Hospitality Business is Bouncing Back – How specialised financial advisers can help

The hospitality industry in Australia faced unprecedented challenges during the COVID-19 pandemic. As travel restrictions and lockdown measures were implemented to curb the spread of the virus, restaurants, hotels, and other establishments experienced significant reduction in sales and customers.

Many businesses had to close temporarily, leading to widespread layoffs and financial strain. The once-thriving tourism sector, which heavily relies on international and domestic visitors, saw a sharp decline in arrivals.

According to a report, Victoria, New South Wales, and Australia Capital Territory hit the worst during the pandemic season.

Despite the adversity, the Australian hospitality industry showcased resilience and creativity, with establishments finding new ways to engage customers and maintain their presence, giving hope for a gradual recovery as restrictions eased and vaccination efforts gained momentum.

To adapt to the changing landscape, the industry embraced innovation by rapidly expanding online ordering, contactless payment, and delivery services.

Government support packages aimed at cushioning the economic impact provided some relief, enabling businesses to pivot their operations and implement stringent health and safety protocols.

Takeout and Delivery Services: Many restaurants quickly shifted their focus to offering takeout and delivery options to continue serving customers while adhering to lockdowns and restrictions. Online ordering platforms and third-party delivery services became crucial for maintaining revenue streams.

Contactless and Digital Payments: Restaurants implemented contactless payment systems to minimize physical contact between staff and customers, enhancing safety for both parties. Digital wallets and online payment options gained prominence.

Menu Adaptations: Restaurants revised their menus to include items that traveled well and maintained quality during delivery. Some even offered meal kits or ready-to-cook options, allowing customers to recreate their favorite dishes at home.

Discounts and Promotions: To encourage patronage, many restaurants offered discounts, special deals, or loyalty programs. This helped attract customers looking for cost-effective dining options.

Support from Government Initiatives: Australian government provided various financial support packages, wage subsidies, and grants to help businesses stay afloat. Restaurants accessed these resources to cover operating costs and retain staff.

Outdoor Dining and Seating: When restrictions permitted, restaurants set up outdoor dining spaces to accommodate customers while adhering to social distancing guidelines. This approach allowed for increased capacity and better ventilation.

Collaborations and Partnerships: Some restaurants collaborated with local food producers, suppliers, or other businesses to create unique offerings or joint promotions. This fostered community support and helped drive business.

Online Presence and Marketing: Restaurants enhanced their online presence through social media, email marketing, and updated websites. They used these platforms to communicate safety measures, menu updates, and promotions.

Gift Cards and Vouchers: Restaurants encouraged customers to purchase gift cards or vouchers for future use, providing a source of immediate revenue while promising future visits.

Safety Measures: Restaurants prioritized health and safety by implementing rigorous sanitation protocols, spacing out tables, and ensuring staff followed proper hygiene practices. Transparent communication of these measures reassured customers.

Virtual Events and Experiences: Some restaurants offered virtual cooking classes, wine tastings, or other experiences, allowing customers to engage with the brand from home.


Not only can hospitality businesses learn to adapt to this new environment, they can also seek specialised industry financial advice and support to get their business running effectively.

Here’s a great testimony of one of our Hospitality Industry Gild virtual CFO clients.

“After undergoing a change of ownership, a business restructure, and facing financial challenges due to the impact of COVID on our hospitality group, we were in the market for a comprehensive overhaul of our accounting practices across our four companies. The Gild Group came highly recommended by a business associate who had a positive experience working with them and after an initial meeting with Brenton and Brit we decided to begin working with the team.

Over the course of 18 months, the transformation in our financial systems has been nothing short of remarkable, with significant improvements in organization, visibility and communication across the whole group and specifically in our management team.

The Gild Group has proven to be a strategic partner, guiding us through the transition from disjointed systems to intelligent, cohesive financial practices. They have enabled clear visibility across the group, empowering our venues to control costs and focus on profitability through concise weekly reports. Additionally, they played a pivotal role in helping us overcome substantial debt post-COVID and step back from day-to-day operations to concentrate on growth.

Their proactive and collaborative approach has been a game-changer, saving us not only money but also considerable stress. They possess a forward-thinking mindset, staying updated with the latest information and resources, while being candid and forthright when necessary. The Gild Group’s extensive suite of financial services ensures that both our personal and business finances are expertly managed.

As a result of their invaluable support, we can now confidently plan years ahead, identifying potential challenges and opportunities for growth. I wholeheartedly recommend Brit and the Gild Group to anyone seeking a transformative approach to achieve greater success in their operations.”

Rice Paper Scissors


In conclusion, the COVID-19 pandemic presented the Australian hospitality industry with an unprecedented set of challenges that tested its resilience and adaptability. Faced with travel restrictions, lockdowns, and reduced foot traffic, restaurants and other establishments experienced a significant downturn in business. Regions like Victoria, New South Wales, and the Australian Capital Territory were particularly hard hit by the pandemic’s impact.

However, amidst the adversity, the industry showcased remarkable ingenuity and determination. By embracing innovative strategies, such as rapidly expanding online ordering and delivery services, implementing contactless payment systems, and adapting menus to suit the changing demands, restaurants were able to navigate the challenges and continue serving their loyal patrons. Discounts, government support packages, outdoor dining solutions, and collaborations further helped sustain businesses and maintain connections with their communities.

As Australia’s vaccination efforts gained momentum and restrictions began to ease, there emerged a sense of optimism for the gradual recovery of the hospitality sector. The commitment to stringent health and safety measures, as well as the incorporation of virtual experiences and events, demonstrated a dedication to both customer well-being and engagement.

Looking forward, the lessons learned during this challenging period will likely continue to shape the future of the Australian hospitality industry. While uncertainties persist, the industry’s demonstrated ability to adapt and innovate provides a hopeful outlook for its eventual resurgence and continued contribution to Australia’s vibrant cultural and economic landscape.


If you run a food and beverage business and need some insight and advice into your finances, with a team that knows your industry and can help you succeed, please get in touch today.