Running a successful hospitality business means balancing great customer experiences with a clear understanding of the numbers behind the operation.
For chef and business owner Tom Lawson, that has become increasingly important as his hospitality portfolio has grown across Sheffield and the Peak District.
Tom is the owner of The Psalter, a 20-bedroom hotel in Sheffield which is also home to the Michelin-recommended restaurant, Tom Lawson at The Psalter. He also operates The Ladybower Inn, overlooking Ladybower Reservoir, and has recently launched Lawson Hospitality, a corporate hospitality and consultancy brand.
A growing hospitality business
The Ladybower Inn became part of the business in December 2025 after an opportunity arose that Tom had previously considered several years earlier.
Taking on another venue brought new opportunities, but also added further complexity to an already busy hospitality operation.
As Tom explains:
“Like any new business, it’s difficult. We’re trying to make sure that we’re generating enough revenue, and then that revenue’s got to convert into profit. I’m a chef by trade. I’m not an accountant.”
With income coming from different areas of the business, including hotel rooms, the bar and restaurant, having a clear view of the figures is important when making day-to-day and longer-term decisions.
Understanding the numbers behind the business
Tom works with Andrew McDaid, Partner at SMH Mitchells, who has taken the time to understand how each part of the operation works and where the financial information comes from.
For Andrew, that understanding is an important starting point.
“My first priority with any client is to make sure we’re on the same page and we all understand where the figures are coming from.
“With a client such as Tom, there are different revenue streams such as the rooms, the bar and the restaurant. It’s about understanding the different systems, where the figures come from and presenting them in a way that actually helps the client make informed decisions.”
Rather than looking at the figures in isolation, the focus has been on making the financial information relevant and useful to the way Tom runs the business.
Tom says the relationship worked from the outset:
“From the first time Andrew came, we went through everything that I’d got and he just understood where I was and what I needed.”
A relationship built around the business
The relationship between SMH Group and The Psalter goes beyond financial support.
Members of the SMH Group team have been visiting The Psalter since it opened, using the venue for meals, celebrations and opportunities to bring colleagues together outside the office.
Andrew highlights the combination of quality food and genuine hospitality as one of the reasons the team continues to return.
For Tom, creating that experience remains at the heart of the business.
“We want people to feel that they’re genuinely looked after, regardless of what they’re coming to us for, whether it’s just a pint in the pub with the dog or a full-on celebration meal.
“As long as we nail that, then we can work on the rest of it behind the scenes.”
As The Psalter, Ladybower Inn and Lawson Hospitality continue to develop, having clear financial information provides an important foundation for the decisions that support that growth.
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If you would like more information on how SMH Group can help you, please get in touch with us on 0330 1070 873 or email info@smh.group.
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