Start the New Financial Year with a Fresh Financial Strategy

Here at THC, we always get excited about the start of a new financial year. For the last two months, our NZ clients have been working on their budgets and forecasts for an exciting year ahead.

The start of the financial year is more than just a date on the calendar—it’s a valuable opportunity to pause, reassess, and plan for a successful year ahead. While there’s never a bad time to refine your business’s financial strategy, the transition into a new financial year holds a special significance. It serves as a blank slate, allowing you to take stock, implement fresh ideas, correct past mistakes, and commit to better financial practices.

For many hospitality business owners, the past twelve months may have featured a mix of challenges, including fluctuating costs, staffing pressures, and changing consumer trends. Now is the perfect time to review what worked and what didn’t. Maybe you’ve seen increased profit by implementing rigorous controls around cost of goods and wage management, streamlining your menu or introducing new, cost-effective suppliers. Perhaps you’ve identified inefficiencies in your budgeting or cash flow management. By analyzing the numbers from the previous year, you can build on your achievements while pinpointing the weak spots that might be holding your business back.

One of the most effective ways to ensure this new financial year starts correctly is to set clear, measurable financial goals. Decide your net operating profit, how much you’ll put aside for taxes and emergencies, and whether you can afford to reinvest in equipment, technology, or staff training. Breaking these objectives into smaller milestones will make them more attainable and motivate you throughout the year.

It’s also worth reviewing the support systems you have in place for managing your finances. If you’ve been doing all your bookkeeping alone, consider investing in accounting software or outsourcing specific tasks to a professional. This can save you time and stress, giving you the headspace to focus on growing your business rather than just keeping up with the books. Regular check-ins with a trusted adviser/coach or financial mentor can help you stay on track and catch any minor issues before they become major setbacks.

The new financial year is like opening a fresh chapter in your business’s story. With thoughtful planning, updated strategies, and a commitment to wiser money management, you'll be better equipped to handle unforeseen challenges and seize new opportunities. Take advantage of this reset point, outline your goals, and confidently move forward (alongside your management team).

The future of your business begins TODAY —make it a prosperous one.