How can I future-proof my tourism and hospitality business against change?

Lamont Pridmore - Accountants

With ongoing uncertainty surrounding our future relationship with Europe and the value of the Pound, Cumbria’s tourism and hospitality businesses are likely to face several new challenges in the coming months.  Opportunities also beckon, however, with the Lake District’s strong reputation and offer and World Heritage Site status continuing to attract new visitors to the area. 

However, in order to secure future financial success Lamont Pridmore is calling on businesses to carry out a thorough financial health check.

As the UK enters a new period in its history now is the perfect time for business owners to prepare a comprehensive financial plan to help them profit from future opportunities.

With the advent of new forms of technology, such as cloud-based online accounting, it has never been easier for business owners to check their information while on the go and, more importantly, work collaboratively with their advisors.

Lamont Pridmore is leading the charge in this area and is already offering a range of technology-driven services to its clients in the region’s tourism and hospitality industries.

In the last five years technology has come on at such a pace that most business owners, with minimal investment, can have all the information that they require for decision making at their fingertips.

This level of business intelligence can prove extremely beneficial when conducting viability studies for projects, reviewing pricing strategies, tax planning or profit improvement, including developing ‘what if’ scenarios.  Detailed financial forecasts can also help to increase the value of a business ahead of a potential sale.

Cumbria has one of the country’s strongest tourism and hospitality offerings, but like any sector it will need to move with the times, which is why the adoption of new technological tools and the right advice to help interpret their data and help to inform future investment plans will be essential if they wish to remain competitive.

How our team can help

Lamont Pridmore is already providing sector-specific advice on future forecasting as part of its commitment to these industries and the firm is well recognised by Cumbria’s various tourism organisations – in part thanks to its ongoing support as a strategic partner of Cumbria Tourism and its sponsorship of the Cumbria Tourism Awards.

We are really proud of our close association with Cumbria’s booming tourism industry, but we want to make sure it has the resources and advice it requires to enjoy decades of success in future as well.  We are hoping more businesses will seek our innovative support.

For more information on how we can help your tourism and hospitality business, please contact us on 0800 234 6978.