For small business owners, the Christmas season can be both stressful and rewarding.
With Australian shoppers predicted to spend over $48.1 billion dollars in retail this season according to the Australian Retailers Association (ARA), it’s hardly surprising many business owners find themselves struggling to keep their heads above the Christmas cheer.
So you don’t get bogged down by Santa this year, here’s a list of things for you to keep in mind before the jolly man climbs down the chimney:
1. Bolstering staff
Business Australia recommends that businesses wishing to keep up with Christmas demand should consider hiring more staff. However, the 2015 Xero In on Summer survey found that rather than employing more staff, most businesses opted to work more hours instead. While this may see you through the Christmas period, overworking can put a strain on other areas, such as managing your bookkeeping and payroll while you cope with the increased demand.
2. Don’t forget your online presence
Inside Small Business reports that many SMEs are missing out on a big chunk of Christmas cash because they lack a proper website or eCommerce capabilities. Over 2 billion dollars worth of Christmas money was spent online last year, according to the ARA, so it pays to stay connected and up to date.
Despite over 30 per cent of small businesses in Australia getting busier over the summer holidays, Xero points out two thirds don’t do anything in preparation. According to shipping and fulfilment eCommerce platform Temando, about 80 per cent of Australian small businesses are unprepared to meet with customer demand over the peak festive season. Make sure you’re on top of your finances for handling logistics this year, so you’re not caught unawares.
Almost a quarter of Australian small business owners haven’t had a holiday in two years.
4. Don’t forget to take a break.
As owners of SMEs, we often forget to take care of the most important thing: ourselves. One of the big take-homes from the Xero’s 2015 survey was that almost a quarter of Australian small business owners haven’t had a holiday in two years.
A third of these respondents we’re unable to enjoy a Christmas break because they would no longer know what was going on in their business.
Rather than worrying about how the business is running, getting professional help to manage your finances does much of the work for you, so you can enjoy a well deserved Christmas break. Get in touch with the team at DBS Accountants to find out how.