Guest Blogger: Amery Burleigh, General Manager, Sofitel Broadbeach

Tourism and hospitality are one of the biggest sectors of the Australian economy, with spending expected to exceed $167 billion by 2025. Demand is expected to increase in the future, but staffing remains a major concern. The hospitality industry is famous for its high turnover, and transient nature, and finding and hiring the right staff is considered a major challenge for 54% of all hospitality business owners and managers. So, what can they do about this? I believe the answer lies in having a structured approach, which leads to a low turnover and high engagement.As someone who’s cut her teeth and risen through the ranks in the local and international hospitality industry, I’ve come up with three core secrets of success that can help you find and retain happy and suitable staff. Here are my very simple secrets of success:
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It’s never easy to take a leap of faith into the unknown. Yet this is exactly what Keith Jones did when he started selling adult romance products in Australia, many years ago. Today, the Sensuous intimacy enhancer range is internationally renowned. We had the pleasure of listening to Keith speak on “The Business of Sex” at May’s Business League Business Breakfast. Here are some insights that he shared which really jumped out at us:

1.     Just Do It. There is never going to be a right time to start a business, and making that leap of blind faith is essential. When he started, Keith had no prior experience in working with sex products, and had to back himself, trusting that he could learn it, and do it at the same time. If you think too hard about waiting for the perfect situation, you’re just putting obstacles in your own way.

2.     Embrace change. No business idea is risk-free, and you should expect change and setbacks to occur, which you’ll have to power through to succeed. Create an idea or vision for your ideal business, and stick to your guns while being flexible enough to move on. If you’re working with a business concept that is scalable and can be shrunk, you’re already at an advantage. Be prepared to hit a wall and slide along it until you get the break.  There are always challenges in business, keep persisting, change and know that as Florence and the Machine said, “It’s always darkest before the dawn”.

3.     Know your strengths. Do what you’re good at, and don’t be afraid to outsource the rest. When you outsource you can focus on the important things, like creative ways to approach challenges and opportunities, without having to spend all your time managing others. Speaking of managing staff:

4.     Choose your staff carefully. Why outsource when you can start growing your business, you ask? It’s Keith’s opinion that when you’re trying to get a business off the ground, that staff can bring more challenges than they’re worth, draining you of time, energy, and money. All of which you cannot afford to spend too much of.

These are just a few thoughts that Keith shared, that really stood out to the Business League. As you can see, it doesn’t really matter whether you sell sex products or not, the challenges of getting any new business off the ground are the same. With these tips, we’re confident you’ll be better prepared to face them, no matter which industry you’re working in.

The stats

Did you know that 44% of Australian business owners are planning to sell their business? Despite this statistic, few do. Selling your business usually happens when you’ve taken it as far as it can go, and are ready to allow someone else to take over. Even though this is something many aspire to, few manage to keep a business afloat after one year, let alone have one valuable enough to sell.

What are the most important strategies to quickly grow a business and then sell it?

Everyone who’s ever been an entrepreneur will admit that building a business is rewarding, but also challenging. You need have an end goal in mind, or an exit plan or strategy you’d like to pursue. Will you want to sell it? Will others invest in it? Are you doing it to pass time, or as a temporary source of income? Will you go at it alone or entirely rely on contractors and employees to get the job done? These are all factors worth considering at the outset of your business.

Have a strong team

It might seem impossible to answer all these questions before you’ve gotten going, but you don’t need to have the details ironed out, just a general idea of what your desired endgame is.

To grow your business to the point of it being sold, you must have a strong team around to help you deal with the challenges involved in business ownership. This includes people who can be trusted to make effective business decisions in your stead, that don’t require you to micromanage them. It’s challenging but necessary to admit you can’t do it all yourself if you want your business to succeed, and eventually move into someone else’s hands.

Leveraging

One of the best ways you can reach a sales point in your business is through partnerships and by leveraging other people’s networks, and finding ones targeting the same audience as your business does. It will save you plenty on marketing and also assist with your conversion rates as you are benefitting from your partner company’s reputation and credibility with customers.

These are just some of the ways that you can grow your business to the point where it can be successfully sold.

To hear more from Michael Griffiths, attend our Business Networking Breakfast on Tuesday 15 August at Parkwood International Golf Club. For more information, click here.

Leading in networking circles

You don’t have to look very far to find a wealth of information about Leadership. But what about leading in your networking circles, and how exactly do you go about doing so? At the Business League we get this question often from so many of our clients that we’ve decided to show you our process of leading in networking circles, and it even has its own, easy to remember acronym: LEAD. It stands for Layout, Engage, Articulate and Deliver, and here’s what we mean with LEAD: [Read more...]

What does it mean to truly live outrageously? And what could it possibly have to do with your business networking efforts?

Living outrageously is the idea that YOU can live outrageously, whatever OUTRAGEOUS means to you, and this concept extends to your networking.

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