Apologies if the mention of Christmas has put you off your morning latte – we made sure our caffeine levels were topped up before broaching the subject!
So far 2020 has presented so many challenges for business owners that the mere thought that the festive period is growing ever closer (did you know there are only 100 days between September 16 until the big day?!) will be understandably daunting. With this in mind we have put together our top tips which will hopefully alleviate some of the pressure and keep your business on track…
Plan ahead for expenses
Make sure that you consider in advance the various extra costs your business will incur over the festive period. These will most likely include Christmas events, gifts for staff and clients, extra marketing costs and holiday pay requirements.
Postpone unnecessary spending
The inevitable costs associated with Christmas will no doubt squeeze the cash flow so it is wise to postpone any avoidable expense such as maintenance and new equipment until the New Year when monthly budgets settle back into place. The New Year is also a great time to take advantage of discounts against many goods and services.
Keep a beady eye on expenditure
This is something we advise throughout the year – a clear overview of your regular cashflow enables you to make the most effective decisions for your business. This becomes even more important during the lead up to the festive period as there are so many out of the ordinary costs which can all add up very quickly. There are several accounting software platforms which create quick, accurate cash flow reporting – we are happy to advise on this.
Reward your staff
Too often in business we focus on the numbers (occupational hazard for us!) but as a business owner you will appreciate that your team are your greatest asset. Christmas is the perfect time to celebrate the contribution they make to the success of your business.
Hopefully these tips are helpful and will make for a prosperous – and dare we say it – enjoyable Christmas for all!