This Industry Outlook is a portion of the 2018 Arizona CFO Spotlight Survey Report
The 2018 Arizona CFO Spotlight Survey attracted respondents from a number of industries in Phoenix and Tucson. We will highlight the hospitality & restaurant segment here in terms of growth, risk factors, strengths and trends.
CFOs in hospitality are concerned about anticipating the next big trend that will get customers in the door, and how they can adapt their business model quickly to stay relevant.With owner transition and retirement a concern among hospitality and restaurant leaders over the past two years of the Survey, they cite challenges in developing consistent management. There is also increasing pricing pressure as a result of talent shortages as well as minimum wage and sick leave policies. A third of CFOs in the Survey note reductions in vacation pay to manage the costs of Arizona’s sick leave legislation. Properties are also paying closer attention to automation to increase staffing efficiency while also responding to consumer demand for online tools. Communicating their company's vision and mission has become increasingly important to maintain quality reputations and keep talent.
"My biggest focus is to get a clearer understanding on regulatory issues with the status of overtime law in limbo, minimum wage, immigration and commodity prices. Those are the big ones."
Average Number of Employees
Revenue in 2018
- 75% Will increase slightly 75%
- 25% Decrease slightly 25%
Top Areas of Focus
- Navigating shifting regulations
- Long-term business strategies
- Improving margins/cutting spending
- Lobbying against increased regulation
100% somewhat optimistic
Access to Cash?
not a problem so far
Industry Price Pressures?