It seems like only yesterday that we were finishing last year but we’re already only a few weeks away from Christmas and then preparing for the new year. With this article we wanted to share with you some tips on managing the Christmas period – making sure your business is ready to thrive during the Christmas period now.
Here are are some of our best tips for your business
Make sure you identify your staffing needs early
If you have kept accurate data from previous years then this should be relatively easy. You should be able to identify your busy periods, fill your roster accordingly and make sure you have enough cash flow to manage payroll. If you need to bring on new staff to cover shifts now is the time to organise it so you can make sure they are properly trained before the busy period hits. Your previous years payroll in your bookkeeping software should be able to help you estimate your needs.
Keep your paperwork organised
With everything else going on throughout the holiday period it can be easy to ignore paperwork or put it aside. You definitely shouldn’t do this as keeping your paperwork up to date means that you can identify any red flags earlier. It also means that you can set goals and benchmarks, as well as managing all of your cash flow
Make sure you have the right inventory levels
Managing inventory at this time of year is vital. You need to check your stock levels against previous years, as well as set kpis based on your expectations for this year’s sales. There’s nothing worse than not having enough stock of a popular item at this time of year. Looking at stock levels from previous holiday periods in your bookkeeping software should give you a good guide here.
Look at your online platforms
You want to make sure that all of your online platforms are working as they should. Test all your contact forms on your website, test all your ecommerce functionality and make sure all your social media platforms are working as they should. For many industries this time of year is the most important time of year and you want to make sure that you don’t miss any sales opportunities. Do you need to upgrade your marketing campaigns for the Christmas period?
Make sure you have access to cash
With higher inventory levels and usually higher staffing levels, cash flow can sometimes be difficult. It’s best to be prepared and make sure you have access to some extra cash as required – whether just keeping extra cash available to you or whether you look at different financing options. Your bookkeeping software should give you an idea of the amount of cash flow required.
The Christmas period can be stressful for business owners but it’s also a time of fun and joy. Make sure that you are well prepared for the holiday season so your time is as enjoyable as possible.