As specialist Licensed Trade Accountants, we don’t just understand the numbers – we understand the Publican, and Hospitality Management inside out;
not only through working closely with a broad range of Licensed Trade clients – from small independent Pubs, to large corporate chains – but with our Accountants’ successful track record of opening, managing and marketing their own Licensed Trade outlets.
It’s no secret that in today’s competitive climate an increasing number of Bars, Pubs and Restaurants are struggling to achieve long-term profitability – but have you ever wondered why this is?
Here are the Top 3 Mistakes we’ve encountered, and how best to avoid them…
1. Lack of research and concept development –
Research is vital prior to opening your business. This doesn’t just involve brainstorming your industry and concept, but careful research of your local community; from its politics to establishing important relationships with local people in powerful positions. Getting to know what and who is around you will help to: effectively target your customer, establish the best atmosphere, and optimise your visitor’s experience. This research should be an ongoing process and, with it, your concept should constantly be studied and developed accordingly – ideally led by someone with proven success and experience in the Licensed Trade industry.
2. Undisciplined operations and unprofessional accounting & book-keeping –
Though it may appear like a lot of business is coming through the door, un-thought-out processes and lack of discipline amongst the workforce can result in lost money and bad time management. This loss of money can leave your business in a deep hole. Many pubs, restaurants and bars do not have the resources to dedicate enough time to their accounts and paperwork – this can trigger a downward spiral ending in disorganisation and poor profitability.
3. Not staying fresh and current –
From your menus and entertainment, to your social media & marketing; keeping up-to-date with industry trends and audience preferences will allow you to stand out from the crowd and consistently attract an audience. Don’t give up on your business plan or marketing – even if business is thriving, your concept and strategies still need consistent reviewing and execution.
At eLTA we offer a personalised service, assisting licensees with Management Information and Financial Controls; before you start to trade and throughout the life cycle of your business.