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 >

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 >

 

Your plastic footprint

Our plastic legacy will take decades to biodegrade and David Attenborough has shone a light on this issue, which has led to a lot of noise about how people and organisations are using and disposing of plastics.

In a world where ‘disposable’ has been convenient, many organisations are now taking a hard look at how they operate and how they can make changes.  So how do you fayre?

Greenpeace have a plastic footprint calculator – how does your organisation rate?

Calculate your plastic footprint:

The hospitality industry have been highly visible in their positive measures and steps to reduce their plastic waste and plastic usage. Now the government are pushing through a law to ban plastic straws, stirrers and cotton buds as part of their bid to significantly reduce plastic waste  (some believe as soon as November 2018).

10th May sees UK Hospitality hosting ‘Unpack the Future of Hospitality’, focusing on reducing plastic waste in the hospitality sector (what has been done, what more could be done). To register (and find out more) visit:

www.unpackthefuture.co.uk

Author: Written by ShelleyHolmes Accountancy

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