What financial steps should you be considering, before the end of the season and things are a little quieter?
Typically, the tourism and hospitality industries are built on energy, optimism, and customer experience, but we know only too well that they’re also some of the most seasonally sensitive and economically exposed sectors. While bookings may be buoyant right now, the most resilient businesses aren’t just preparing for growth, but for the challenges ahead.
Whether you're running a boutique hotel, adventure brand, a la carte restaurant, or an independent business that relies on season footfall increases, here are some proactive financial strategies to consider before the next curveball comes your way.
1. Don’t sit back on your Standard Business Account
When business is busy and time is short, it’s tempting to leave your hard-earned cash sitting in low-interest (or no-interest) accounts. With inflation still a factor and rates more competitive than they’ve been in years, now’s the time to consider alternative options.
St. James’s Place Cash Deposit Service, powered by Flagstone* could be one of those solutions, offering access to a wide range of banks and deposit accounts from one easy-to-manage platform. It’s designed to optimise your returns while keeping your capital protected.
Typically, we’d expect every business to experience quieter periods, but have you protected yourself against the unexpected?
We believe that your cash should work as hard as you do - even in the quieter seasons!
2. Longer-term buffer
A Corporate Unit Trust can act as a strategic reserve – a longer term buffer. It's a flexible and efficient way for businesses to hold and grow funds outside of traditional accounts, with access to professional investment management.
Think of it as a long-term buffer - ready when you need it most!
3. Invest in your people
Staff retention remains one of the biggest operational headaches. Wages matter, but so does wellbeing. What are you currently offering that shows your team they’re genuinely valued?
Here’s a few examples of what other employers are now considering:
- Annual one-to-one financial wellbeing sessions with a qualified financial adviser - giving employees personal clarity and confidence over their financial futures.
- Private workplace pension schemes that go beyond the basics, helping staff plan for the future.
- Group medical insurance and healthcare options - a powerful, often tax-efficient benefit in a sector where public healthcare access may be limited due to shift patterns.
Small enhancements can lead to longer-term staff retention, especially in industries where trust and consistency are key.
Resilience isn’t reactive, it’s planned for…
The most resilient businesses we work with, have learnt from the past few years that agility is essential, but in order to do so, preparation is essential in helping them to better manage their capital, reward their teams, and prepare wisely for whatever lies ahead.
If you’d like to explore how these ideas could support your business, we’d be happy to offer a relaxed, no-obligation conversation with Chris Auld, Personal Advisor on 01228 936975
The value of an investment with St. James’s Place will be directly linked to the performance of the funds selected and may fall as well as rise. You may get back less than the amount invested.
*Please note that the services provided by Flagstone are separate and distinct to those offered by St. James’s Place and Sage Wealth Management Ltd.
Sage Wealth Management Ltd is an Appointed Representative of and represents only St. James's Place Wealth Management plc.
H&H Insurance Brokers introduces to St. James’s Place Wealth Management plc which is authorised and regulated by the Financial Conduct Authority, for the purpose of advising solely on the Group’s wealth management products and services, more details of which are set out on the Group’s website www.sjp.co.uk/products