By TopUp Mama
The probability of a recession is undeniable now more than ever. Items cost way higher and stocks are dropping at a fast rate. What does this mean for businesses in the hospitality industry?
If the COVID pandemic showed us anything, it is that the opportunities for disruption present themselves at times when businesses are at their lowest. So many restaurants thrived during the pandemic, an indicator that the industry always finds a way to pull through even at the worst of times. Food and commodities prices are already being hit hard. Restaurants need to have real-time information on rising food costs and the implications on the restaurant’s bottom line at this crucial time.
Pros of a Recession
Cons of a Recession
When normal operations are disrupted, the organization is bound to be affected either by getting overwhelmed and underperforming or planning for more but only achieving little returns due to lower customer turnout thus leading to wastage
How can procurement managers stay ahead of the effects of the recession and ensure a stable business continues to thrive in difficult economic times? The biggest threat from the recession is the minimized cash flow leading to fluctuating prices for essential commodities. Below are the top three ways procurement professionals and business managers can help businesses manage costs and improve efficiency with fewer resources.
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