IN light of several recent high profile, high street chain failures in the UK, Cumbrian accountants, Lamont Pridmore, is encouraging businesses in the food and drink, and wider tourism and hospitality, sectors 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, data analytics, algorithms and information from the latest online accounting software. However, business advisers Lamont Pridmore said that it should also include customer feedback, competitor analysis, and the ‘25 moments of truth’ analysis.
These tools can be used for analysing trends and helping companies to improve, and be able to forecast, their future profitability and costs, so that owners can quickly solve any problems they encounter.
Graham Lamont, Chief Executive at Lamont Pridmore, said: “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 their 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 its success, but in many cases frequently overlooked.
“We regularly work with our clients in these sectors to help them maintain or improve the gross profit percentage, price up a plate of food, calculate and reduce the cost of waste, undertake competitor analysis, and implement pricing strategies to improve profitability.”
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 useful financial and commercial advice alongside it.
Chris Lamont, a Partner at Lamont Pridmore, added: “We are under no illusion that the food and drink sector in the UK is not 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 doesn’t just produce your accounts and tax returns. Their award-winning services provide practical solutions to their clients’ business and financial problems, and focus on three key things:
- Keeping their tax liabilities to a minimum
- Helping them to make more money
- Investing their wealth wisely
To find out more about Lamont Pridmore’s Management Information services, watch their short video.
Further information about Lamont Pridmore is available by visiting www.lamontpridmore.co.uk, telephoning 0800 234 6978 or emailing info@lamontpridmore.co.uk
Comments: Our rules
We want our comments to be a lively and valuable part of our community - a place where readers can debate and engage with the most important local issues. The ability to comment on our stories is a privilege, not a right, however, and that privilege may be withdrawn if it is abused or misused.
Please report any comments that break our rules.
Read the rules here