Tantalising the Taste Buds
By Amy Sims
Taste Great Southern kicks off this month with lots of spectacular events on offer throughout the region. The program runs over 18 days and includes 4O events ranging from long table lunches, night markets to master classes with celebrity chefs and loads more. This is a fantastic opportunity for our local community to showcase what our region has to offer. If you get the chance to attend one of the events make sure you go along, you won't be disappointed.
This year one of the many highlights is having the likes of renowned Master Chefs Miguel Maestre and Colin Fassnidge demonstrate their culinary skills at various events. The Lakehouse in Denmark will be hosting Miguel's long table lunch as well as Colin's sundown soirée. What an incredible opportunity for the Lakehouse crew to learn from the best.
Can you imagine....you have operated a restaurant for a number of years, have an abundance of local produce at your fingertips, a 4.5 star rating on trip advisor and have plenty of repeat customers who keep coming back. We can only assume business is pretty good, can it get any better? Then the unimaginable, a chance to work alongside some of the best in the business, in YOUR kitchen! I wonder what sort of questions you would ask or whether the nerves would be too much. Would it be one of those moments where you think of all the good questions after the fact.
Now picture this in your business?
You are the Chef ….. We are the Master.
Think of it this way - you are familiar with 1 kitchen, we are familiar with many. Let us come to your business and work some magic.
Thankfully you know your business inside and out, you know what your customers want and you have trust in the quality of your product. You have all the ingredients to run a successful business but are you missing one secret ingredient?
We bring a dash of pizzazz, you may not be able to see it but you will definitely taste it. Like Miguel and Colin we perform at this level daily, constantly seeing how the most successful do it, advising clients and learning at the same time. Tweaking and adjusting current operations to enhance your business and achieve the greatest results.
If you are looking for a new and improved recipe to try, ask yourself these questions:
Do you know your profit margin on each of your product lines?
Too often businesses are focused on selling the big ticket items instead of understanding the products that have the biggest profit margin. In a restaurant a bottle of the top shelf wine may have a 40% profit margin compared to the house white which has a 70% margin. Even though the takings for the first bottle will be a lot more than the house white, the actual profit left will be less than selling the cheaper bottle. It makes sense to spruik the house white.
How do you think you fare against your competitors?
Apparently you should never compare yourself to anybody else... unless you are in business. We have access to industry benchmarks from various sources which enable us to do a like-for-like comparison. Comparing your businesses performance to similar businesses in your industry (and region) allows you to pinpoint areas of your business where you may be underperforming whilst also highlighting areas you are excelling.
Is your marketing strategy up to scratch in today's market?
Whilst we know you have identified your target market, do you have a marketing strategy? And is that marketing strategy tailored to your target market? It is no good trying to sell ice to the Eskimos on Etsy. Social media and Ecommerce in general definitely play a big part in today's market and should be embraced rather than shied away from.
What are your long term goals for your business?
It is hard to think long term when you are wrapped up in the day to day operations of your business although having long term goals is essential for all businesses. When the time comes to move on, what will your exit strategy be? Do you plan to sell the business, hand it on to the next generation or simply shut up shop? Which ever you choose will take a great deal of planning.
Have you assessed your costs and looked for further reductions?
You should always regularly assess the costs of operating your business. An effective way of cost cutting is to compare suppliers but remembering to maintain quality of product and service.
How would you rate your risk of disaster?
Disasters can strike at any time. It is for this reason businesses take out insurance. There are many potential risk events – customer risk, employee risk, product risk. We determine whether your business structure assists in reducing the consequence of these risk events.
Are you correctly paying and providing for your employees' entitlements?
Payroll can be one of the most challenging aspects of business if not dealt with correctly. However there is plenty of guidance available with awards and resources through the governing bodies including Fair Work and the Department of Commerce. Once you have determined what entitlements are to be provided to staff, it is a matter of tracking these entitlements and having sufficient cashflow to provide the entitlements when they fall due. Long service leave often creeps up on employers and can have a big impact on your business’s cashflow with the added stress of finding additional staff to cover the leave.
Are you getting the best deal from your bank?
This is as simple as looking at your current interest rate and comparing it to other banks. If you find a lower interest rate at another bank it is worth discussing this with your current bank manager to see if they can match it. But before you make the drastic decision of switching banks make sure you are well informed of any hidden costs.
How do you plan to reduce your tax liability before it’s too late?
We wouldn't be accountants if we didn't mention the dreaded t word. Tax planning is all about calculating the income tax payable on your business profit and other assessable income. Then we do whatever we can to legally minimise this tax. Stayed tuned for our next newsletter as we demonstrate the benefits of tax planning.
Do you need help to make your office run more efficiently?
With over 40 staff in our office it is essential for us to have an office that runs efficiently. We take pride in imparting our knowledge and office systems on your business. The office is the hub of any good business and needs to be operating efficiently to ensure the rest of business follows suit.
Want a “master accountant” to visit you?
If you think your business could benefit from any one of the above scenarios please get in touch as we would love to pop out for a visit. Unlike having a celebrity chef in your kitchen there is no need to panic for the key question under the heat of the moment. This is not a once off opportunity we are always available to assist you in your business.
Albany Women's Centre Kare Kits
By Michelle Salisbury
To support women and children of the Great Southern community seeking safety and dignity away from domestic violence and abuse, a group of us from Soroptimists International Albany and Anglicare Albany have begun Albany Women’s Centre Kare Kits.
Women and children often leave violent abusive situations in a hurry and leave with nothing. When they arrive at the Women’s centre they need immediate assistance with the basics. They still need to brush their teeth, have shower, put on clean underwear etc
We are collecting essential items in a donation drive around the Great Southern area during March to early April.
Fact: Women and children in our Great Southern community do experience violence and abuse within their family homes.
Truth: Domestic Violence and Abuse happens to people in all types of socio economic situations and from all walks of life.
It is a conversation we tend to avoid. It always happens to others doesn’t it?
As a community it needs an ongoing conversation and more awareness.
What is ok? What is not ok? What is Domestic Violence? What is abuse?
As a community we can support these services by donating additional items to assist.
How you can help
Drop off much needed goods at one of the drop off points. This flyer will explain where the drop off points are and give you some ideas of what is needed.
You can also show your support and spread the word by visiting and sharing their facebook page.
