Westpac has released a new small business report in collaboration with Deloitte which reveals the biggest concerns for hospitality business owners over the holidays.
72 per cent of hospitality business owners indicated they would miss out on sleep during the Christmas period due to work commitments compared to 58 per cent of other small businesses.
December and January are one of the busiest times for the food and beverage industry, and taking a break is usually not an option for many. The notion was confirmed, with 76 per cent of business owners indicating they will miss out on spending time with family and friends due to work.
Money-wise, the report found 35 per cent of business owners were expecting to receive payments later than usual from debtors, with 35 per cent of owners sacrificing their own salary to pay staff.
Other findings included:
- 76 per cent of hospitality business owners won’t be able to relax during the Christmas period.
- 10 per cent of hospitality businesses have seen strong export growth in 12 months.
- 50 per cent of hospitality businesses have expanded the number of goods and services offered over the past 12 months.