By Adam Johnson

If you own or manage a business that relies on tourism, you know that success is about more than the busy season. It’s about mastering the art of stretching seasonal income across an entire year — ensuring your business not only survives but thrives.

Whether you’re running a hotel, restaurant, retail store or other tourism-focused venture, the seasonal nature of South Carolina’s economy brings unique challenges and opportunities. You’re

vulnerable to external factors like economic downturns, extreme weather or shifting travel trends. These take contingency plans and risk management strategies to ensure stability and resilience. Understanding visitor habits helps you tailor offerings, pricing and marketing to appeal to your target audience more effectively. And decisions related to adding locations or services have to come with an understanding of the seasonal and regional factors at play.

Tourist season is a complexity not faced by most businesses. For those who cater to tourists, specialized advisors who grasp these nuances can contribute to your success. That’s why we’re changing the name of our industry segment to Tourism Hospitality.

Why the Shift?

It’s more than a name change. It signals a sharpened focus on the unique dynamics of businesses that thrive on tourism.

Tourism contributes more than $29 billion to South Carolina’s economy and is a key economic driver along the entire Southeastern U.S. coastline. Businesses in the tourism sector must navigate the ebbs and flows of revenue tied to vacationers. This unique financial rhythm requires a partner who understands how to plan for cash flow squeezes, manage seasonal budgets and capitalize on opportunities for reinvestment.

Since expanding to Myrtle Beach in the early 2000s and then to other coastal locations like Charleston, Pawleys Island and Hilton Head since then, our expertise has grown alongside the region. This gives us an unparalleled understanding of how tourism-related businesses can sustain operations year-round by:

• Managing seasonal revenue fluctuations
• Incentivizing and retaining key employees
• Navigating industry-specific legislation and regulatory changes
• Setting a strategy for sustainable growth and reinvestment

Addressing Seasonal Challenges

Seasonal cash flow is the number one driver impacting a tourism business’s ability to grow and thrive. Too often, the slow season — if handled too conservatively — leads to missed opportunities for reinvestment and expansion. On the other hand, poor planning can result in depleted bank accounts, rushed borrowing and sleepless nights.

Comprehensive analysis and actionable advice can help you prepare for and manage the off-season effectively. From cash burn analysis to strategic budgeting and reinvestment plans, some tools don’t just let you survive the off-season but thrive in the long term. With a playbook for success, you can maintain stability while preparing for the next peak season.

Specialized Knowledge of Tourism Issues

Tourism and hospitality businesses face a host of industry-specific challenges. Our advisory services address these key areas:

1. Seasonal depression. Surviving the off-season with a bulletproof budget and cash burn analysis.

2. Navigating industry changes. Addressing key topics such as:

• Immigration reform and its impact on staffing
• Tax implications for tips and third-party meal delivery services
• Tariffs’ effects on retail supply chains

3. Incentivizing talent. Exploring options like sweat equity arrangements to retain key employees.

4. Scaling wisely. Evaluating whether expanding to multiple locations is worth the financial and operational complexity.

5. Forecasting the future. Providing insights into:

• Domestic tourism trends and projections
• Liquor liability issues in South Carolina
• The growing role of private equity in tourism and hospitality

Serving Tourism Hospitality Across the Southeast

Legislative changes and economic uncertainty will continue to shape the tourism and hospitality landscape. Our mission is to provide timely, industry-specific thought leadership and advisory services to this critical sector of the economy in South Carolina and the Southeast.

As a vital part of the communities we serve, the tourism and hospitality industry deserves thoughtful and innovative support. We’re proud to be a trusted partner, helping your business navigate challenges, seize opportunities and achieve sustainable success — season after season.