■ Manage debt responsibly: many businesses took on extra borrowing during Covid and haven’t yet cleared it. If you’re repaying older debts at high interest rates, look at refi nancing options while rates are relatively steady. Government-backed lending schemes may still be available through regional growth programmes. Keeping debt manageable ensures fl exibility to invest when the right opportunity arises.
■ Maximise VAT recovery: with HMRC increasing late- payment penalties and scrutiny, it’s more important than ever to correctly recover VAT on eligible expenses. T is includes equipment, utilities and refurbishment costs. Properly separating taxable from exempt sales – and logging every input VAT line – keeps you compliant and avoids leaving money on the table.
■ Diversify your revenue streams: successful operators are branching out – off ering event catering, running pop-ups, hiring out their space or adding an e-commerce arm. Digital ordering, delivery platforms and community partnerships (e.g. farm-to-table suppliers or local breweries) all create new revenue without needing to open new premises. Be bold but strategic. If you’re launching a new idea, speak to your accountant fi rst – there could be tax incentives or funding available.
■ Prioritise the customer experience: in a competitive market, personality and presentation matter. Invest in training your team to deliver friendly, consistent service, and fi nd small touches that bring your brand to life – live music nights, unique pairings or menus tailored to dietary needs. Survey your regulars, trial new ideas and review customer feedback often. When margins are tight, retention is cheaper than constant outreach.
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■ Build a resilient workforce: the labour market remains tight – especially in hospitality. While the Spring State- ment focused heavily on welfare reform and public spending, it gave no new support for business-led re- cruitment or training schemes. T at puts the onus on employers to reward and retain their teams. Off er de- velopment opportunities, fl exible schedules and recog- nition for hard work. Great staff create loyal customers.
■ Prepare for digital tax compliance: Making Tax Digital is expanding. From April 2026, sole traders and landlords earning over £50,000 must keep digital records and sub- mit quarterly updates. T is drops to £30,000 in 2027 and £20,000 in 2028. Even if you’re not aff ected yet, now’s the time to adopt cloud-based accounting software and speak to your accountant about set up. HMRC has confi rmed tougher penalties for late submission and payment, so getting ahead of the curve will pay off .
We’re not reinventing the wheel here – but we are saying
that now is the time to keep it turning. Strategic thinking, solid processes and digital tools can help small businesses stay one step ahead. At Cottons Group, we support hundreds of hospitality
businesses across the Midlands and beyond – from start- ups to well-loved establishments. Whether it’s navigating VAT rules, reducing debt, or planning for the future, we’re here to help you beyond the numbers.
Find out more at
cottonsgroup.com
FOOD, DRINK & HOSPITALITY
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