This archive report was first published on 17 December 2019.
As the festive season approaches, small business owners often find themselves in a dilemma. With the holiday season bringing a slowdown in business for many industries, it's natural to wonder whether shutting down for a few weeks is the best option.
According to Sage research, small business owners often compromise on leave because they fear they may suffer if they take time off. However, with the right planning, it's possible to minimize the impact of the break on your business.
One of the key factors to consider is your finances. Take a close look at your accounts and speak to your team about their plans for the holiday season. It's also essential to find out from your customers what their needs would be during the break.
Knowing your customers' needs will help you decide whether you need to work through the holidays. Certain industries, such as retail or catering, may be busiest during the festive season and closing shop is never an option. However, for others, taking a break may be beneficial.
Technology can also play a significant role in helping you manage your business during the holiday season. Artificial intelligence (AI) can assist with answering simple queries when no one is available, and cloud-based solutions can help with tasks like billing, accounting, and data collection.
By automating these tasks, you can minimize the amount of office work required and keep an eye on your accounts while relaxing on the beach. Set aside an hour or two a day for essential admin tasks like answering emails, handling urgent matters, and checking and updating social media accounts.
It's also essential to ensure compliance with tax laws, especially during the tax year-end on December 31. Automating payroll using cloud-based software can make it simpler to keep track of changes to tax regulations.
Preparing in advance and managing your workload before you go on leave means there should be few issues to deal with when you get back. Proper forecasting, organisation, and strategic direction are essential to maintaining momentum.
Finally, the holiday season is also a good time to catch up on office admin. Skeleton team members can help manage tasks like sorting through paperwork, filing, and recycling, and you can also use this opportunity to upskill your team members through online courses.
