Client Profile - Feros Group
The Australian Hotels Association (AHA) Operator of the Year award has arguably become the most coveted and prestigious gong to win at the annual AHA awards. The ever-evolving and increasingly complex compliance regime, increased competition, tightening margins and diversified offering has created the need for hotel operators to have a smart and sophisticated operating strategy.
Feros Group (FG) is proud to have been awarded the NSW Operator of the Year in 2018.
As a business owner, there are many things that we can learn from FG’s success. We summed up the top five that you can take away and apply to your own business:
- Get across the detail
Chris Feros, CEO, has always emphasised the importance of completely understanding every component of his growing business. Over the years through constant refining, Chris has built the right management team and systems to achieve this outcome. “There is not one aspect to my business that I can’t completely understand to the current day, if not hour, within an hour of the query”.
- Take time to work on the business and analyse success and learning points
Each year the senior leadership team, which consists of the independent Chair of the Advisory Board, CEO, CFO, COO and CMO, have a two-day offsite planning session. “This is where we think big and set our five-year goals. The road blocks to achieving these goals are critically analysed and we determine the actions required to overcome those road blocks. At the end of the two days, each member of the leadership team has relevant areas of focus for the coming 12 months”.
- Action and transparency
Chris explains that there is no point in having a good operating strategy unless its implemented. “I am very happy with the governance of our overall group. We have implemented a strong communication framework which ensures transparency from the Advisory Board level down to the most junior employees. At any point in time, any employee can see where discussion of a particular issue takes place”.
- Embrace technology and move at the same pace as the changes
Technology has enabled FG to outsource certain business processes offshore. Working with the PKF specialist Hospitality team and utilising their innovative approach and products, FG has been able to increase efficiency and decrease costs across many of the operational functions of the business, freeing up resources to focus on growth and customer service.
- Surround yourself with the right people
“Critical to the success of any business is surrounding yourself with the right people, both employees and consultants. There are fantastic people that are industry experienced and have significantly helped the development of FG over the years. Choosing the right people is not easy but critical to the success of your business”.
FG was founded in the early 1970s and has grown from one pub to seven successful businesses, and despite its vast growth, continues to hold the values of family and community at the fore. FG employs 450 people and in the last two years, it has completed two greenfield pub sites, one major renovation and assessed other opportunities on a monthly basis. Both the recent greenfield sites have been nominees for Hotel of the Year and in 2017 The Prince at Kirrawee won the award. All the hotels in the FG are diversified businesses with strong food, beverage, catering and gaming offerings, firmly positioned as community assets in their relevant areas.
Partnering in 2014, PKF is proud to be a part of the “right people” that FG has as part of their team. PKF strives to add real and sustainable value to our clients and has helped to further position FG as a leader in the hospitality scene by utilising technology, understanding their monthly financial position to continually drive their venues forward and assisting in setting strategic objectives.