business decsions

Do You Know Your Numbers? Understanding the Current State of Your Hospitality Business

Do You Know Your Numbers? Understanding the Current State of Your Hospitality Business

In the hospitality industry, it’s all too common for businesses to be run on a cash basis, with owners relying solely on the cash in the till and bank statements to gauge their financial health. Unfortunately, this approach can leave you in the dark about the true state of your business.

Many in the industry start out feeling intimidated by the numbers, handing over the details to a bookkeeper or accountant and trusting that the financial reports they return are accurate.

However, I’ve seen firsthand how this can be problematic. While bookkeepers and accountants may be great at processing invoices and filling in the right boxes, they often lack the experience or confidence to provide the crucial advice you need to steer your business in the right direction.

Embracing Adversity: A Pathway to Growth and Resilience

Embracing Adversity: A Pathway to Growth and Resilience

Adversity, though painful, brings invaluable lessons and resilience, preparing us for growth. My journey through relationship breakdowns, business 'failures,' financial losses, and personal challenges has deepened my empathy and understanding. These experiences enable me to support others facing similar struggles. At Kith & Kin Inner Circle, we seek business owners who openly discuss their adversities, showing maturity and readiness to help our community thrive. While I wouldn’t wish hardship on anyone, I am grateful for my experiences, as they allow me to guide others through life’s difficulties, fostering growth, success, and genuine connections.

My Story: The First Time I Failed

My Story: The First Time I Failed

At 23, I went into business with my best friend. Despite our enthusiasm and a professional partnership agreement, our venture collapsed within six months. Our differing work styles and poor communication led to a nasty fallout, costing us both our friendship and business harmony. Over the years, I’ve learned essential skills like leadership, teamwork, and collaboration. Now, both successful in our own right, we've rekindled our friendship. Visiting his venues, I see how aligned our values are. If only we had known then what we know now, our journey could have been much smoother.

Surviving the Storm: Insights from Personal Experience on Navigating Tough Business Decisions

Surviving the Storm: Insights from Personal Experience on Navigating Tough Business Decisions

In the tumultuous world of business, every decision carries weight. From the highest peaks of success to the lowest depths of bankruptcy, I've weathered the storms and learned invaluable lessons. All contribute to the personal insights, experience and knowledge I am privileged to share with others in the hope that the fresh perspective in turns helps others learn.

When is magnanimity no longer appropriate?

When is magnanimity no longer appropriate?

I take risks and I know that some of those are bigger and more ambitious than the average. But my personality type means that even after the usual risk assessments I have underlying confidence that I can cope with any worst-case scenario, particularly regarding business decisions. This allows me to take in a wider set of considerations, to take on projects that are not just beneficial to me but which I know others aspire to and projects that have wider implications for my community and ‘tribe’.

When things go wrong I always know that even losing what I had and the requirement to start from, perhaps even a negative position is, whilst uncomfortable, inconvenient and potentially even traumatic, something I will be able to bear and a position from which I can rebuild and grow.