Six New Year Resolutions for Hospo Business Owners
Last year was challenging for everyone and the hospitality industry was arguably one of the hardest hit. With 2020 in the wind (PHEWF) we’re excited to look forward into 2021 with optimism, energy and a thorough strategy. Need help looking ahead? Check out our six top tips for the new year for hospitality owners and start the year as fresh as market produce.
1. Check your team
With so much change last year, an unknown future and many businesses having interrupted revenue, don't let yourself become an island. Your bookkeepers, accountants, solicitors and staff should be your eyes and ears to the wider industry, the business world and changing regulation. If you're not feeling supported by your team, it's time for a change. As dedicated hospitality business (not just cafes!) bookkeepers, we can help.
2. Check your prices
Stop procrastinating, start changing! This should be the year you finally charge for every item on the menu PROPERLY. No more looking over your shoulder at what the person down the road is doing, just price for your businesses' unique combination of costs to make the profit you deserve.
3. Don’t let your BAS surprise you
Open a new online savings account, it takes 10 minutes. Also, talk to your bookkeeper (ahem, Cafe Bookkeepers) about how to work out regular (weekly) transfers for your GST on revenue and your PAYG withheld. The perk? When BAS time rolls around the money’s sitting there and ready to go, total peace of mind.
4. Plan your tax
The end of the financial year it is too late to enact a strategy to reduce your business or personal income tax bill. Be smart and proactive, especially if you have multiple businesses or partners. Engage industry specialist tax accountants, like us, and let someone else do it for you.
5. Embrace technology
You’d be silly not to. No more cash (read more about that here), no more missing receipts (use an app to track ‘em, Cafe Bookkeepers provides this free of charge), no more inefficiencies. Using technology should mean information is in the palm of your hand – meaning fast communication, faster action.
6. Stay curious, keep learning
Business owners wear many hats (not too many if you’re properly delegating!) but acquiring new skills should always be a priority. Jump online to learn how to advertise on Facebook, make your own floral arrangements, or how to send marketing emails!
Overwhelmed by the prospect of the new year? We all are, but don’t let it immobilise you! Start with our six top tips for hospitality business owners and you’ll be in a prime position for success. Need a hand making it happen? At Cafe Bookkeepers we specialise in bookkeeping, tax accounting, payroll and new business set up for the hospo industry. Whether you’re a cafe, bar, restaurant, brewery, bakery, distillery or anything in between, we’ve got you covered.