9 traits of successful venues
To be successful and stand out from the crowd can be difficult in the competitive landscape of hospitality. With over 30 years experience working with owners and managers in the industry Hanrick Curran have identified common traits among successful venues. We’ve listed a few together with some tips to help you improve your venue performance.
- Unique service model: differentiate and create a unique and engaging atmosphere. This could be the way customers are greeted, small traditions or unique craft beer or local wines stocked for example. Consider ways you can make different parts of the service cycle funky and engaging.
- Interesting and on-trend food offerings: Try a few dishes that are left of center and present them in a way that’s “Instagrammable”. Even steak and chips, can be presented in many different ways to stand out from the pack.
- Entertainment and events: Try a few different genres to see what works best for your venue and location. Create events on a regular basis to increase exposure and draw new customers to the venue.
- Speak your customers language: Technology gives us access to all kinds of channels providing tremendous reach. Look at which platforms your customers are on, be creative and ensure your branding, positioning and offer is clear.
- Careful recruitment: Appoint quality people who compliment your skills and have proven records of success at doing what needs to be done. A good indicator of how a person will perform in the future is how they have previously performed, so do your research.
- Control costs: Regularly review expenses and identify those that have been steadily increasing. Assess if there are alternative suppliers (service agreements for assets and utility costs are always a good place to start).
- Cash stash: Keeping money readily available for both planned and unplanned events is not only prudent but also necessary in unpredictable times. Project, monitor and conserve cash and credit capability.
- Know the numbers: Make it a ritual to review your numbers regularly. If numbers aren’t your strong point speak to an advisor like Hanrick Curran who can provide management reports, commentary on trends, forecast results, make recommendations and benchmark your numbers against comparable venues.
- Plan for the future: Not having a plan, is a plan to fail. Establish a clear vision and a plan to reach it. Identifying easy wins in the first instance is a great way to start.
For a complimentary venue assessment to help you identify key improvement areas for your venue contact Hanrick Curran’s hospitality specialists on 07 3218 3900.
Please note that this publication is intended to provide a general summary and should not be relied upon as a substitute for personal advice.