Being a business owner comes with its fair share of uncertainty.
You do your best to plan ahead, but there’s always an element of the unknown involved - especially when you’re working in the hospitality industry!
Running a restaurant is challenging enough at the best of times. But add a pandemic to the mix, and things can become overwhelming.
When your finances are pushed to the limits, and many questions about your future go unanswered, you need to be able to rely on the people you work with, especially your accountant.
That’s exactly what Marcin Kulak, owner of Auckland’s acclaimed restaurant Mekong Baby has discovered in the last few years.
Located on Ponsonby Road, Mekong Baby is a funky restaurant offering Southeast Asian fusion food. Marcin and his wife Jackie re-mortgaged their home to buy the venue in 2018 but didn’t have long to enjoy their new venture before COVID-19 hit and changed everything.
"When we went into the first lockdown, we had everything on the line; it was an extremely stressful time for us,” Marcin told Newshub in 2020.
The hospitality industry was one of the hardest hit by lockdowns. As business owners tried to care for their staff, manage supplies, and navigate closures, paying close attention to finances became more critical than ever.
In stressful times, the last thing you want is to be waiting days – or even weeks - to hear back from your accountant. Timely, practical, and supportive communication is vital, particularly when hospitality businesses operate with such narrow profit margins.
When you’re managing a business, you should feel confident and calm about the state of your finances. And, you should be able to rely on your financial support team to help you tackle any challenges.
You shouldn’t feel afraid to reach out to your accountant with a question because you’re worried about being hit by a massive bill at the end of the month.
Accessibility, availability, and attitude are everything when it comes to your accountant – and Marcin felt grateful for the relationship he had with the Wise Advice team.
“I met Brad and Ratnesh through a very simple search on Google when they came up as experts in hospitality. Since then, they’ve been doing my accounting and bookkeeping, which I’m very, very happy with.”
Your accountant should be an excellent communicator – one who listens to you, understands your specific challenges, and is there to help.
How can you focus on the essential tasks you need to do if you’re worried about your finances? Business ownership is stressful enough - nobody needs the extra burden of financial uncertainty.
It’s a different story if you know you have an expert team behind you taking care of you and your business. The sense of clarity gained from having the correct information and the proper support helps reduce the stress and provide calm so you can do what you need to succeed.
“The Wise team are always there to help. They’re always ready with great advice and expertise. For times of Covid as well, Brad was available 24/7 with any problems we had. He was always available to help and give us any answers.”
Being in business is hard enough – your accountant should make it easier, not more difficult. Communicating with them should be smooth and straightforward.
Your accountant should never be too busy to take your call or reply to your email, and you should never be left feeling confused after a conversation.
A good accountant will offer friendly, approachable, and helpful service, so you don’t ever have to feel like you’re running your business alone.
“Wise Advice are very easy to deal with. They offer a great support service. They’ve got a great network of support as well. I would be very happy to recommend them to anyone.”
Wise Advice have an in-depth understanding of how the hospitality industry works. We understand what your business needs to survive and thrive during and after Covid.
We would love to help you grow your business calmly and confidently.
Book a meeting below with Brad today to see how we can support you and your business to be your very best.