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.

martamay_0256_540x

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 >

 

Tech or not?

So many ways to look at technology within the hospitality sector, from systems to social marketing, rankings to finances, and everything else too! So why is it still not embraced fully to increase efficiency and exposure?

Costs? Technology investments are significant lines on the P&L, but without investment your may be holding back your business. Technology costs ultimately reduce costs, through increased efficiencies and enhancing the customer experience.

Remember, technology is not just there to help you… it helps your customers. Think contactless payment, online bookings, etc. Customers’ time is precious, so helping them save time will ultimately help you.

And don’t forget all that wonderful information about buying and booking habits you can capture through technology, to enhance your marketing strategies.

Hostech 2018 stated that “The hospitality sector remains behind the majority of UK consumer-facing industries when it comes to embracing and harnessing technology. It must catch up quick, especially if it wants to secure a new generation of consumers, take advantage of the huge opportunities to improve efficiency at a time of cost pressures and stay on top of security issues posed by cyber hacking and GDPR.” (source: https://www.hostech.co.uk/)

Technology for technology sake is not the answer, but technology for the sake of your business development and customer draw is an answer. Innovation, staying ahead of the competition, embracing what your customers’ want… technology has an answer.

Author: Written by ShelleyHolmes Accountancy

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

 

Welcome to Eat Sleep Live Numbers

We are ShelleyHolmes Accountancy and we eat, sleep and live all things numbers – we are the true number crunchers.  The perfect credentials and match for the hospitality sector, which caters for eating, sleeping and living!

We are launching this blog to provide a platform to all those who work in, supply and support the hospitality industry, to see what is happening in the industry and how the world of finance impacts your operations. From the urgent to the nice-to-know, and from the serious to the slightly silly, we will blog about it here… and our blogs will be short, but informative (bite size blogs!).

To stay informed, sign up to the email nudges for when new blog posts go live (pop your email in the box on the right).

We hope you enjoy and we encourage interaction and feedback – after all, you are the ones operating in this diverse sector, so your voice counts.

Bon Appétit

Author: Written by ShelleyHolmes Accountancy

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