For many small businesses, December is the season to be jolly (retail sales go up), for others it marks a slow down, and for some it can be chaos! Before you find yourself falling in a heap wrapped in tinsel and enjoying too much Christmas cheer, take a moment to consider these three business tips.
Tip 1 – Assess your business’ performance
While it’s the end of another year, it also marks the half way point of the financial year, giving you the opportunity to take a look at how your business is performing. Reassessing the budget or having a look at how you compare to other businesses in your industry is a good indicator to see if you are on track and able to meet your goals set at the beginning of the financial year.
Tip 2 – Reward your employees
Christmas is a time for caring and sharing. So take some time to thank your employees and celebrating the year-end with your employees is a great team building exercise. A happy team can really improve your bottom line. It doesn’t have to be an expensive or boozy party, even a simple BBQ or dinner out can be a nice way to let your employees know you appreciate them.
With 45% of small business owners claiming their stress levels have increased in the past year*, it’s important that you take some time out to relax, be with family and friends and enjoy the Christmas season. Even the Tax Office gives you a ‘breather’ over the Summer with a little extra time to get your BAS in (December quarter is not due until 28th February). If you feel rested, you will be more likely to kick off the new year with renewed enthusiasm, ready to budget, plan and start 2016 with a bang.
This article is general in nature. Individuals should seek advice specific to their own situation before making any financial decisions. *Source: Officeworks.