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 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.”
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.”
Karl Burrell, Managing Director at Lamont Pridmore’s Kendal Office, added: “The food and drink industry is under immense pressure at the moment, but by utilising the best business intelligence data companies should be able to monitor their situation more carefully and take decisive action quickly.
Stuart Edger, Managing Director at Lamont Pridmore’s West Cumbria Offices, added: “Owners and managers in the food and drink sector cannot wait for things to suddenly turn around. They must take a more active role in their own survival by using the latest business intelligence tools to make informed, intelligent decisions.”
Further information about Lamont Pridmore is available by visiting www.lamontpridmore.co.uk, telephoning 0800 234 6978 or emailing info@lamontpridmore.co.uk
