$10 trillion and other interesting numbers…

  • The hospitality industry is estimated to be worth in excess of $10 trillion
  • San Alfonso del Mar Resort in Chile has the world’s largest swimming pool, holding 66 million gallons of water (more than twenty Olympic pools in size!)
  • There were over 1300 million international tourists in 2017
  • Harmony of the Seas by Royal Caribbean International is the world’s largest cruise ship, measuring 362 meters in length and accommodating 6800 guests
  • Space travel is estimated to be worth over $20 billion by 2020
  • 6 out of the top 10 tallest hotel in the world exists in one place – Dubai
  • There is an estimated 18.5 million hotel rooms in the world
  • The most expensive hotel room is estimated to be The Royal Penthouse Suite of Hotel President Wilson in Geneva, charging a price per night of approximately $61,000- $84,000
  • The Koshu Nishiyama Onsen Keiunkan in Japan is over 1300 years old, making it the oldest hotel in the world, and it’s been owned by the same family for over 50 generations

This is just a few facts and numbers about the hospitality sector, there are millions and millions more as hospitality is a massive part of life and the economy. Your slice is just one part, but it is a vital part in a growing industry that touches everyone. Take your numbers and run with them. You are literally one in a million.

Author: Written by ShelleyHolmes Accountancy

Find out more about our dedicated services for the hospitality industry >

 

Fact Source: soegjobs.com – thank you

Image source: The Daily Beast – thank you

Does anyone understand your industry?

You have a business, a restaurant, a guest house, a catering firm, a chauffeur company, and you reach a point when you need outsiders to support your business and your growth:

  • Business services: IT, accountants, telecoms, legal services, HR, recruitment
  • Investment: crowd funding, independent investors, organisations, banks

What if these people don’t know your industry that well? How does that impact the end result? Will you be confident in their service or expectations?

People do not need to know your industry to take on your work or look to invest. But should they?

Let’s start with investors…

Investors are looking at a model where they can see an enticing return on their investment. Some are prepared to take greater risks. Some buy into the long-term, others want a short term option. But the majority will not know or understand your industry!

This means it is up to you to educate them, and in a way they will relate to (and without the industry lingo), so ‘yes’, ultimately they do need to know your industry.

Now what about service providers?

You could look at it in the same light as investors – with you educating them on the industry. You then get to paint the picture in order for them to tailor their service. And tailor their service they must!

What this means is that no service offering fits all, each business and organisation is different in what it does, how it’s made up, they way it’s run and the issues it faces, so a service provider absolutely needs to adapt their service offering. But so many do not.

And what if the picture you paint of your industry is not accurate? We are all guilty of bias, our own take on why things are the way they are and what may lie ahead. Now, if the service provider had first hand experience of the industry through either their customer base or actual work experience, then wouldn’t they have a more informed view of the industry, the challenges and the changes? Service provider with no hands on experience or a service provider who knows the industry well… who would you choose?

Author: Written by ShelleyHolmes Accountancy

Find out more about our dedicated services for the hospitality industry >

 

Three industry features that caught our attention…

With so many constant changes and innovations within the hospitality industry, there is still a host of opportunities to stand out, differentiate and grow. Following the industry news and announcements highlights this and below are just a few of the stories and news items that have caught our attention for different reasons over the last month, and we would like to share them with you:

A Cardiff city centre hotel has raised almost £3,000 to help the city’s homeless by charging guests £1 to store their luggage after check-out.

https://www.hospitalityandcateringnews.com/2018/08/hotels-left-luggage-bags-2-8k-cardiff-homeless/

UK HOSPITALITY SECTOR COULD BE WORTH £100 BILLION BY THE END OF 2018, DESPITE CLOSURES AND STAFF SHORTAGES

https://www.thedrinksbusiness.com/2018/06/uk-hospitality-sector-could-be-worth-100-billion-by-the-end-of-2018-despite-closures-and-staff-shortages/

The Fab Four: four key tech areas shaping how restaurants are run

HTTPS://WWW.BIGHOSPITALITY.CO.UK/ARTICLE/2018/08/31/THE-FAB-FOUR-FOUR-KEY-TECH-AREAS-SHAPING-HOW-RESTAURANTS-ARE-RUN 

Author: Written by ShelleyHolmes Accountancy

Find out more about our dedicated services for the hospitality industry >

A Piece of Cake! Client Insight

Send Cake! sends personal messages to your friends and loved ones all over the UK through awesome cake-filled gift boxes in the form of home made, delicious cakes.

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The Need: Accountancy software and support to manage new business
The Solution: Quickbooks Online and training

“As a small, new business owner, I came to ShelleyHolmes Accountancy with pretty much zero knowledge. Not only have they helped me immensely with all things accounting, but they have also pointed me towards potential new clients; given
me advice about processes and systems to increase efficiency; and provided me with all manner of business support and development.

Without a doubt, they are helping to grow my business. I would not falter to recommend them.”

Martha Williams, Owner of Send Cake

Check out the delicious Send Cake! website: www.send-cake.com

Find out more about our QuickBooks Package: Quintessentially QuickBooks

Author: Written by ShelleyHolmes Accountancy

Find out more about our dedicated services for the hospitality industry >

 

Quintessentially great and X marks the spot

Two of the most popular accountancy software packages, QuickBooks and Xero, are widely used across the hospitality industry for their effectiveness at delivering the reports and financial info needed with ease, and managing accounts effectively.

But when your not a trained accountant, there are always questions that need answering and guidance on how to get the most out of these platforms to help you operate more effectively. So we at ShelleyHolmes Accountancy have listened and now have the answers:

Quintessentially QuickBooks and XeroX

We have launched two new accountancy packages that will provide you with:

  • the essential tools to manage your business finances
  • one-to-one training sessions with a expert coach from ShelleyHolmes
  • forum membership to exclusive online QuickBooks/Xero groups
  • dedicated newsletters with tips, offers and software updates

All this for a low monthly fee:
Quintessential QuickBooks only £30 a month
XeroX only £49 a month

Find out more:

Quintessentially QuickBooks

XeroX

Author: Written by ShelleyHolmes Accountancy

Find out more about our dedicated services for the hospitality industry >

Prices are based on a minimum 12-month contract and exclude VAT

TVs in your hotel, B&B, Lodgings? Are you covered?

There are proposed changes to the copyright licencing of TVs used in hospitality for public viewing. This could effect you if you have TVs in your commercial guest rooms.

Read and have your say with the British Hospitality Associations survey: MPLC – new proposed copyright tariff for TVs in hotel bedrooms >

Author: Written by ShelleyHolmes Accountancy

Find out more about our dedicated services for the hospitality industry >

Overcoming Recruitment Issues

The hospitality sector has always had issues with staffing, with high turnover, people not turning up for shifts and covering unsociable hours, to name a few.

There is a more and more focus on providing what is wanted: development opportunities and flexibility. It is not always (all) about the money…

This is not a new topic of discussion and many organisations have come up with great methods to recruit team members, retain them, keep them motivated and train to high standards. These are models that should be shared and observed, to see how your own organisations can benefit.

Here are some examples:

Clink Charity and The Clink Prison Program >

Charlestowne Hotels >

The Australian HR Institute covers this topic >

The Caterer covers this topic >

Author: Written by ShelleyHolmes Accountancy

Find out more about our dedicated services for the hospitality industry >