AS YOU KNOW, HOSPITALITY IS A FAST-MOVING INDUSTRY.
It relies heavily on intuition, innovation, and simply ‘going with your gut.’ However, whilst we know that nobody knows your customers quite as well as you do, Silver Chef also knows that a helping hand in navigating this tricky industry will be appreciated by all hospitality folk alike.
Welcome to the 2016 Hospitality Industry Success Index (HISI) Report.
In this paper, we have broken down the industry into its four primary components: Revenue, Competition, Profit, and Expenses. These are the four critical areas that can provide practical insights into the inner workings of the Australian hospitality business; from cafes, restaurants, take-away outlets, and franchise.
Silver Chef is proud to be in its 30th year of business; operating since 1986 with the single-minded goal of acting as an industry leader, and specialist in hospitality equipment funding. Our purpose has also remained unchanged: Silver Chef is here to help you achieve your dreams. It is the fundamental core of our business that we want you to have access to the equipment you need to create a wonderful, successful business; and deliver dining experiences that are memorable to your guests. Simple.
And yet, the secondary layer to our business is far from simple. Apart from our high level success in setting up fantastic new Aussie businesses, we have taken on a far more complex - although arguably equally as rewarding - task of managing charitable programs both nationally and internationally.
We proudly partner with Opportunity International Australia to deliver an overseas micro-finance program that enables women in developing countries achieve their dreams.
Back on home soil, we’re tackling homelessness in Australia by supporting and driving our latest project with StreetSmart, DineSmart, which will be running from the 9th November to the 31st of December 2015. Please visit our website to get involved www.silverchef.com.au/about/dinesmart
It is this kind of multifaceted commitment to the greater good that has earned us the esteemed B Corp accreditation. B Corp describes their accredited businesses (a mere 1, 366 companies worldwide, by the way) as “a company that uses the power of business to solve social and environmental problems.” We are extremely proud to have been awarded this prestigious certification.
A guide for new and established businesses alike, the 2016 HISI Report worked tirelessly to provide practical and useful observations for your year ahead. We recently surveyed 409 of our valued customers, providing precious insight into the reality of an Aussie small business food operator over the previous year. Happily, the results were mostly positive.
What’s more, 1 in 5 restaurant respondents and nearly 1 in 4 (24%) of cafe respondents are new business (less than 12 months old). This suggests there is still opportunity for industry growth. In a time where food is a hot topic across popular culture, and new businesses are sprouting from innovative new spaces, it is fair to say that now is an exciting time to be in hospitality.
And yet, the traditional challenges unique to the hospitality industry remain. Problems such as food spoilage and everevolving dining trends, means that the hospitality industry operates on very thin margins. It’s up to you, as the business owner, to know your numbers inside and out.
Over and above knowing your own numbers, it pays to know how your competition is faring, too. Business benchmarks will help to compare your performance against similar businesses, and guide you on where you can modify your own costs and expenses. We look at this in greater detail further in the HISI Report, where we show you the annual turnover for cafes, restaurants, and fast food outlets. (All of our figures, and updated numbers are available from the ATO, should you want to stay on board during the year.) How will you fare?
The team at Silver Chef asks you to enjoy what they have put together in their report, and they wish you a profitable and exciting year ahead.
Happy Reading!