SME survival tips for the festive season
Starting your own business can be an exciting time but it can also be a time of many challenges, lessons and rewards. Depending on the industry, the festive season can introduce one of two extremes – either a period of stillness or a frantic schedule. Regardless of which extreme your small business identifies with, there are a few ways in which SMEs can make the most out of the festive season and ensure they begin the next year ahead of the game.
Manage cashflow
When entering the festive season, predict the influx of cash or the urgent need to budget sparingly. Make sure that invoices are sent out in advance so that you can draw your funds before the general shutdown period.
Consider your staff
Ensure that you manage your staff accordingly to accommodate for requested leave dates. Looking after staff is an important aspect of any SME. A small gesture thanking them for working, especially if they are covering the festive season shift, can go a long way.
Communicate with business contacts
The festive season means different levels of productivity and operations for different companies. It is a good idea to touch base with suppliers, contacts and customers regarding your closing period as well as theirs. If your company flourishes over the festive season, make sure that you have enough stock for when suppliers go on leave.
Get up to date on your admin
If your business quietens down over the festive season, use the time wisely to maintain any relevant equipment and wrap up any loose ends. Most small business owners find their diaries filled with meetings and deadlines which often means that admin is neglected. The breathing space provided by the festive season is an opportunity to catch up on accounts, budgets and general admin.
Set new goals
The festive season is a great time to clear your head and set new strategies for the coming year. Consider how you can approach key partners, suppliers and attract new customers.
Consider your space
Numerous studies have indicated that your physical office space significantly affects the productivity of your staff. The festive season provides an opportunity to reassess your working environment. Is your office cluttered and chaotic? Perhaps you are spending more than you need to on rent when you could downsize and save money? An increasing amount of small business owners are taking advantage of the accessibility and security of self storage facilities to assist with business growth and improve their working environment.
We offer great SME and business self storage options and specials at nearly 50 self storage facilities across South Africa. If you are a growing SME and in need of self storage, simply get a free and quick storage quote online or call us on 0861 18 18 18.