Hospitality and tourism
The hospitality and tourism sector has faced many new challenges in recent years, including the complexities of employment law and remaining profitable amid economic uncertainty. Beyond the delivery of exceptional customer experiences, successful hospitality and tourism operators must ensure their cash flow, revenue and cost controls, banking and funding requirements, and wealth creation and management strategies are effective, both now and into the future.
Hospitality and tourism groups are increasingly opting to outsource general management capabilities to a trusted advisor. With the right advice, change can be effectively implemented in areas such as reporting, revenue and cost controls and revised menus, ultimately improving the performance of the business and its people.
Whether you are seeking to franchise your operations, strengthen your current business model or restructure debt and finance, you can benefit from the expertise of advisors who have worked with various businesses across the hospitality and tourism sector, including:
- Franchised operators
- Hospitality groups
- Hotels and pubs
- Family-owned restaurant groups
- Resorts and hotels
- Tourism service providers
Businesses in the hospitality and tourism sector benefit from having a pragmatic, commercial view of their operations to ensure they address challenges effectively, realise opportunities and establish strong and sustainable growth.
Disruption in the hospitality sector has increased in recent years with the rising use of third-party food delivery apps and strong competition. Now, more than ever before, hospitality and tourism operators need to deliver an exceptional customer experience to establish a firm footing in the local economy. Other challenges in the sector include managing costs, ensuring steady cash flow throughout the year, navigating complex employment legislation and ensuring payment obligations as an employer are met.
Hospitality and tourism businesses that have the right foundations in place have an opportunity to capitalise on the potential growth that outside capital can provide. Further, marketing your business in innovative ways to attract new customers and increase brand recognition is crucial for long term success.
Watch this video to hear how Kim and Mick Starkey came to own iconic Newcastle pub Customs House, and how advisor Renae Korsman was key to making their vision a reality by understanding both their business and personal goals. Watch now.
With Pitcher Partners, you’ll gain access to an expert team that has worked with some of Australia’s most well-known hospitality and tourism operators. Our extensive experience in this sector includes outsourced general manager roles, management reporting, budgets and cash flow projections, feasibility studies, financial modelling, taxation advisory and IT consulting. You’ll also benefit from a high-functioning network of individuals and organisations, including competitive committees, board members, financial services firms and investigative groups.
As a strong voice for our clients in the hospitality and tourism sector, we advocate for tax and regulatory changes that impact our clients’ businesses, ensuring you have the support you need across all facets of your business.