, and the food we eat. Social media is always there, documenting the latest trends, telling us where to eat (and where not to), and these days giving us tips on how to save some cash.

During the Great Depression, Hollywood made comedies to give the population a muchneeded laugh. Fast forward to today, and we've got the Labour Government dishing out some unintentional comedy. From telling us to take shorter showers to wasteful government spending caitlan@reviewmags.com

But you know what? When times get tough, we get creative. Dining in and Uber are trending down as consumers lean towards local-friendly takeaways. Easy pickup is the new delivery, and every penny counts.

And when we do want to treat ourselves, we often turn to our good old favourites. That's why coffee machine sales are on the rise. People opt for that "at home" barista experience instead of grabbing a coffee at the local café. If they buy coffee, they're making cuts in other areas, like bringing packed lunches from home or adjusting to remote work.

Economic downturns do affect what we put on our plates. A mix of financial prospects and what we can afford influences our dietary choices. And that has some implications for the hospitality industry.

Unfortunately, the middle and lower-income earners usually feel the brunt of these changes.

So what do you think the best way forward is?

Adapting menus, tweaking to match customers' changing preferences and offering meals at prices that consumers feel are affordable is a starting point.

Change may be scary, but flexibility and adaptability are crucial for survival in these challenging times.

Now, let's get down to business. Having a solid accounting system, running the reports, or getting help from a skilled accountant (or both!) is an absolute must. Keep a close eye on finances; leave this task at the end of the month or the quarter.

A recession hits the hospitality industry hard, so stay on top of your numbers, cut back on spending, renegotiate leases or contracts, and tighten those overheads.

Be proactive. Don't wait around and hope for the best. Act swiftly. Address any problem areas head-on, and be open to change. You'll be better equipped to weather the storm with intelligent business planning and an adaptable mindset.

It can all come down to effective management, adaptability, and a proactive approach. By embracing these strategies, businesses in the hospitality industry can increase their chances of surviving and emerging even stronger on the other side.

Hang in there, and let's ride this wave together.

Publisher: Tania Walters, tania@reviewmags.com

General Manager: Kieran Mitchell, kieran@reviewmags.com

Group Managing Editor: Sarah Mitchell, sarah@reviewmags.com

Editor: Caitlan Mitchell, caitlan@reviewmags.com

Editorial Associate: Sam Francks, sam@reviewmags.com

Maasdam, annabel@reviewmags.com

Advertising: Caroline Boe, caroline@reviewmags.com

Senior Designer: Raymund Sarmiento

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