As hospitality venues look ahead to the new year and start to plan for 2023-24, one of the most important considerations should be inventory management. Having an efficient system in place to track and manage inventory is essential for any successful hospitality business.

With StockTake Online, inventory management has never been easier. StockTake Online is the perfect solution for hospitality planning in 2023-24, providing a comprehensive suite of tools for inventory management and reporting. In this blog post, we will discuss why it is important to use StockTake Online for hospitality planning in 2023-24.

What to Expect in 2023-24

As we look ahead to 2023-24, the hospitality industry is likely to face some challenges, especially when it comes to managing and monitoring operations. With more people opting for takeout, delivery, and other contactless experiences, restaurant managers must find ways to remain competitive while still meeting the needs of their customers.

The global hospitality industry is expected to grow in 2023-24

The global hospitality industry is an ever-expanding sector that is set to become even bigger in 2023-24. According to the World Travel & Tourism Council (WTTC), the global hospitality industry is expected to generate $9.6 trillion in economic activity in 2023-24. This is an impressive 7.35% increase from 2022 and further demonstrates the strength and potential of the hospitality industry.

With this expected growth, it is essential that businesses in the hospitality industry start planning now for how they can best take advantage of these changes in the coming years. Establishing a clear plan for 2023-24 and beyond will help ensure that your business is prepared for any changes or opportunities that may arise. One terrific way to start creating a plan is by using restaurant management software such as StockTake Online. Our software helps streamline operations and maximize productivity by providing insight into restaurant inventory, financials, analytics and more.

Assessing your business's needs

Having a hospitality plan in place is essential to the success of any hospitality business. Before you can start creating a plan, you must first assess your business’s needs. What type of guests are you catering to? How many staff members do you need to accommodate them? What kind of services do you need to provide? Answering these questions can help you develop a comprehensive hospitality plan.

One of the most crucial elements of a successful hospitality business is having the right restaurant management software in place. This software can provide the tools needed to keep track of customer orders, manage inventory, and provide reports. With the right software, your business can maximize efficiency, reduce costs, and better serve your customers. StockTake Online is an excellent restaurant management system that can provide all the features needed for successful hospitality planning.

Putting together a hospitality plan

Putting together a hospitality plan is to determine what needs to be included. This includes determining your staffing structure, food and beverage costs, guest service procedures and more. You should also include a timeline outlining when distinct parts of your hospitality plan will be completed and implemented.

What to include in your hospitality plan

When planning for hospitality in 2023-24, it is important to consider what elements you will need to make the most of your hospitality. Here are some things to include in your plan:

1. Goals: Establish clear goals and objectives for your hospitality operations. This will ensure that all activities are in line with your desired outcome.

2. Budgets: Outline the budget for each activity or area of hospitality you are offering. This will ensure you remain on track financially.

3. Staffing: Decide how much staff you need for each area of hospitality, and whether you will need to hire fresh staff or if you have the capacity to use existing employees.

4. Technology: Consider the use of technology to streamline processes and ensure customer satisfaction. Restaurant management software is an invaluable tool when it comes to managing operations, menus, orders, payments, and more.

5. Marketing and Promotion: Develop an effective marketing strategy that utilizes various methods of promotion such as social media, email campaigns, and print materials.

6. Scheduling: Outline the hours of operation and the schedules of your staff so that everything is accounted for.

7. Feedback: Implement a feedback system that allows customers to provide their feedback on services, food quality, and other elements of hospitality.

By taking the time to plan out each element of your hospitality plan, you can ensure that all areas are accounted for and that your plan is successful in meeting its goals. Utilizing restaurant management software like StockTake Online is essential for planning your hospitality in 2023-24.