Written by Nefelie Kalavrezou in collaboration with Fresh Accounting
Throughout the current climate of Covid-19, small, local & independent businesses have particularly been hit hard, testing their resilience during such uncertainty. It especially proved challenging for businesses within the food and beverage sector, where up to 70% of Hong Kong’s restaurants faced closures amidst social-distancing measures, according to a poll conducted by SCMP at the end of 2020. In turn, the unprecedented consequences of the pandemic highlighted even further the importance of supporting small, local and independent businesses. In this article we explore why this is the case and how Fresh Accounting is supporting some of Hong Kong’s most loved independent food businesses.
By supporting a small business, you’re also supporting the local community by directly helping to stimulate the local economy. One study found that the money spent on these local businesses, around 68% will circulate within the community itself as opposed to spending on large businesses where the money is absorbed further away. Undoubtedly, these independent businesses are the heart of the community, collectively contributing towards the diversity of culture and local development. They also help to bring other businesses, as well as people, together. Because of this, more and more people are demanding that businesses exist beyond profit. With all of this being said, local businesses have great responsibility more than ever to help our local communities and economies thrive. The popular phrase ‘the whole is greater than the sum of all its parts’ can certainly be applied here.
Photo by Fresh Accounting
Leading the way to support local and independent businesses is Fresh, a dynamic management accounting practice and consultancy helping small businesses transition to agile and digital accounting services. Fresh is a one-stop shop solution for many F&B clients, from digital transformation, to monthly accounting, business planning, or even CFO for hire services – ideal for small independent businesses who do not have the resources to have in-house finance teams, but can lean on a supporting partner for a range of professional services as and when required.
Fresh, being a small, independent business themselves, are extremely passionate about supporting small start ups and strive to support like-minded businesses, particularly those within the F&B sector like Aaharn, a local Thai restaurant. As a leading tech partner (and one of the early Xero partners in Hong Kong), Aaharn was confident that Fresh knew the sector, their business challenges and could offer quick-to-implement solutions. Read more about their project here.
Fresh are agile, hands on, and flexible for all clients, adapting programmes according to their needs. You don’t have to take our word for it (Food Made Good are happy clients) – Aaharn recognises their proactive nature and ongoing speedy assistance which means Aaharn can quickly be relieved of the administrative chores which can sometimes be a burden. Fresh has undoubtedly contributed in them becoming a leaner, and more efficient small business.
Photo by Fresh Accounting
Supporting local partnerships brings huge value and positive impact to the local economy, as well as benefiting communities and creating jobs. In turn, it results in a sustainable and resilient business. This is why Food Made Good applauds Fresh Accounting’s work; developing a portfolio of services perfectly suited to independent businesses, sharing their passion to support local businesses and understanding their partners’ challenges and solutions, which lead to impactful collaborations.
Read more about Fresh Accounting here.