The economic forecasts for 2023/4

Inflation has begun to fall but it is still well above the target of 2%. However, the Bank of England does expect it to fall rapidly later in the year. Energy prices are still high but are falling and that should filter through to the whole economy during the year.
Fuel prices continue to ease, thereby reducing the costs of transport and therefore the goods being carried.
All in all, the forecast promises a return to lower living costs by the end of the year, with inflation at or near 2%.
However, during 2023, we all have to hang on to reach this better economic time, so cutting costs and improving efficiency are still the order of the day.

Labour costs

Labour has always been and will continue to be a volatile commodity.
Starting your own business is tough until you get some measure of success. Then you decide to take on staff to help you and that’s when it can get tough again.
Staff means Health & Safety regulations, holiday entitlements, overtime rates, sickness pay, etc. etc.

Covid

The pandemic meant that a lot of low-paid foreign workers went back home.
The net result is that a lot of businesses suddenly found themselves desperately short of labour, particularly in the catering industry.
This can all be seen as a problem, or it can be recognised as an indicator of what is needed to protect the business as we go forward into the future.

So, what can be done?

Your staff

To make sure that your staff will remain loyal make their pay and terms and conditions better than your local competition.

Health & Safety

Check that everything is in order, that accidents are unlikely and that no unexpected visits from H&S will put your business in jeopardy.

Sanitisation

Protect your customers, and your staff and your reputation, by fogging your kitchen on a regular basis, fogging-machine, and sanitising the restaurant tables and chairs before and after each sitting.

Promotion

Ensure that your promotional material doesn’t just cover the food you serve but advertises that your staff are happy, professional and friendly and that the premises are regularly sanitised and the kitchen equipment is well maintained.
Invite customers to see the kitchens, that would be a major coup.

The Kitchen Environment

Extraction and Ventilation – make sure everything is working at peak efficiency and is maintained regularly – This will actually keep costs down!
Stainless Steel Fabrication units – nothing impresses quite like a gleaming kitchen when you show customers around your working kitchen.
Save Money on your energy bill – with the revolutionary Commercial Kitchen Heat Recovery system.
The External Environment – keep your neighbours on-side by making sure that your business does not emit odours by using the AirteckG64. This is a highly efficient ozone generator, which eliminates smells by oxidising pathogens in the exhaust pipes and it reduces grease build-up too.

Conclusion

Do all of this and you will be a strong and well-respected business going into the future.