Financial management and wellbeing Te whakahaere pūtea me te oranga
Transcript
Video transcript: Financial management and your wellbeing
[Audio/Visual: Upbeat music starts playing with blue introduction screen with white business.govt.nz logo. The word “presents” in smaller, thinner lettering is beneath the logo. These words disappear and are replaced with white text “Brave in business e-learning series”. These disappear. White text saying “Financial management and wellbeing” then appear in the centre of the screen.]
[Visual: The screen changes to a profile shot of the presenter, sitting at a table in a home study. In the bottom right is the business.govt.nz logo which remains there until the end of the video.]
If managing the finances of your business is new to you or you need more help, that’s OK. Learning as you go is totally normal and building confidence in your financial skills can take time.
Reducing the stress of financial management is good for your mental health and wellbeing, good for your business, and good for the people around you.
[Visual: The screen changes to a scanning shot of a red notebook. White text saying “What is financial management” appears in the centre of the screen. This screen remains for 5 seconds. The screen changes back to the shot of the presenter.]
Financial management means planning how your business will earn and spend money.
It involves recording the money coming in and going out, setting financial goals, and analysing data to create a clear picture of your financial health. It’s everything from day-to-day bookkeeping, through to long-term planning.
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For a handy template to financial management, download the resource below.
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Here are three practical ways to make financial management easier.
[Visual: The screen changes to a scanning, close up shot of a table with pens, a laptop and a calculator scattered on it. White text saying “Create a budget” appears in the centre of the screen. This screen remains for 5 seconds.]
Take the time to create a budget for your business.
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A good budget can guide your decision-making and provide financial peace of mind which can help reduce stress.
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List all your expenses, how much they cost, and when you need to pay them. And, as best you can, predict how much income your business will generate.
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Then you can start to track how your business performs in real time. With that information, you’ll have a better handle on your cash flow and plan for the long term.
[Visual: The screen changes to a scanning shot of a green notebook and a pen. White text saying “Consider what’s working and what isn’t” appears in the centre of the screen. This screen remains for 5 seconds. The screen changes back to the shot of the presenter.]
Once you’ve set your budget and know how much is coming in, going out and what’s left over, you can start looking at what’s working and what isn’t in your business — or a SWOT analysis.
[Visual: White lettering “SWOT Analysis” appears on the screen to the right of the presenter. The letters SWOT then stack on top of each other to the far right of the screen as the screen zooms into a profile shot of the presenter. White lettering saying “Strengths”, “Weaknesses”, “Opportunities” and “Threats” appear beside their respective first letter as the speaker says them. The screen then zooms out again to an upper body shot of the presenter as the text remains on the right. After five seconds the white text fades out and the rest of the screen stays the same.]
Look at strengths, weaknesses, opportunities and threats. You might find that you can turn any threats or weaknesses into strengths and opportunities and reduce some stress and maybe even save money in the long run.
[Visual: The screen changes to a scanning, close up shot of a table with pens, a laptop and a calculator scattered on it. White text saying “Get extra support” appears in the centre of the screen. This screen remains for 5 seconds. The screen changes back to an upper body shot of the presenter.]
If you need extra support, consider finding a financial adviser — like an accountant or bookkeeper. They will help you put the right processes in place to keep things running smoothly all year-round.
Then you can focus on the stuff you enjoy doing and are most passionate about, knowing your finances are under control.
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Financial management can feel intimidating, but budgeting well and having good processes makes it much easier.
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The less time you spend stressing about finances, the more you can spend doing what you love — that’s why you started your business in the first place.
In our next video, we’ll look closer at tax time, and give you practical tips to make the end of the financial year stress-free.
[Audio/Visual: Upbeat music plays while a blue outro screen appears with the business.govt.nz logo in the centre of the screen. This logo disappears and the Ministry of Business, Innovation, and Employment logo appears on the left-hand side and the Te Kāwanatanga o Aotearoa, New Zealand Government logo appears on the right-hand side.]
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Business.govt.nz makes it easier for small businesses in New Zealand to understand and comply with government, and succeed. We do this by packaging content and advice from across government into tools and resources designed with small business in mind.