Bank it, Build it, Create it – WA Tourism 2022

When the West Australian borders open to international visitors, will your tourism or hospitality business be ready?

The WA tourism sector is gearing up to position itself as an international destination of choice in the future.

An accessible destination that will offer truly unique experiences, tucked away these past two years from the rest of Australia and indeed, the world.

I recently had the pleasure of attending a tourism industry consultation event, Shaping the Future of Tourism – Industry Engagement.

An opportunity to shape the state’s future as the industry looks to reset, rebound, and grow in the years ahead.

One of my key outtakes was the prediction that when borders reopen, the first thing both Australians and international travellers will do is reconnect and visit friends and family.

The stage after this is when people will begin to consider travelling internationally for vacations and holiday experiences.

With this in mind, there are a number of questions to consider for tourism business owners before the industry sets to truly ‘bounce back’ across each stage.

• How are you planning to retain the numbers and cash flows when people are simply ‘visiting’ each other in the first stage?
• If international travellers are focused on visiting friends and family, how will your business be known and noticed by them?
• What have you planned to keep the locals and other Australians coming back?
• What are you doing with the dollars made now as domestic tourism begins to surge through the peak summer season?
• And lastly, do you have a vision or business plan for the long term?

1. BANK IT

Look and plan an outlook of three to four years ahead.

Develop a project now that will value-add to your existing business and overall service offering.

This could even aim to complement other local tourism businesses in your area, or on the circuit that your customers use.

For an accommodation provider or venue, you could look to improve your customer booking experience through technology upgrades to your online booking management system.

By making your venue easy and simple to book, your customers will ultimately have an improved customer experience.

Installing multiple digital and cashless payment options such as Square card readers and mobile tablets is another technology improvement to consider.

Having multiple payment options integrated effectively as part of your POS system will not only improve the customer experience, but also helps you to eliminate clerical errors when processing a sale, and in the long run, make your and your staff’s lives easier during busy periods.

For an attraction provider, perhaps it’s time to consider an onsite food and beverage offering to both attract and retain customers throughout the experience.

This will increase your average dollar spend per customer making your business more profitable from the existing customer base.

On the other hand, hospitality providers such as a winery may look to build a playground to better accommodate families, or begin to associate themselves with a microbrewery to appeal and cater to a wider market.

There are some amazing projects already in the pipeline across the state, so have a look around, talk to other operators and business owners across the industry, and get inspired for the next couple of years.

2. BUILD IT

Build that idea and build the dream.

Collaborate not only as a team but with the wider business community.

As you build your business remember the basics.

Continue monitoring fixed costs and variable costs to ensure you maintain stable profit margins.

Talk to your accountant and make sure you are working with real time data, and always deliver exemplary customer service standards regardless of where your business is in its lifecycle.

3. CREATE IT

Create your vision.

At RSM, our tourism and hospitality specialists can help take your vision from a simple thought to a profitable and maintainable venture.

With a passion for the industry, we have more than you think at our fingertips. Our roles as business advisers are evolving and our resources are growing.

Experience what an RSM accountant can do for you today and get in touch with your local RSM office to start the journey.