It’s not long now until the Christmas break. Time to relax and recharge with family and friends. But, if you’re a business owner, this time of year can signal some big changes that can have a huge impact on your business if not managed properly.
Things like a decrease in cash flow, office shutdowns and management of payroll and billing when the office is closed, clients on holidays and uncontactable to chase outstanding debts – PLUS, your wages, rent and own office overheads still need to be paid.
Here are some tips to ensure this time of year is as stress free as possible, and that you can really enjoy the true meaning of Christmas:
- Forecast, forecast, forecast – know what your working capital requirements are ahead of time to ensure you will still meet your tax obligations that are due in early 2019.
- Chase your debtors – Chase your debtors – ensure unpaid invoices are chased up with reminders sent out in advance of the Christmas break, otherwise it’s a long wait until the new year for your money.
- Share the shutdown – if you are planning on taking a break, ensure all your staff, clients and customers know when you will not be around to avoid any nasty surprises for anyone needing your services over the holiday period.
- Know who is steering the ship – ensure everyone knows which staff will return and when, and what the responsibilities are for each staff member over the holiday period.
- Stay on top of your New Year tax obligations – yes, it’s a time to unwind, but ensure you’re prepared for staff superannuation obligations in January and BAS in February 2019.
- Take time out – although you need to stay on top of things, you do need to be mindful to take a quality break from your business too. The summer holidays are a great time to relax, rejuvenate and reenergize for the coming year and all it brings.
A very Happy Holidays from Nexis!