Specialist Hospitality Consulting
In this highly competitive and capital intensive industry, venue owners and operators need to be constantly optimising revenue drivers and closely managing expenses with a keen eye on deriving a return on investment.
Independent venues, that don’t have the benefit of centralised finance, marketing and operations experts, often miss out on accessing the strategic support that is important to maintain profile and appeal in an often fickle and competitive market.
Hanrick Curran advisors have been providing specialist accounting and business management services to the Hospitality, Leisure and Tourism sector for over 30 years. We have extended our specialist team with the addition of Ian Van der Woude to provide independent venue owners and operators a holistic finance, marketing and operations capability.
Our specialist hospitality consulting multi-disciplinary review goes "beyond just the numbers" to independently assess the overall venue health, providing ‘Clarity of Direction’ moving forward. To ensure correct action, we provide a detailed Recommended Action Plan to that once implemented can improve venue value
Hanrick Curran advisors have been providing specialist accounting and business management services to the Hospitality, Leisure and Tourism sector for over 30 years. We have extended our specialist team with the addition of Ian Van der Woude to provide independent venue owners and operators a holistic finance, marketing and operations capability.
Our team of hospitality finance, marketing and operations specialists will deliver an independent holistic review of the venue detailing a performance rating relative to comparable venues where applicable and prioritise a 'Need to Act' assessment for each element of the business.
Elements that have a meaningful impact on venue performance and value that will be reviewed and rated include:
- Financial Metrics
- Financial results and leading indicators
- Margin analysis on revenue segments, including rebates
- Capital expenditure analysis including benchmarking of major expense categories
- Human Resource Management
- Review of wage structure to the awards
- Rostering and workforce planning
- Assessment of management remuneration and the alignment of KPIs and incentives
- Business Management
- Management reporting effectiveness
- Stock and cash controls
- Product pricing
- Operations
- Food operations and menu planning
- Gaming operations (including machine mix, RTP management and promotions)
- Purchasing and procurement (including supplier/vendor rebates)
- Marketing
- Marketing and promotions (including website review, promotional activity, sponsorships, targeted discounting, themed events calendar)
- Advertising strategy (including use of social media, media purchases)
- Entertainment management including access to quality performers and promotion
- Physical venue review
- Regulatory compliance
- (health, fire, insurance cover, licensing)
Our Consulting Engagements are performed on a fixed price basis to provide investment certainty.
- Financial Metrics
Armed with independently provided clarity on the good, the bad and the ugly realities of the venue, owners and operators can elect to proceed with select investigations on one or more high priority areas and receive detailed recommendations and support to implement them.
The action plan is highly tailored to the results of the Clarity of Direction report. It will be scoped and costed in advance to provide investment certainty. Recommended action plans could involve performing:
- Pre-sale review and optimisation
- Strategic and business plan development
- Finance facility review, renegotiation and/or banker liaison
- Labour optimisation including roster restructures
- Purchasing and procurement renegotiation
- Going concern Business Value Assessment
- Food service recommendations, including menu engineering, kitchen workforce planning, product sources and marketing
- Gaming operations recommendations, including actions from performance analytics and machine mix analysis
- Bar operations recommendations, including actions from stock and pricing analysis and the marketing and entertainment reviews
- Retail operations recommendations including product ranging, merchandising, marketing and pricing reviews
Our hospitality specialists are:
May 2017 Hotel Budget Considerations for 2017/2018
Apr 2017 Change is an Opportunity
Aug 2016 Changing Landscape for Hoteliers - How does your strategy stack up?
May 2016 Does the renovation equation add up?
Feb 2016 The keys to a successful hotel acquisition
Feb 2016 The importance of structuring in acquisition transactions
Jan 2016 Guide to a Successful Hotel Acquisition
Dec 2015 Information Overload - the Top 10 Data Details to Run a Hotel
Sep 2015 Maximising the value of your Hotel Sale
Aug 2015 Which half of your Marketing Budget is Being Wasted?
July 2015 Reducing Risk to Improve the Value of Your Hotel - Part 2
July 2015 Reducing Risk to Improve the Value of Your Hotel
