Working on Your Business over the holiday period

For retailers this is an extremely busy time of year but for many other small businesses the school holiday period can be one of the quietest times of the year. Hence now is the perfect time to put into place a number of measures to ensure you get the most out of what can traditionally be a very unproductive period.

  1. Work on your business. Over the year you have accumulated a list of projects that you were previously too busy to attend to, get it out rank them in order of priority, assign team members to each of the highest priority jobs and give them a realistic timeframe to report back to you by. This could include just about anything – the web page that needs updating, the OH&S policy that needs implementing, the changing of the tap washers in the staff room etc.
  1. Pull out your old business plan and reassess how you are going. Sit down with your team and discuss your goals and vision for the business. Set some goals for the coming year that everyone is clear on and will strive to achieve.
  1. Complete major capital projects. On the proviso that you organise your tradesmen or contractors in advance consider completing projects that would otherwise be disruptive. This is the perfect time to get the building renovation done or the computer upgrade or the new phone system installed so there is minimal impact on customer service and staff productivity.
  1. Schedule appointments. From previous years you would probably have a feel for which of your key suppliers and customers are not on leave. Start filling your diary now with appointments to keep the work flowing in and your customers happy.
  1. Consider what courses are available for yourself and your team. Many training institutions will be operating with skeleton staff so consider internet based training and having a consultant come to your place of work.
  1. There is often a backlog of work that has not yet been processed as during the busy periods it was deemed less important such as filing and other administration tasks that do not directly affect sales. While you have extra hands available and spare time get your back office clear and up to date in preparation for the next year.
  1. Plan your year. Get yourself a large year planner and plan out your year remembering to include annual leave dates, key taxation dates, business events, marketing events, projects etc.
  1. Take a break. Given that many of your suppliers, customers and staff will be looking to spend time with family and re-charge the batteries consider doing the same.

Don’t sit around idle this holiday period, get yourself organised now and utilise the idle time to your advantage!

Richard Kemp – Watts Price Accountants
E: richardk@wattsprice.com.au

The advice provided on this Article is general advice only. It has been prepared without taking into account your objectives, financial situation or needs.