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The hospitality industry is one of the most rapidly evolving and dynamic sectors, encompassing a range of businesses such as hotels, restaurants, and tourism. The industry’s competitiveness is continuously increasing, driven by global market trends and consumer expectations. This makes it necessary for businesses in the industry to develop and implement strategic financial planning to achieve objectives, remain competitive, and keep pace with industry advancements.
According to a recent report by Deloitte, financial planning and analysis (FP&A) are becoming more critical in the hospitality industry. The report shows that 65% of the surveyed organizations in the hospitality sector plan to increase their investment in FP&A technology in the next two years. Moreover, the study reveals that the hospitality industry is looking to leverage financial data to improve decision-making, revenue management, and cost optimization. The study highlights the growing importance of strategic financial planning in the hospitality industry and the need for businesses to invest in FP&A technology to gain a competitive edge.
One company leading strategic financial planning in the hospitality industry is The Largo Group. With decades of experience and a team of industry experts, Largo Group understands the unique financial challenges businesses face in the hospitality sector. Through its expertise in financial analysis, forecasting, and planning, The Largo Group helps companies develop effective financial strategies that drive growth and profitability.
The Largo Group Approach
The company’s mission is to help clients attain long-term growth and success by providing a comprehensive understanding of their industry’s dynamics. They utilize an innovative accounting model that prioritizes the needs of business owners and eliminates the traditional “busy season.” They prioritize delivering high-quality financial products and providing exceptional personal service, going above and beyond for their clients.
According to CEO and Founder Anne Gannon, the company’s weekly accounting model is highly effective for business owners, with over 95% of their clients surviving covid-related shutdowns. She says, “Our weekly accounting model is the #1 bookkeeping method for business owners and has proven to be a difference maker in businesses across the United States.”
Keeping important things in sight
In the highly competitive hospitality industry, achieving success requires a sharp focus on key metrics. Entrepreneurs with numerous responsibilities often struggle to keep track of the many factors that can impact their bottom line. To stay ahead, businesses must deeply understand their financial performance and utilize data-driven insights to guide their decision-making.
The Largo Group has launched a weekly bookkeeping service to support hospitality businesses. The specialized service features a team of experienced professionals dedicated to helping clients succeed by providing timely and accurate financial reporting. Recognizing the fast-paced nature of the industry, Largo Group has designed their services to meet the specific needs of hospitality businesses that cannot afford to wait a month for proper financial analysis.
The service includes weekly personalized reports with income analysis and detailed P&L data. Valuing communication and beneficial partnerships with their clients, the team also reaches out should any concerns or questions arise.
In addition, clients receive four 30-minute coaching calls per month with an operation expert who can assist with budgets, forecasts, labor, and cash flow to ensure they stay on track for the best possible outcome. The Largo Group’s weekly bookkeeping service also provides tax incentives, with clients receiving a 50% discount on their tax returns and free quarterly tax planning calls.
Clients also gain exclusive access to The Largo Group’s mini-course that provides tutorials on how to use their proven tools, as well as to their academy, which is full of webinars, courses, and other resources.
What this means for hospitality entrepreneurs
By utilizing The Largo Group’s proven tools and expertise, entrepreneurs can stay on track and confidently navigate the industry’s challenges. With regular access to financial data and expert guidance, entrepreneurs can make more informed decisions and ensure a higher success rate regardless of their business stage. This approach improves the likelihood of success and provides a sense of security that allows entrepreneurs to focus on their core business objectives.
By delegating financial planning and management to The Largo Group, entrepreneurs can rest assured that their finances are in good hands, allowing them to focus on growing and improving their businesses. This sense of security can be especially valuable in the hospitality industry, where unexpected events can have a significant impact on revenue and operations.