Anthony likes helping people reach their true potential. Being the victim of his own fears and insecurities in his own business, he has decided to help others create more opportunities.
Brexit has shaken the business world. While even the best experts can’t be certain about the outcomes, there will almost certainly be an economic impact. Right now the most likely scenario is that food and drink prices will increase, as Britain will no longer have access to the European Single Market. With a projected fall in consumer confidence, it’s likely that restaurants will see customers getting scarcer. Not all is lost though. Here is how you can positively use Brexit, instead of focusing on a rather gloomy picture…
Reassure tourists
The Brexit campaign has led some foreigners to believe they were no longer welcome in Britain. If you primarily attract tourists, it’s vital to tell them you are delighted to have them in your restaurant to give them a taste of Britain. Remember that when the pound goes down, foreigners have more purchasing power when they visit Britain. Who knows, tourism could increase with Brexit.
In fact, whether your restaurant serves British food or foreign cuisine, you can positively use Brexit to position yourself. An Italian restaurant can boast still giving access to great Italian tastes, even after Brexit. A typically British restaurant can display its pride to be British, and its willingness to share Britain with foreign visitors.
Use the locals
Let’s face it, the pound has already gone down. That means foreign products will get pricier sooner or later. Now more than ever before, buying your raw materials from local producers is the smartest choice. It’s also better for the environment, and it’s still the best way to get fresh food.
Developing unique partnerships with your local producers will allow you to negotiate better prices. By doing so you kill two birds with one stone. Partnerships help you keep your costs reasonable, while getting your name in more places. Producers who can sell you their products regularly will be glad to advertise your restaurant as a win-win relationship.
If for most items on your menu, you indicate where the food was grown, people will generally be impressed. Too many restaurants still resort to frozen foods for convenience. Advertising the choice of fresh, locally grown products will help you stand out from your competitors. With the fall of the pound, they won’t be able to slash their prices for long anyway. Trying to compete on price in an inflationary scenario is a bit suicidal, actually. Competing on quality and service is much safer.
Communicate about Britishness
While British people are generally proud of their cuisine, some foreigners need to be convinced about its superiority. Typically British recipes will probably be a key trend in 2017. Use your regional classics and give them your unique twist. How about a “Post Brexit Shepherd’s Pie”?
On social media, people still talk about Brexit a lot, which means your posts will be more visible with hashtags such as #Brexit, #Britain and the likes. These hashtags are heavily controversial, but you can use them subtly.
When communicating about Brexit, it’s important to draw the line between opinions and facts. Brexit is a fact now. It is happening. You can and should talk about it. The last thing you want, however, is to introduce politics in your business. Fortunately, Brits have a sense of humour, and will generally respond well to posts such as:
Simple ways to keep your costs down
Economic forecasts are not great with Brexit, but modernity has brought us new tools to help your business keep its costs down. Advertising on social media is still way cheaper than traditional channels. You can target people geographically and make sure your ads are seen by a relevant audience.
You can also scale your restaurant up beyond its seating capacity with online orders, which you can automate with simple softwares and processes, such as LivePepper.
And finally, developing customer loyalty will be even more essential for you. Should a recession occur, your regular clients will be your most reliable market. Giving 15% coupons if they come back the following month is one way to ensure your restaurant keeps a steady flow of clients.
Wrap-up
While too many businesses are already trembling at the idea of rising prices and falling consumer confidence, the key is to remain proactive. Brexit won’t make money vanish from people’s pockets. To positively use Brexit, you should keep people’s attention on you. Additionally, by leveraging old and new strategies to keep your costs down, you can not only keep your business afloat, but also scale it up as if Brexit had never happened.
Additional Resources
http://www.bighospitality.co.uk/Trends-Reports/Fundamental-Brexit-effect-on-food-and-drink-prices-expected
http://www.bighospitality.co.uk/Business/Brexit-could-see-food-and-drink-prices-rise-in-double-figures
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