Christmas can be one of the most profitable times of year for your business, and choosing to close over the festive period can be stressful. We have put together a few things to keep in mind when preparing your business and employees for the end of year rush.
- Understand your staffing needs
Are you remaining open over the festive period?
If so, you may need additional staff, especially if regular employees wish to take Christmas and New Year leave.
By planning your staffing needs early allows for your seasonal staff to be properly trained and prepare for the silly season’s shopping frenzy. You can look at previous years as well as other companies of a similar size to ensure your staffing needs are correct.
- Remain organised
To remain motivated throughout Christmas comes from ensuring minimal hiccups and everyone is on the same page. Identify what tasks can be done in advance and make an action plan to tackle them. These can include setting your holiday opening hours and sales goals and thinking of your payroll requirements.
- Assess your inventory levels
There is nothing worse than running out of stock. Don’t guesstimate! Properly calculate your inventory needs. You can do this by referring to previous Christmas periods.
Aside from your actual products, remember to check the levels of other holiday supplies. Try getting in touch with your suppliers early and talk to them about bulk ordering items at a discounted price.
- Plan your cash flow over the Christmas period
Make sure you have adequate funds over Christmas and take into consideration that if you need quick access to funds during the festive period you may have difficulties. Plan your cash flow in advance and consider what your needs are. Weigh up whether your plans for renovations or upgrades can wait till the new year.
Need a little help with your Christmas preparations?
Our financial experts at Moore Lewis & Partners are here to make sure you have a smooth transitional period over Christmas. Contact us today on 4638 5300.
