Operating a business in the hospitality industry is demanding and requires planning and precision timing. As well as the normal compliance issues that every business faces such as GST, BAS, PAYG and superannuation you also have to contend with strict Government regulations including liquor licensing laws, food handling regulations and council permits.
The hospitality industry is also characterised by irregular trading hours, erratic and seasonal trade, casual employees and a combination of dry and wet goods. Here at McHenry Partners we have assisted numerous clients starting, running and selling their:
- Wedding Reception Centre
- Conference and Function Centre
- Theatre Restaurant
- Commercial Catering Business
- Hotels with Bistro, TAB, Bottle Shop and Gaming Room
Your accountant should have experience, superior knowledge and a deep understanding of the hospitality industry that can give you a serious competitive edge.
Our focus is to not only help our clients with their compliance but also to provide strategies and business tools to help you grow your business, your profits and your personal wealth. As a part of this we work with you to help you understand what your numbers really mean and identifying what the profit drivers are in your business. We will compare your business performance against your competitors, from the best performers to the worst, using industry benchmarks. This allows you to get an understanding of what is working and what needs working on. We view the completion of your tax return as merely the beginning of the process. As ‘business and profit builders’ we provide strategies and solutions to help you grow the value of the business.
Thinking of Starting a Hospitality Business?
If you are looking to open a restaurant, conference centre, reception centre or hotel there are numerous issues to consider. Over the years, as business start-up specialists, we have helped clients with every aspect of starting their business including:
- Site selection
- Business structure
- Tax registrations
- Retail lease
- Accounting software selection
- Business plan
- Payroll and HR issues
- Finance applications
On an operational level, we understand what is required for a successful opening and we can even assist you in executing the successful launch of restaurant, reception centre or pub. We can provide you with a range of spreadsheets and tools including a comprehensive start up expense checklist to help you identify every possible start-up cost. This checklist is broken down into categories including leasehold improvements, IT, marketing, capital equipment, furniture & fittings, professional services, licenses and permits, initial stock and working capital. These figures then automatically feed into an integrated cash flow budget to help you identify your finance requirements and they can also become part of your business plan.
Good menu pricing is vital if you are going to be successful in the hospitality industry. We are able to prepare price modelling so you know what your breakeven point is and how to maintain your profit margins when suppliers increase their prices.
Marketing Your Business
Marketing is crucial for a hospitality business and can be the difference between success and failure. Your website and social media strategy are key elements of your marketing and we can help you with your branding and provide advice regarding your website’s features, functionality and content. We have worked with a number of clients, liaised with graphic artists, SEO (search engine optimisation) experts and website development teams to create affordable, quality websites for clients. Having a strong social media presence is the best form of marketing in a world that is becoming more and more dominated by Facebook, Instagram and the like. We can provide you with advice and direction to harness the power of social media to generate more business.
Contact us today to discuss how we can help you with your wedding reception centre, conference centre, theatre restaurant or hotel. You can expect practical, down to earth business advice and tax effective solutions. We are ‘business and profit builders’ who enjoy working with ambitious business owners looking to accelerate their business success.
To take the next step we invite you to book a FREE, no obligation, one hour introductory consultation to discuss your business needs. You’ll get practical business, tax, marketing and financial advice that could have a significant impact on your bottom line. To book a time, call us today on 1300 789 844 or complete your details in the box at the top of this page.