You might have read my recent post about managing your money and life over the silly season, where I have some great tips not only about money but looking after yourself over the holidays. That naturally caused me to think about ……
What it is that you can do for your business right now to survive and thrive over the holidays, and kick start 2019?
Customers and clients
Let them know in advance of any shut down periods and operating hours. Get busy with courtesy emails, social media posts, voicemail messages and signage. Launch a campaign to boost bookings and sales in the new year, make sure you have an awesome and irresistible offer. Make the sales calls and get the bookings into your diary.
Arrange schedules and staffing, phone and email diversions ensuring you have staff available on call if necessary. In my financial planning business I need to have someone on call just in case a client has overlooked making a withdrawal etc. For me, communicating the emergency contact protocol to staff and clients is prudent.
Be proactive. Analyse your cash flow for the period ensuring that you have a buffer or facility available if needed. Issue invoices in a timely manner so that you’ll get paid as quickly as possible, as this will help with your money management over the break. Have a look at your debtors list from last year and call any laggards to remind them of your terms (and wish them happy holidays, of course!). Check that you can pay your bills on time, contacting vendors to make arrangements if necessary. If you are struggling to manage your money take action now, get some professional help to help sort things out.
Make sure any software updates are up to date, back ups scheduled or done, passwords secured, and you’re protected from any cyber attacks. Get your technology sorted and phone on roaming if your heading overseas. Clear the desk and get all the outstanding filing up to date. Have a general clean out, especially the fridge and bins if you’ll be away for any length of time.
Do some forward planning for the new year.
Pause, reflect and consider whether your business is meeting your needs. Is it satisfying? Is your “Why” still relevant? I heard a woman recently say “Life’s lived forward, but understood backwards”….. it’s so true. Is your business supporting the lifestyle you want? is it going in the direction you’re wanting to take it?
Get ahead of the game by reviewing your strategy and updating your business plan – budget, marketing and forecasts; or change up your business model. You may want to re-read last months blog on the importance of making better use of your money and investments, so that you can build your financial security and have more freedom and choice.
Consider if your business is running smoothly from an operational point of view, do you need to upgrade equipment, technology, systems, processes and up skill people? Is the studio or office tired and in need of a revamp?
Are you ready to shift gears, expand and see massive growth (and I don’t meet the waistline!!) – if that’s on the cards for you congratulations; what do you need to do to get ready to go come 1 January?
Review your business structure and succession plan (plus personal estate plan) and consider if any changes are needed. If you have partners or debts, think about what will happen if you aren’t able to work in the business any more. Is there enough money for payouts? If not, is insurance available to cover the risks?
Think carefully about whether your brand reflects your intent and is attracting the audience you wish to serve. Take a look at your website, image library and content; refresh if desired.
Finally, ask yourself how did you measure this years success? Start analysing early as this information is invaluable to your future success.
Have some fun over the holidays, relax and unwind, learn something new, whatever your passion, I hope these tips see you ready for whatever life throws your way, so you don’t have any worries.
I’m heading overseas for a few weeks back in mid-December. If you need help with anything that’s confusing you about your finances, book in for an obligation free 20 minute discovery call with me, email firstname.lastname@example.org.