Why A Down Period Is Ideal For Creating New Efficiencies
“Priceless” Prosperity: 3 Steps to Surviving Downtime Keeping Your Business Profitable: The Importance of a Good Bookkeeper
3 Ways To Survive Downtime In The Hospitality Industry 3 Ways A Bookkeeper Can Help Your Business Survive DowntimeThe hospitality industry is a multi-billion-dollar industry, but when it grinds to a halt, the effects can be absolutely devastating, especially in areas like Port Macquarie or Byron Bay. Let’s face it, customers are looking for the very best, and oftentimes, they can be there one day and gone the next. Sometimes it can feel like the whole world has turned against you, but these downtimes also offer you the perfect opportunity to become more efficient, implement new strategies, test new software, minimise losses, cut costs, and keep your business profitable. This is where your bookkeeper can truly shine. It’s not an easy task, and they work hard to make sure that every penny counts. Bookkeeping services for hotels or restaurants in Australia’s most popular tourist destinations do come at a cost, but they do more than just keep track of your finances. Ultimately, bookkeepers will help you save money by acting as gatekeepers for any potential business losses. In this article, we’re going to take a look at what happens during the down season, and how you can protect your business and increase your profit, even when it feels like it’s just you against the world.
My Biggest Client Left Me. Now What?What should you do if one of your key clients leaves? The hospitality business in popular tourist destinations like Coffs Harbour, Ballina, Lismore often deals with this unfortunate reality. It happens, of course, but being prepared is half the battle. In order to protect your business from the sudden loss of a big client, you can follow these simple steps:
- Take Time To Reflect. The loss of a major client or a temporary forced closure isn’t the end of the world. Use it as an opportunity to take a deep dive into your systems, policies and see where you can improve your services.
- Minimise Business Losses. Bookkeeping can help you understand where your business is most vulnerable, and how to manage these risks. Bookkeepers will also watch over any discrepancies so that they don’t turn into future losses
- Focus on Your Strengths. Instead of trying to offer every service in town, focus on what makes your brand special. Take a look at what has worked in the past and what hasn’t.
What Should You Do If Your Employees Are Leaving?Listen, it feels terrible when your favorite employees decide to hit the road. It can feel like you’ve failed them or failed your business, and it can be extremely costly to go through the hiring process again and re-train newcomers. Especially when you’re competing against the hundreds of other businesses in Mullumbimby, Yamba, or Gafton! Losing employees is never easy, but there are a few things you can do to improve retention and reduce the fiscal and emotional impact of losing one of your cherished employees.
- Keep Your Staff Happy. Consider a holiday, stress relief, and wellbeing program for staff. We all get overwhelmed every now and then! Sometimes the solution is easier than it seems.
- Hire Well. It’s important to conduct thorough interviews and background checks on potential employees before you bring them in the door. You want someone that will be committed in your success!
- Help Them Feel Invested In The Business. It can be difficult to stay motivated during tough times, one way is by keeping busy with work projects or tasks outside of their usual routine and help them feel like they’re a part of something bigger.
Bookkeepers Can Help Avoid Problems Before They AriseBookkeeping services offer financial and emotional peace of mind and they can help you save time, reduce stress, and make the most out of your business. Here are just a few things bookkeepers can help you with:
- Optimize Your Business. Bookkeepers can help you identify what is bringing customers through the door and help you cut back on strategies that may not have been as effective as you’d hoped.
- Keep Employees On Board. Bookkeepers are a sort of jack-of-all-trades when it comes to what’s happening behind the scenes. They see the big picture and can help you pinpoint emerging patterns that could contribute to a higher employee churn or spot good practices that keep your employees coming in when you need them the most!
- Numbers Coaching. Bookkeepers are your first line of defense against potential losses. They can help you identify the discrepancies that may have slipped by and quickly rectify them before they turn around and bite you in the backside!