$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 >

 

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 >

 

Crowd funding?

Have you considered Crowd Funding for developing your services, growing your business or starting up a new venture?

Glen Rothay Hotel’s doing it >

Silo Brighton did it >

 

Crowdfunding offers the opportunity to finance ventures, at a time when there’s not as many alternative sources for raising capital. So is it for you?

As a great way to raise your profile and gain PR, Crowdfunding exposes you to other businesses, influencers and communities and at the same time provides invaluable market info and insights from investors. However, there is no support program built into the investment – no business coach or support program that is traditionally offered through business banking etc. You need to deliver.

Crowdfunding may not be for everyone (there is a definate stance towards charitable and ethical organisations… people love a good backstory), but it is a real source of finance if you are able to engage the investors.

Author: Written by ShelleyHolmes Accountancy

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

 

Rejection of broad proposals for a Wales-wide ‘tourism tax’

Leading hoteliers in Wales today welcomed the rejection of broad proposals for a Wales-wide ‘tourism tax’ that could make the industry uncompetitive and add hundreds of thousands of pounds a year to tourist bills.

Read more >

Source: www.bha.org.uk

Author: Written by ShelleyHolmes Accountancy

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

Merger of the UK’s two major hospitality trade associations

The merger of the UK’s two major hospitality trade associations – the BHA and the ALMR – will create a new body, UKHospitality, which will actively speak out for the UK’s third largest private sector employer, which combined directly generates £130bn of revenue each year.

Key headlines from this transformational collaboration include:

  • The new body will bring together businesses from all aspects of hospitality – pubs, restaurants, nightclubs, hotels, leisure parks, contract caterers, entertainment and visitor attractions
  • UKHospitality will actively speak for these combined industries on the big strategic, structural and regulatory issues and deliver policies to support its strong growth trajectory
  • Hospitality represents 10% of UK employment, 6% of businesses and 5% of GDP
  • Hospitality is the 3rd largest private sector employer in the UK – double the size of financial services and bigger than automotive, pharmaceuticals and aerospace combined
  • The sector is calling for a dedicated Minister to champion the industry at home and abroad and a sector deal, brokered with government, to support skills and productivity

Read more >

Source: http://www.bha.org.uk

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 >