The accommodation industry is one of Australia’s most challenging in terms of economic performance. As Mondaq highlights, the industry faces chronic problems associated with resource and labor, and this has contributed to an industry that is, arguably, struggling. This becomes more pronounced when it comes to outdoors businesses; those looking to set roots down in the outback and beyond and become a gateway for those travelers who enjoy a taste of something wild. The key to building resilience is in combining good business sense with a touch of appreciation for the outdoors.
Business credentials
Underpinning any good business plan is risk management. The risks posed to an outdoor accommodation business can often be more pronounced than in urban settings, owing to the generally higher level of volatility encountered in outdoor environments. As such, there is an ever greater need for businesses to take out the necessary protections to shield themselves from that risk.
This is more pronounced than ever right now. According to Business News Australia, cost of living pressures are creating a huge amount of insufficiency in existing insurance plans. With insurance a key part of protecting a business, whether through protecting against worker leave, serious accidental damage, or otherwise, it’s important that business owners obtain protection via small business insurance and, moreover, continue to reassess their policies. This is basic good practice, and will help to manage financial risk consistently.
Managing extreme weather
One important piece of context to consider within the wider context of business resilience is extreme weather. Australia has always had challenging weather conditions and this has only become more pronounced. According to The Guardian, the country has continued to be impacted by record heat waves and extreme rainfall. For a resilient accommodation business operating in wild areas, it’s crucial to be alive to these risks. Taking steps to ensure that the business is protected against extreme weather, whether through drought or flood protection, is an effective way to be resilient.
A personalized experience
The most pressing challenges facing Australian accommodation businesses are physical and financial, but Torrens University highlights further risks that are pressing. Key among these is the rising need for personalisation. The days of businesses being able to provide simple services are gone, and, instead, there is now a strict requirement to provide high quality and personalized experiences. This is somewhere where outdoor experience accommodations can shine and really start to build resilience. Think about the appeal of the local outdoors area; what does it offer? What’s the niche? How can you continue to develop? What do travelers want, and how can you provide it?
Bring all of this together and you can create resilience even during tough economic conditions. Australia faces risks against its hospitality industry and its ability to continue to thrive and profit; but there are ways to mitigate this. Be assertive, as a business owner, in tackling risk, and you’ll make headway and create a resilient enterprise.
Posted By JenniferD
Updated : 26th March 2024 | Words : 480 | Views : 134
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