Partner Article

Grand Depart represents good business for region’s tourism trade

A TOURISM finance expert has urged the region’s hotel owners to seize the opportunities created by the summer’s Tour de France Grand Depart.

Millions of people flocked to Yorkshire for the start of the race in July with some tourism bodies suggesting that one in four people in the UK would now consider holidays in the Yorkshire area.

Bridget Holmstrom, who has helped some of the world’s top hotels, welcomed the visitor boost but warned that operators needed to plan for the quieter times as well as the busy.

She said: “The Grand Depart was a fantastic boon for tourism in this region and the impact has been felt well beyond the Dales. I have heard from hotel and Bed and Breakfast owners in Whitby and Fountains Abbey and they are all experiencing an upturn in bookings.

“Tourism is worth an estimated £1billion a year to the Tees Valley economy, so it is in our interests to have flourishing pubs, restaurants and hotels. But no matter the size of your business, it’s all about planning ahead.

“When there’s a welcome boost such as the Grand Depart, then it’s really important that operators grasp the nettle and make the most of their new leads and bookings.

“But it’s vital that they know and understand their customers – where the bookings are coming from; why people are booking now; and how they can capitalise on that information.”

Bridget left a successful career in the hospitality industry two years ago to set up BH Financial Tuition, which helps small business owners across the North East get a better grasp on their finances. Her job with Inter-Continental took her across the world helping hotel managers control their cash-flow and make every penny count.

Bridget said the same financial management rules applied to hospitality operators whether they were huge hotel chains or guest houses with just a few bedrooms.

She added: “A lot of operators are managing day-to-day and sometimes need support especially when it comes to managing their money.

“There will be times when bookings drop off and that is why it is essential to keep such a close eye on the finances.” To help small businesses get a better grasp on their finances, Bridget is hosting a series of workshops to demystify the financial side of business looking at subjects such as understanding cash-flow and profit and loss accounts.

The next workshop will be all about Working Capital and takes place at the Multi Media Exchange in Middlesbrough on Wednesday, September 10. For more information, please visit www.bh-financial-tuition.co.uk/ or call Bridget Holmstrom on 07795 463202 or e-mail bridget@bh-financial-tuition.co.uk

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