Use the tips and advice in this blog to help your business to maintain a healthy cashflow this Christmas.
Most businesses will experience some level of seasonality over the Christmas period. For many retail and catering businesses it is their busiest time of year, but for businesses in other industries, sales can come to a standstill.
To make managing your business’ cashflow even more difficult, Christmas comes with more financial challenges including business downtime over the holidays, delayed payments and staff bonuses.
Use the tips in this blog to maintain a healthy cashflow and prevent your business from running into financial difficulties over the festive period.
Manage cashflow throughout the year
Review performance for the festive period immediately after it happens so that you can set a budget and manage your cashflow accordingly the following year to account for any dips or peaks in sales.
Chase up outstanding payments early
When Christmas is approaching, make sure that you are chasing up all outstanding invoices in plenty of time of businesses closing for the holidays. If you wait until the week before Christmas, it’s likely that many employees will have already put their out-of-office on and you’ll be left waiting until the new year for payment.
Stop spending
If you know that the festive season is usually quiet for your business, then reel in the spending in the run up to Christmas, delaying unnecessary expenditure wherever possible to avoid running into cashflow problems.
Marketing campaigns and promotions
Drum up more sales over the Christmas period by running promotions and special offers alongside well planned marketing and email campaigns.
Seek help from a debt recovery service
If your business is having cashflow problems over the festive period due to non-paying customers, speak to our debt recovery experts for advice and support rather than letting it ruin your Christmas. Our team of experts can help you to successfully recover the money owed to you in a way that is both compassionate and ethical.
To find out more about our services or to discuss your requirements in more detail, give our team a call on 0333 320 0748.