Maintaining cash flow in the off-peak tourism season

By Kevin Philistin, Kothes Director & Merimbula Tourism Inc President

Businesses in towns such as those on the Sapphire Coast including Merimbula, Bermagui, Tathra and Eden have just experienced another hectic summer season, with another record year of visitors coming to enjoy this beautiful part of the world. But what happens when the crowds go home?

If you have a business that relies on visitors and foot traffic such as accommodation owners, shop keepers, cafes and restaurants or are thinking about setting one up, here are some simple tips to help you when the bumper season is over.

Marketing campaigns

Join your local Chamber of Commerce and Tourism Association so you can be abreast of and participate in regional marketing campaigns that attract more visitors during the off-season.

Benchmarking

Do regular benchmarking within your business, analyse your turnover, margins and what gives you the best return.

Online business opportunities

Investigate if there are opportunities to add value to your street frontage with an online presence (see Taskforce to help digitise small business).

Look outside the region

Explore how you might link in with campaigns in bigger centres. For instance, here on the coast we’re close to Canberra and with Singapore Airlines flights bringing a high number of overseas visitors into the country.

Festivals and events

Get involved with local festivals and events that run during the off-season so you can get more visitors through your door. Look at those events that have longevity where people return year after year to create opportunities that can benefit your long-term cash flow.

Regional development opportunities

Look at developments that are happening locally that you might tap into. For example, the $44 million 95-metre Eden Wharf Extension project will enable Eden to welcome nearly every single cruise ship that enters Australian waters. This allows huge potential for growth for Sapphire Coast businesses working together to welcome these new visitors.

Record keeping

When you experience a hectic tourist season, it’s also easy to lose track of your record keeping. If you go to the ATO Business website you will find comprehensive information for the tourism industry and accommodation and food services industry which is a good starting point.

• If you have any questions or concerns about maintaining cash flow in the off-peak season, please get in touch with your Kothes Chartered Accountant.