With the end of financial year (EOFY) on the horizon most businesses in Australia will be looking to get a few things in order before July 1st. Whether it’s an EOFY sale for retailers; hosting corporate EOFY parties at bars and pubs; gearing up for a final big push for sales organisations; or looking for a charitable organisation who’d love to receive a tax deductible donation, there’s plenty to do.
But this time of year is also a golden opportunity to take a look at your business critically, and see what you can improve. With your year end reporting available, you can start the conversation with your advisor on how you can improve your business processes: whether you have room for growth and look to hire more talent, or you have opportunities to cut unnecessary costs, this is a great time to lean on the knowledge of the expert advisors.
One of the best assessments you can make at this time of year is to take a look at your software stack. What are you currently using in your business to automate processes, keep your staff and customers informed (and happy!), and save you time and effort?
When is the best time to look at changing business processes?
Hospitality is like so few other small businesses, with its long hours, its constant workloads, and the high staffing costs and turnover. With the major busy seasons in Australia centred around summer and particularly the Christmas period, the EOFY period may be the best opportunity you have to reassess your current technology in the business.
Key areas to assess
It’s a great idea to look at how you manage orders, stock, and payments, but by far one of the biggest investments in a hospitality business is your awesome staff. With many hospitality business having a huge roster, and an ever-changing list of available people, it can be tedious and difficult to manage them all without the help of the right platform. Keeping staff informed and your business well-attended can make a huge difference in your success.
When we spoke with Jeffrey Atizado from SMB Consultants about his experience with hospitality businesses, he told us a few things to look out for which may indicate that you need to modernise your systems:
“End of Financial Year has traditionally been a great time to implement new systems as we can start the new financial year with a clean start.
If you see any manual dockets in your business you should consider moving to an integrated Cloud solution that will help streamline the way you work and how you access business management reporting from a mobile device."
Having worked with hospitality businesses for many years, Jeffrey was able to shed light on what these changes mean to real businesses.
Fran and George were looking to open a new Cafe in North Sydney and they reached out to SMB Consultants to find out more about iPad POS systems. Initially, their requirements were based on aesthetics and ease of use compared to the legacy POS systems they were used to that cost in the tens of thousands of dollars.
Fran took our recommendation to use an integrated cloud solution which included Kounta POS, Deputy Staff Management, Xero Accounting and Tyro Payments to run their fresh new cafe 'Charlie and Franks'. Integrating these systems helped reduce double entry, provide better real time management reporting and lower overall running costs. In less than a year, they managed to refine their business model which allowed them to expand into a second location in St Leonards. Expansion was no longer a burden, as adding a second outlet did not require setting up a new database from scratch. This is a game changer and technology enables a small business owner the ability to scale without the expensive costs associated with it.