The Hidden Reason Your Sales Are Stalling
2023 was a year of resilience for restaurant and hotel industry suppliers. Despite many headwinds, higher interest rates, and changing consumer pressures, the demand for equipment and technologies was persistent. But the fourth quarter showed new signs of weakness.
In our survey of over 900 hospitality industry equipment sellers, 76% reported slower pipelines and more outstanding quotes as the year closed.
By the fourth quarter, many banks had long been tightening access to credit, and the consumer’s once strong savings started to dwindle closer to pre-pandemic levels. Despite this, few hospitality companies scratched their plans. We also surveyed over 2,500 hospitality firms finding only 19% eliminating new capital expenditure plans and instead delaying those plans.
As an equipment and technology seller in the hospitality industry, you might be able to avoid these delays by thinking bigger with your finance relationships. By bringing a finance solution to the table with the ability to finance more than your solution, but large parts of the entire project, you can bring more value, establish greater loyalty, and most importantly, avoid the delays that come from other financing issues.
The Hidden Reason
The Remedy
LEAF Can Help
For decades, LEAF has demonstrated our commitment to helping hospitality industry equipment sellers grow with creative finance solutions. If you’d like to explore how a project financing mindset can help, let’s talk.
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Terms and Conditions: All applications are subject to credit approval. LEAF finances equipment only for business purposes and not for personal, family, or household use.
