How To Prepare Your Small Business To Achieve A Strong Cash Flow For The End Of The Year?
Small Business Checklist and Tips for the End of the Year
While the holiday season is rapidly approaching, this time of year can be stressful for small business owners. There is a great deal of strain associated with running a business during this time of year, from increased customer service requirements to demands for expedited shipping to unexpected incidents such as a technical glitch on your website.
While most businesses have already considered everything necessary to secure their success throughout the holiday season, there may be a few stragglers rushing around. To assist you, we have compiled a quick last-minute checklist of items you should consider as a must-have for your business over the holiday.
Even better, you can take advantage of loan increases and obtain funding of up to $500,000^ today. Use the funds to purchase Christmas inventory, invest in marketing, hire more staff, or for any other business reason that will help you prepare for the busy holiday season.
Checklist for Holiday Season
1. Sales and Marketing
If you have not done so already, decide on the Christmas and New Year promotions to offer your clients to boost sales. Consider the types of offers that have historically worked well. A typical client acquisition method is to provide discount vouchers.
Consumers are especially receptive to special deals over the Christmas season. Vouchers might provide an additional incentive for indecisive shoppers to shop with you.
Whether you are offering discounts, gift cards, or vouchers, make sure you promote the offer across all of your channels, including your website, social media, emails, and also through word of mouth when chatting with customers. If clients are unaware of any special offers, they may shop elsewhere. You may even utilise incentives to entice a hesitant buyer, so do not overlook the power of special offers.
Throughout the festive season, many businesses have extended holiday trading hours. Additionally, your customers are likely to purchase more frequently and anticipate extended hours. Ensure that your company's website and social media channels have up-to-date trading hours. If you plan to open early or close late, notify your consumers on Twitter, Facebook, or Instagram.
2. Inventory and Cash Flow Management
Determine your best-selling and most popular products from the previous year so you can guarantee you have enough inventory on hand to maximise sales this year. Consider any additional purchase orders that may be required to avoid stock-outs during the run-up to or following Christmas and New Year.
Pursue delinquent debtors to maximise cash flow throughout the Christmas season. Avoid being too relaxed or complacent. Otherwise, you risk not being paid on time, thereby impacting your cash flow.
Consider how you can manage your cash flow if you are placing last-minute purchase orders to purchase stock, need to meet payroll obligations or incur additional expenses during the holiday season.
3. Staffing Resources
Having your employee roster completed well in advance is critical for maintaining control of your staff. Request that everyone submit their Christmas availability in advance. Keep a shortlist of backup personnel on hand to help you manage any unforeseen emergencies.
Ensure that your team prepares for success and that sales, customer service, and rostering expectations are fully defined. Between now and the end of the year, increase employee engagement initiatives. Certain team members are likely to be less motivated or depleted of energy in the run-up to the Christmas shutdown. Maintain their motivation and productivity as well as your own.
January has historically been one of the most vital months for recruiting, owing to the "new year, new me" sentiment. Candidates are constantly on the lookout for new opportunities, and as a result, businesses are frequently obliged to seek staff replacements.
Even if you are not actively recruiting in December, you should spend the time planning for the hectic month ahead by obtaining approval from the main decision-makers and setting up the relevant job description, so you are prepared to advertise in January.
4. Bonus Tip
Here is one final bonus tip. Self-care is critical to maintaining a healthy lifestyle. Although managing a small business can be more challenging around this time of the year, do not let the holidays be a joyless experience. Ensure that you can schedule some time to rest, recover, and re-energise yourself in preparation for the new year.
Do you have sufficient working capital to meet all of your business needs, or do you need additional financing to get through this busy season?
If you require additional finance but are unclear of your choices, contact one of our lending specialists by submitting an enquiry here to discuss your business' financing needs. We can assist you with funds approved and in your account within 24 hours!
5. End Of Year Offer – Claim Your Cash Rebate
Claim your EOY Offer valid from 1st December 2021 to 31st December 2021. Eligible new and renewal customers can receive a $1,000 gift card rebate for every loan funded over $30,000.
Terms and Conditions:
- Offers are available for Capify Business Loans and Merchant Cash Advance products.
- Must be approved and funded within the offer period from 1st December 2021 to 31st December 2021.
- The offer cannot get used in conjunction with other offers and discounts.
- The offer is available for new and renewal customers approved and funded for a loan equal to or over $30,000.
Disclaimer^Subject to Capify's standard credit approval criteria. This article does not constitute legal, business, financial, or accounting advice, so all readers must seek assistance from qualified professionals to discuss their specific circumstances. Dynamic Zenergy is Capify's Small Business Affiliate Partner. When you use our affiliate link to purchase a product, we may receive a commission at no additional cost to you.