It doesn’t take a rocket scientist to tell you that Christmas is for most businesses, both large and small, the busiest time of the year. Taking advantage of all of this increased trade is vital and the perfect way to start the New Year on a strong financial footing. In fact many businesses rely heavily on doing a roaring trade in the build up to Christmas.
Coping with the increased demand is very important otherwise there could be some serious consequences and a lot of money could be lost. But how can you ensure the Christmas rush goes as smoothly as possible?
Increase the Number of Staff
Extra demand means more hands will be needed. Employing more staff is the most obvious way to make sure there are more hands on the pump as it were. But what if you cannot afford to employ another member of staff? If this is the case, then look at ways of delegating time consuming jobs to others. A popular option is to employ an outsourced bookkeeper and pass onto them all the accounts and payroll responsibilities for a month or two. This could free you up and allow you to spend more time generating cash.
Stay on Top of Cash Flow
There is no better feeling than receiving order after order as the countdown to Christmas begins. You send out items or sell them on the shop floor at such a rate that you are forced to order more and more stock. But be careful. Just because orders are up does not mean that you can necessarily afford to buy more stock than you usually would. Staff might be working longer hours and your payroll might therefore be more than it is during the rest of the year. Before you know it you have ordered too much stock that you cannot sell, as well as facing a large payroll bill.
Avoid this scenario at all costs. Use the help of a local bookkeeper to keep on top of your cash flow management system during the Christmas rush. With this taken care of, you can get on with other important tasks with the knowledge that no nasty surprises will be waiting for you in January.
Do not make any rushed decisions. Sometimes an outsourced bookkeeper who is separate from your company is the best person to entrust with your cash flow and pay roll duties when things get busy.