Author Archives: Helen Little

4 critical decisions to make before starting a new business

Starting your own business is an exciting time for any business owner or entrepreneur. But before you dive headfirst into establishing your fledgling company it’s important to do some planning to make sure your new venture is built on the most solid of foundations – and that means asking yourself some critical questions about your…

Business record keeping and what you should do

Knowing where your skills lie is a key part of making your business work efficiently. Everyone is good at what they do, whether you are a plumber with 20 years’ experience of plumbing, or a farmer with detailed knowledge of running a dairy herd. Being aware of your own talents is important, and when it…

How to change the direction of your business (and stay profitable)

Changing the direction of your existing business is challenging, hard and time-consuming work – and certainly not an enterprise for the faint hearted! But, on the flipside, when a chance is carried out well it can also be a highly rewarding and profitable move for you and your business. How, then, do you decide if…

Proactive planning for your business’s year-end

When you set up a business, you choose the accounting period that will work best for your business. But whatever accounting period you are working to, it is absolutely vital that you have clear planning in place to ensure that your financial loose ends are all tied up and your documentation is ready for the…

Comparing your hotel to industry standards

We’ve talked at length about how your Hotel business needs to track and review its occupancy rate and manage its profit centres with a view to improving efficiency and profitability. But knowing the overriding health of your hotel cannot be judged purely through internal measures – it is also extremely valuable to compare your own metrics against…

How to manage your hotel profit centres

Being in control of your finances is one of the key ways to ensure your Hotel actually turns a profit. Hotels have a number of different income streams. It is, therefore, essential to analyse the income from these different income streams and match the associated expenditure with the income e.g. effectively create distinct ‘profit centres’…

Addressing hotel occupancy figures for increased profitability

If you are running a hotel or guest house, no matter how small, then you need to know how your occupancy figures affect your bottom line. At any given time of the year, your aim as a hotel manager will be to fill as many of the available rooms in the hotel as possible –…

Are monthly figures enough for your hotel business?

Luca Pacioli, the Franciscan friar and mathematician who created double-entry bookkeeping, said, “Frequent accounting makes for long friendships”. And this saying is equally as important in the 21st century as it was back in 1493. If you’re looking to run a successful hotel or guesthouse, it is vital that your finances are properly monitored and…

Riding the seasonality rollercoaster

Seasonality is a fact of life for most hotels and guesthouses, with the possible exception of London tourist destinations and perennial favourites such as Gretna Green that enjoy year-round visitors, often regardless of the weather. These seasonal peaks and troughs in sales throughout the year are an inevitable challenge for your hotel to overcome. But…

Auto enrolment: don’t get caught out by workplace pensions

You’ll have noticed a lot of talk about changes to workplace pensions over the past few years. And you’ll also be aware that ‘auto-enrolment’ – the compulsory provision of a workplace pension for your staff – was on its way. But what does auto-enrolment mean for you? The big corporate-sized businesses are already meeting this…