CFO Helps Fine Dining Establishment Earn Michelin Star

In the hospitality industry, a Michelin Star is one of the most sought-after distinctions. In Hong Kong, only 44 restaurants have earned this prized mark of honor. Among them is The Principal, a fine dining establishment owned by Hong Kong-based Press Room Group. William Lee, CFO of Press Room Group, was recently recognized for his role in leading the growth and refinement of the company. As a result of Lee’s rigorous approach to financial management and development, The Principal joined the ranks of Hong Kong’s finest restaurants. Let’s take a look at the steps CFO William Lee took to earn this badge of quality.Press Room Group Gains Ground

Though the Press Room Group is a mere seven years old, the company owns a total of 15 restaurants and continues to impress older establishments with its growth and shining reputation. As CFO of the company, William Lee’s hand in the company’s success is evident. For Lee, a focus on growth, efficiency and talent are top priorities.

  • Talent management. As Lee stated in a recent interview, “Talent management is a group-wide priority.” This emphasis on talent development and encouragement does not only apply to his 11-member finance team. Within each fine dining establishment, Press Room Group focuses on improving the skills of culinary professionals, wait staff and kitchen staff.
  • Technology. Upon joining Press Room Group in 2012, William Lee faced rising challenges. For one, the company relied on outmoded financial management techniques which were unable to provide reliable insights into the company’s financial health. After Lee stepped onto the scene, an investment in new technology was one of the first steps made. Now, Press Room Group automates many financial management processes with enterprise-level software which has enabled the company to focus on expansion. 
  • Expansion. One of the Press Room Group’s markers of success is the company’s ongoing goal of expansion. Many of the company’s restaurants already have franchise locations, though continued expansion to Singapore and Malaysia is planned for the future. As CFO, Lee’s priority is evaluating the local market before making any moves. As Lee reported in a recent interview, “We are lucky to find a trustworthy local partner who knows the local market.”

In less than two years as CFO, Lee’s approach to financial management and team building has resulted in Press Room Group’s continued success.

What innovative strategies does your company use to improve quality?

 

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