Hanrick Curran supporting QHA members

Considering and Planning for future trends

March 2014

Hanrick Curran Profile

Multi-disciplined accounting and consulting Firm, services include:

Business Services - financial statements, business structuring, compliance

Specialist Tax Advisory

Transaction support - Due Diligence, Valuations

General Insurance – Ausure SEQ broker with priority underwriting agreements for Qld Hotels

SMSF Administration

Business improvement consulting services

Specialist division dedicated to servicing our Hospitality clients

Diamond sponsor of the QHA for over 25 years

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Hanrick Curran’s SME Client Base

Hanrick Curran’s Hospitality Client Base

SMSF

Administration

and Advice

Audit,

Assurance and

Corporate Services

Business Services,

Snapshot reporting,

Analytics

Taxation and

Structuring

Advice

CFO

Support Finance

Institution

P.O.S. and

Hotel Management

Report System

Vendors

Legal Adviser

Profit Optimisation

Consulting

Specialist Hotel Services

Ausure SEQ for

General Insurance

Services

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Transaction Support

Due Diligence

Estate Planning &

Risk Insurance

Advisors

Future Trends

Technology

New patrons increasingly consulting social media for reviews and opinions

Point of Sale technology that connects into mobile bar tab apps & other future innovations

Rise of International online gambling sites, potentially a threat to gaming revenue

Consumption trends

Alcohol consumption is declining, by 0.7% over last 5 years

Skew in growth towards premium imported and craft beer, high-end wine and cider consumption

Competitive landscape

Expectations of Patrons are rising

More venue choice from non-traditional venues

Increasingly more access to specialist Live music festivals

Independent operators not differentiated will come under increasingly more price pressure from corporatised multi-site operations

Others?

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4 Source: Ferrier Hodgson State of the Nation Feb 2014

Planning your Response

1. Define your Target Market Re-define it as that becomes necessary Have clarity on what your venue’s points of difference is and make sure

these are important to your target market

2. Identify the opportunities and threats in the industry trends Are these identified in your SWOT or Business Plan? What are the impacts on your business if you do nothing?

3. Determine the course(s) of action that you could take Consider the implications of these on your target market and point of

difference

4. Assess the financial implications Develop a budget for capital expenditure, revenue impacts, cost impacts,

staffing impacts Monitor Actuals Vs Budget

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Specialists in the Team

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Hanrick Curran has a specialist Hospitality division with a depth of talent across our Partner and Director ranks. It is due to expertise of our team that we have the enviable position of proactively managing the largest portfolio of hospitality in Queensland.

Peter Maletz, Partner

Peter’s diverse background of experience began with the ATO in the policy and legislation division in Canberra, Partner of 7 years with a large multinational Accounting Firm including overseas placements in PNG and over 10 years as Partner with Hanrick Curran delivering strategic consulting predominantly in the Hospitality and Mining sectors in Australian and PNG. As an industry representative on the ATO’s National Tourism & Hospitality Industry Partnership Committee, he remains proactive in innovating to address industry challenges.

Jeremy Wicht, Director

As a Chartered Tax Advisor with the Tax Institute, Jeremy’s expertise includes tax structuring, transaction advice, capital gains tax and estate planning advice. Hospitality is an industry close to Jeremy’s heart having initially embraced it back in the late 90’s performing detailed business analysis, budgeting & capex and profit optimisation reporting for ALH across over 90 outlets throughout Qld. Clients within his core industries of focus, namely Hospitality, Agribusiness, IT and the Professions benefit from his insightful analysis & reporting and optimised business structuring.

Kim Hanrick, Partner

Kim is the founder of Hanrick Curran and has over 30 years in the business industry. Kim is highly regarded amongst the Queensland business community and has held a selection of official and honorary positions in commercial and not for profit organisations. Kim’s principal areas of activity are in the hospitality and agribusiness industries where he is renowned for .

Recap

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The only thing that is constant now … is change

Take stock of the big future trends for your industry

Proactively take time out to plan your response to future trends

Define your Target Market – so you don’t lose sight of your customers

Identify the Opportunities and Threats ahead – do a SWOT annually

Determine the course(s) of action open to you

Assess the financial implications of the better options – do a forecast

Seek expert assistance – measure twice, cut once!

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Disclaimer:

These notes contain factual information concerning the taxation and compliance implications of certain accounting and taxation matters. The notes are intended as a guide only and may not apply to circumstances of particular individuals. Do not act on the contents of these notes without first obtaining specific advice from a qualified tax or legal professional about your particular circumstances.

Hanrick Curran Group, its associates and the presenter hereby disclaim any responsibility for persons relying in whole or in part on these notes or the information presented at this seminar.

Topic \\ Date

Thank you

www.hanrickcurran.com.au

Tel: 07 3218 3900