Keep up to date on changes in prices and market dynamics. It is essential for each product in your pipeline to track price fluctuations, understand supply and demand, as well as seasonality.
In your food and beverage operations, consider alternative brands and suppliers. While a strong supplier relationship is critical, never be afraid to rotate in new items to reduce your costs quickly and dramatically.
Aspire to the fewest possible deliveries. A $ 4,000 delivery means a lower cost of transportation and labor than eight $ 500 deliveries. Consolidate deliveries at all times.
Plan carefully the timing of your orders. To ensure availability and reduce the stress of not having a product available, allow plenty of lead time for your order. Suppliers may, due to seasonality or lower demand, offer discounts during specific times of the year. Capitalize on that, although far ahead of time. If you expect essential products to be priced, order them now.
Consider total ownership costs (TCO). Consider both the long – term costs and the original price when choosing between items. Over time, buying with the lower TCO will make a better value. Consider time, brand, durability, warranty, expectations of the customer, and waste.
Rent vs. ownership and outsource vs. in – house calculation. Complete a detailed procurement, maintenance, repair, and replacement cost analysis. Renting can save capital outlay upfront and reduce operating costs, but owning offers lower long – term costs and constant availability. Outsourcing offers more flexible scheduling, while in – house work gives you greater control over your workforce.
Implement the guidelines for receiving. Check all receivables to make sure you get exactly what you’ve requested. Check weight, temperature, count, lifespan, and goods condition. If you see a box or crate with any visible signs of damage, open it and inspect it. If any damage or spoilage occurs, the delivery must be refused.
The global hotel industry falls under the travel and tourism industry umbrella, which in 2017 contributed $ 8.27 trillion to the global economy. Travelers on the road for more than a day need a place to sleep and rest, and they can be accommodated by different types of lodging around the world.
The global occupancy rate of hotels in most regions (the share of total available rooms that are occupied or rented at a given time) has increased over the past five years. Europe had 70.4 percent of the highest occupancy rate in 2016, followed closely by 69 percent of the Asia Pacific region. In the same year, hotels with an average daily rate of $149.02 were the Middle East and Africa’s most expensive regions. Asia Pacific has been the cheapest region in the past two years.