The holiday season is upon us, and for small business owners, it’s not only a time of festive cheer. It’s also a crucial period for holiday planning and preparation. To ensure a smooth and successful holiday season for your business, consider these practical tips for a smooth and worry-free year-end operation.
1. Do your reconciliation a week early
As the year ends, getting your financials in order is important. Take the time to reconcile your accounts a week earlier than usual. This ensures that any errors, discrepancies, or adjustments will be addressed promptly, eliminating last-minute stress. A clean and accurate financial record will help you stay organized and ready for the new year.
2. Manage staff annual leaves
For the holiday season, expect employees to file their leaves to take a vacation. It’s important to discuss annual leave balances with staff before your office shuts down.
Encourage employees to use their remaining leave credits, especially if they have accrued a significant balance. This ensures that your team enjoys a well-deserved break and work productivity is managed efficiently before everyone goes on vacation.
3. Settle your outstanding bills
Closing the year with unpaid debts can have a domino effect on your business’s financial health. Take the time to review and settle any outstanding bills before the year ends.
If early payment isn’t possible, negotiate payment plans or schedule payments for the upcoming year. Starting afresh with a clean slate allows you to focus on new opportunities and tackle new challenges in 2024 without the headache of past financial obligations.
4. Ultimate holiday tip: Hire a VCFO from 4Front to do it for you!
Most small business owners are known to wear too many hats, which is why the holiday season can be overwhelming for them. Instead of adding more stress to your plate, why not outsource some of your financial tasks to remote professionals?
A Virtual Chief Financial Officer (VCFO) from 4Front Advisory provides your business with expert financial guidance—allowing you to laser focus on running your core business. A VCFO can handle reconciliation, track cash flow, and update bill payments, ensuring that all financial obligations are covered during the holidays without sacrificing your peace of mind.
In conclusion, the holiday season offers both opportunities and challenges for small businesses. The year-end is the best time to enjoy the festivities and welcome the new year with confidence that your business is ready for what lies ahead.
For questions on how to superscale your business operations to the next level, book a FREE one-on-one consultation with Liborio Lucero of the 4Front Advisory team. You may also contact him on 0421 271 018 or email him at liborio@4frontadvisory.au for a customised financial advice.