It’s no secret that rising rates, higher bills, and staffing woes are taking a big toll on the Australian hospitality industry, which, outside of Europe, is the biggest in the world per capita.
That’s why we’ve crafted this special series of articles based on our findings from MICE 2024 (Melbourne International Coffee Expo), where expert industry panelists gathered to speak about how cafe and venue owners can run better businesses.
In Part 4, we receive insights from Nadi Elias, the founder of Growth team, a consultancy that helps cafes figure out how to make more money. Nadi is also a Chartered Accountant and CPA and has written a book called Count More Beans, geared towards cafe owners who want to increase profit and maximise the value of their cafe.
Venue and cafe owners are often in it for the love…but of course, it takes much more than love to make things work. “Count More Beans came out in 2017, and back then, the world for cafe owners was very different,” says Nadi.
“I think COVID was a real turning point and it changed people's perspectives. Pre-COVID, you could open up a cafe, run it reasonably well for a couple of years, and probably sell it for close to a million bucks - I'm not making this up.”
But Nadi says that in today’s world, it’s a lot harder, and if venue or cafe owners are considering selling at any point, they’ll find that outside, interested parties are very much focusing on their P & L.