Making the best use of management information to survive and thrive: tips for restaurants and bars

Lamont Pridmore - Accountants

Given the recent bar and restaurant chain failures in the UK, Lamont Pridmore are encouraging businesses in the food and drink sector to make the most of the business intelligence on offer to them.

The most recent collapse, Jamie’s Italian, is likely to lead to the loss of thousands of jobs across the country, but the team at Lamont Pridmore believe that businesses in this sector can still thrive if they are equipped with the right information.

Management information is any form of business intelligence that a company can utilise to make decisions and could include regular accounting information, audits and information from the latest online accounting software. However, business advisers Lamont Pridmore said that it should also include customer feedback, competitor analysis and a ’25 moments of truth’ analysis.

These tools can be used for analysing trends and helping companies to forecast their future profitability and costs so that owners can quickly solve any problems they encounter.

Technology has come a long way in the last half a decade, thanks in part to cloud computing, and it has never been easier for business owners to check thei up to date financial situation..

The saying ‘knowledge is power’ has never been truer and the use of management information within a modern business is vital to success, but sometimes overlooked.

The food and drink sector in the UK is now facing a difficult time, but the situation isn’t completely bleak.  With the right tools at hand and the professional advice to make them effective businesses in this embattled sector can survive and succeed.

Lamont Pridmore is a specialist in the food and drink industry and works with a number of franchise and chain restaurants across the North West, providing them with up to date intelligence and dynamic financial and commercial advice alongside it.