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10 New Year Resolutions to Help You Run a Profitable Hospitality Business in 2023

January 10, 2023

Welcome to the new year, when we all make grand plans and resolutions to better ourselves and our businesses! Here are 10 new year's resolutions that will help you run a more profitable business in 2023.

New Year Resolutions You Should be Making

From streamlining operations to increasing customer satisfaction, these resolutions will set you on the path to a successful and profitable year. So, let's get started!

1. Implement a delivery service

By implementing a delivery service, you give your clientele the convenience they want and expand your reach beyond your physical location. Below are a few things worth taking note of:

  • Determine if it is feasible for your business
  • Set up an online ordering system to make it easy for customers to place delivery orders
  • Choose the delivery partner that makes the most sense for your business
  • Promote your delivery options through email marketing, your website, and social media

2. Streamline your operations

Efficiency is key to running a profitable business, so resolve to streamline your operations as much as possible. Embrace cloud technology and make use of third-party integrations so you can manage and control all aspects of your business from a single central hub.

3. Keep your costs in check

Monitor your costs regularly to be certain you're on track. Use financial reports and analysis tools to track your costs. Conduct a thorough analysis of all your costs including fixed and variable expenses and identify where you may be able to cut costs.

4. Go green

More and more customers are looking for environmentally-friendly options, so make a resolution to go green in your business. Look for ways to reduce your carbon footprint and make your business more sustainable.

5. Healthy menu offerings for health enthusiasts

Offering healthy menu options attracts health-conscious customers and sets your business apart from the competition. To appeal to a wider range of customers, offer a variety of dishes that cater to different dietary preferences. Just because a meal is healthy doesn't mean it has to taste boring. Experiment with different ingredients to find what works best.

6. Build your online presence

Your business must have a strong online presence. Make a resolution to invest in your website and social media accounts and use them to connect with customers and promote your business.

7. Tell your establishment’s story

Connect with customers and differentiate your business from the competition by telling your story through high-resolution photography and content marketing. To help visitors picture themselves at your property, use content and photos that will make them visualize the experience they will have upon arriving at your establishment.

8. Get creative with marketing

To stand out in the crowded market, get creative with your marketing efforts. Resolve to try new marketing strategies and approaches and don't be afraid to think outside the box.

9. Set SMART goals

Setting SMART goals is a proven method for achieving success in any area of your life, including your business. Make your goals for the year Specific, Measurable, Achievable, Relevant, and Time-bound.

10. Enhance value for your guests

This is a key factor in running a profitable hospitality business. Here are a few ways you can increase value for your guests:

  • Offer excellent customer service
  • Offer added amenities
  • Provide convenience
  • Offer competitive pricing
  • Stay up-to-date with the latest technology

By making these new year's resolutions, you can set your hospitality business up for success in 2023 and beyond. Here's to a profitable and fulfilling year!