The year 2024 not only brings good intentions, but also exciting developments in the catering industry. However, the start to 2024 is proving to be rocky for many restaurateurs, as the VAT reduction on restaurant services expired at the start of the new year. A tough blow for the industry, but one that also harbours opportunities that need to be recognized and exploited.
Difficult start due to VAT increase:
The increase in VAT for catering services represents a financial hurdle that poses new challenges for many restaurateurs. Due to the increased tax rate for their products, restaurateurs are forced to adjust their prices, which in turn means a financial burden for guests.
This situation therefore requires creativity and flexibility. Restaurateurs should act now and rethink their cost structures, work more efficiently, and at the same time maintain the quality of their offerings.
See opportunities in the change:
In the midst of uncertainty, restaurateurs can see this phase as an opportunity to reposition themselves and break new ground. The changes in taxation could lead to the industry focussing more on high-quality, sustainable products in order to meet the increased expectations of guests.
In addition, the use of modern and efficient checkout systems such as our CASSABOX or the use of self-service terminals offers potential savings on the personnel side. We have already reported on the use of various service models to increase the profitability of catering establishments. To avoid having to pass on the VAT increase 1:1 to the customer, you can get creative: Check whether you can digitalize and optimize work processes, save on purchase prices or optimize your offer.
What’s important now:
Provide your guests with attractive offers, clearly communicate your new pricing to them or utilise new service models and technology. This is the best way to ensure the economic stability of your business. Seize the opportunity and present yourself as an innovative and customer-oriented host.
The VAT increase may make the start of 2024 more difficult, but it also opens the door to new opportunities and ideas. In our next article, you can find out more about the exciting catering trends that will shape this year. Stay tuned and be inspired! 🍽️✨
If you would like to find out more about our CASSABOX POS system and our smart self-service solutions, please send us a message to firstname.lastname@example.org or call us on: 04954 9279550. You can also send us a WhatsApp message to this number.