It’s the season of giving, but that doesn’t mean you need to go overboard with your expenses. More often than not, businesses tend to lose track of their numbers during the holidays. Here are some ways to check—and improve—your business cash flow during the most wonderful time of the year.
First Things First: Keep track of your staff
During a time of financial stress, it’s smart to focus on your staff first. Even with bonuses and fun activities planned for the holidays, this season is actually one of the most stressful periods of the year for most employees.
According to the American Psychological Association, 69% of people feel that they have both a lack of money and time during this season. Looking at it from a local perspective, the statistic
does ring true, given the traffic in the city and the pressure to give in to last-minute shopping.
On top of that, a 2017 Peldon Rose survey revealed that 56% of employees struggle to finish work during the holidays. This statistic also mirrors local businesses; everyone has different commitments, both professional and personal, during this time.
The figures mentioned above demonstrate how even employees struggle during the holidays. From here, it’s a matter of coming up with solutions to face the season. Identifying and addressing employee-centric issues results in productive and cost-efficient holidays!
Managing the holiday season
Here are some suggestions on how your team can deal with the holiday blues:
1. Prepare holiday activities
A Christmas party or a creative corporate social responsibility (CSR) activity (e.g. tree planting, outreach work) can help boost employee morale. Make sure that this activity is planned out and given enough time and resources; last-minute decisions can be stressful!
2. Stick to a holiday list
Never underestimate the power of lists. Take note of employees, partners, and clients who you plan to send gifts out to during this season. List down what gifts to give, and save precious time during shopping.
3. Stick to a budget
Allocate and stick to the funds you set for your holiday activities and the gifts you plan on giving. Having a clear idea of what needs to be spent during the holidays will help prevent impulse purchases.
4. Pattern your holiday planning after your work process
Notice how similar holiday preparation is to your regular workflow? By setting goals, you’ll be able to streamline your holiday tasks in an efficient and productive manner.
The Planning and Monitoring Mindset: The gift that keeps on giving
The best perk your business gains from properly planning for the holidays is a better
perspective on how to deal with time and finances.
Instead of anticipating the financial stress that comes with the holidays, shift this perspective
into a learning opportunity. Remember, the Philippines has the longest holiday season in the
world. Why not make this period matter for your business?
Let’s paint a clearer picture using the advice we mentioned above. This way, we get to see how it’ll do your business good in the long run!
- Preparing for Christmas activities = Goal setting for a project
- Making a holiday list = Checking assets and resources in delivering a product or service
- Sticking to a budget = Auditing and/or accounting inventory; creating a financial statement
- Pattern it to your work process = Streamlining efforts to meet a target
Enjoy the holidays and look forward to a productive future for your business!