In support of two significant dates in the hospitality calendar, National Hospitality Day and the International Day of Awareness of Food Loss and Waste, arena4finance is offering a free webinar on best practice techniques for controlling food cost, minimising waste and maximising gross profit.
29th September was made the International Day of Awareness of Food Loss and Waste In 2019 by the United Nations General Assembly. The aim is to raise awareness and emphasise across the globe how critical sustainable food production is to food security and nutrition. This year, National Hospitality Day also falls on 29th September.
National Hospitality Day was started to celebrate hospitality businesses as well as their amazing staff and suppliers across the nation, whilst also raising money for five of the hospitality sector’s main charities: Hospitality Action, Licensed Trade Charity, The Drinks Trust, Springboard and Only A Pavement Away.
To recognise and support these two significant dates for our sector, we are offering a free webinar sharing our top tips for controlling food cost, minimsing waste and maximising gross profit.
As food costs continue to put pressure on the hospitality sector, it has never been more crucial for businesses to closely monitor and manage operating costs and minimise food waste.
According to the CGA Prestige Foodservice Price Index, food prices had been increasing by around 2% every month and reached 22.6% year-on-year in June, almost as much as the 22.9% record high seen in December 2022. Prices fell marginally in July to 21.7% year-on-year but according to Prestige Purchasing are slower to fall for the hospitality sector compared to supermarkets.
At the same time, according to WRAP and the Guardians of Grub Campaign, on average, 18% of the food purchased by the UK Hospitality and Food Service sector is being thrown away and costs the hospitality industry £3.2 billion annually. The Guardians of Grub reports that 75% of the discarded food could have been consumed. This highlights an important opportunity for the industry to reduce both their financial and environmental costs.
Efficient and effective cost control is important at any time, but when margins are being squeezed it is essential to ensure that we are safeguarding gross profit with appropriate controls on key costs and waste. During the session we will discuss best practice in purchasing and stock control, tips on how to reduce food waste and menu planning, standard costing and gross profit management. To find out more and secure your place, please view the webinar event page.
We also recommend the Guardian of Grub free 15 minute Cost Saving Skills Course as an additional resource to help your business prevent food waste.
arena4finance regularly provide training support for recognised industry bodies including the Institute of Hospitality, the MasterInnholders, TUCO and the European Clubs Association. Debra Adams, founder of arena4finance and a qualified accountant (CIMA), has been involved with the hospitality industry for almost 30 years and has delivered courses and training to numerous organisations in the hotel and restaurant sector including world renowned hotel schools such as Ecole Hotelier Lausanne and Glion Institute in Switzerland. She is the author of the highly acclaimed textbook 'Strategic Management Accounting for the Hospitality, Tourism and Leisure Industries'. She is also a regular speaker at hotel conferences and business seminars. Debra leads the team at arena4finance, who have had many years of experience developing and delivering one day, online and more extensive courses in hospitality finance for both finance professionals and operational heads of department in hotels, restaurants and leisure facilities. Our courses are powered by our online learning community resources at www.finance4hospitality.co.uk. For more information about arena4finance, email [email protected] or visit our website www.finance4hospitality.co.uk
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