What challenges does your restaurant face in 2018?

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What challenges does your restaurant face in 2018?

While consumers are as keen as ever to eat out, the restaurant industry is going through a turbulent period right now.

With people's food tastes changing all the time and wider economic issues weighing down on the sector, it's not an easy time to be a restaurateur.

So what difficulties is your business dealing with right now and how can you overcome them?

Rising price of ingredients

The pound fell sharply in the wake of the June 2016 Brexit referendum and led to the cost of goods imported from abroad going up. That means many food categories have become more expensive, with eateries shelling out more to get certain ingredients from outside the UK.

Cash flow

Cash flow is one of the most pressing concerns among Britain's business owners and decision makers right now, more so than skills shortages across their workforce. 

That puts extra pressure on them to manage their finances very carefully over the coming months, as all eyes will be on them to ensure they are making sensible investments that deliver good returns, or serve a strategic purpose for their business.

Competition is growing

Consumers have more choice than ever when it comes to eating out, with the market becoming increasingly saturated.

That means people have less compulsion to stay loyal to a particular restaurant, especially as social media has made it easier than ever to be introduced to new options and places to go.

Amid all this, fast-casual restaurant firms have stepped up their focus on offering a dining experience, rather than just a meal, forcing higher-end establishments to respond by cutting their prices.

Regulatory changes

In recent years, the government has introduced a number of reforms that directly impact what employers must pay to members of staff, from the National Living Wage to the Apprenticeship Levy.

Amid all this has been a recent hike in business rates, and the General Data Protection Regulation is just around the corner. So with the regulatory environment changing all the time, restaurants must place a firm focus on adapting and remaining compliant at all times.

Meet us at Hotelympia

GRENKE wants to help you meet these challenges head-on without breaking the bank.

For instance, we know that tying up funds in business equipment that you buy outright can be one of the biggest pressures on cash flow.

That's why we offer leasing services, so you can make use of the tools you need to run your business while freeing up cash to invest in your wider goals, action forward-looking strategies to address competition and plan for any future financial impacts.

This flexible and affordable option is tailored to each client's specific needs, so you can arrange a leasing agreement that meets your unique requirements.

GRENKE will be attending Hotelympia at ExCel London on March 5th – 8th. Visit us at stand 2929 to find out more about how we can help support your business goals.

We'll be on hand to talk about every aspect of our service, including our new factoring offer, in which we pay your invoices immediately and follow up your outstanding invoices in a respectable, friendly and professional manner, allowing your business to continue with your positive and trusting relationship.
We look forward to meeting you!