5 Small Business Tips for Surviving the Christmas SeasonWayne Burgan
he festive season impacts small businesses in different ways. Retail businesses often experience their highest sales, but other businesses may suffer a decrease in production and sales. There are a few things that small business owners need to consider to stay on track and make the festive period more enjoyable for all.
Spread some Christmas cheer
Keep customers engaged with a festive environment in your business – you would be surprised how far some decorations can go! Why not think up some special Christmas promotions for your customers? We all love it when we get a little something extra, so get creative with your promotion ideas.
Plan ahead for expenses
Make sure you think about the costs that may come about this season such as Christmas parties and gifts for staff. Account for holiday pay requirements as there may be penalty rates to be paid in some instances.
Delay unnecessary spending
Put off expenses that can wait until cash flow is more abundant. These could be things such as repairs and maintenance.
Keep track of your cash flow cycle
Work out where your business is at by using your small business accounting software. You should be able to get a snapshot of what your regular cash flow cycle looks like from this. Use this information to make important decisions not only in the holiday period but throughout the rest of the year too.
Plan for some time to relax and unwind
If you want some time off over the Christmas period take the time to talk to your staff so you are confident that things will keep operating as they should while you are away. Delegate tasks to responsible team members and leave instructions for these tasks so that they can have something to refer to in your absence.
Running a business can be tricky at the best of times so make sure you do all you can to make this an enjoyable festive season for your small business.