4 New Fiscal Year Resolutions For Hospitality Businesses

Date Published 15th October 2015

4 New Fiscal Year Resolutions for Hospitality BusinessesAs we say hello to the new fiscal year, hospitality business owners across Australia are faced with new and exciting opportunities for growth. Rather than simply concentrating on tax minimisation strategies, small business owners should be focusing on growth strategies. As part of your new fiscal year resolutions, you should put the emphasis on tactics that will help you to attract more customers and increase sales.

Plan ahead and make sure you take any relevant tax changes into account. Take on board customer feedback and use it to set yourself a goal, such as opening up an outside seating area. By staying in the know, you can take advantage of relevant tax deductions to invest in new commercial furniture, grow your business and look forward to a strong year. Planning ahead allows you to make the most of the new fiscal year and avoid last minute rushes come June.

Plan ahead

In order to make the most of the new fiscal year, you need to make sure you plan ahead. Review your finances with your accountant and take a look at your performance in the last year. Did you meet the performance targets you set yourself? If not, what can you do differently this year? To get real growth, you should be taking the time to review anything that may have gone wrong the previous year.

Budget for the long term and prepare yourself for any possible changes in the market by doing the appropriate forecasting. Don’t just use last year’s budget as a template, it’s better to start from scratch, especially if there is a lot of room for improvement. It may sound like more work today, but you will be much better off by the time it gets to June.

Pay attention to tax changes

With the Government announcing various changes in their Small Business and Jobs Package, small businesses should keep an eye on any new measures that apply to them. You don’t want to miss out on an important tax break that could be instrumental to your growth strategy.

If you own a small hospitality business, you should make sure you take advantage of immediate tax deductions on assets costing less than $20k. Work it into your plan to make the most of the tax breaks from the start.

Set yourself a goal

In order for your business to grow, you need to set yourself a goal. Whether you plan on opening up new locations, hire new staff, expand seating areas or look into new food delivery options, having a clear goal will help you to put the proper financial planning in place.

If your goal was to expand your seating areas to allow for more customers, you can take advantage of the $20,000 tax deduction and buy yourself new hospitality furniture. By investing in quality commercial furniture, you can attract new customers and increase your revenue.

Listen to feedback

If you don’t already ask your customers for feedback, you should make it a priority for this year. There is no point setting yourself goals for growing your business, if they are not in line with what your customers are demanding. Listen to what your customers are saying and try and work it into your growth strategies to achieve higher success rates.

Your staff could also be a valuable source of knowledge, so make sure you involve them in your planning. If they know a local restaurant is planning on raising their prices, you want to make the most of the opportunity early on.

Nextrend can help you make the most out of your fiscal year. Plan ahead and take advantage of immediate tax deductions by upgrading your hospitality furniture. Check out our wide range of restaurant chairs, tables, bar stools, and lounges now!