Partner Article

Numbers add up for region's tourism firms

Leisure and tourism business owners have been given a financial health check to help them make the most of their resources.

Dozens of hoteliers, museum operators and restaurant owners attended sessions aimed at giving them a better understanding of financial management.

The workshops were organised by investment readiness specialists Finance Tree across the North East in cooperation with the region’s tourism partnerships. Amongst those to take part was restaurant owner Adam Bouabda, who runs the Casa del Mar tapas bar at Hartlepool Marina.

He said: ““It’s an industry where you often find yourself working on your own, especially when it comes to financial planning and accounts. But the workshops gave me the skills to make the most of my resources and plan ahead with confidence.”

With the North East’s tourism industry employing more than 60,000 people and worth £3.9billion to the economy last year, its financial health is essential to the success of this region.

Peter Hiscocks, director and co-founder of Finance Tree, said: “Many of the businesses in this sector are small and it can be daunting for them to be faced by accounts and financial planning. But planning is essential, because it is a seasonal industry where takings can be high one month and then right down the next.

“Business owners need to know that they have the right financial systems to manage cash-flow. They need to understand the importance of costing and be confident of charging enough to break even and make a profit.”

This was posted in Bdaily's Members' News section by Ruth Mitchell .