Christmas is around the corner and as an entrepreneur, there are certain things you need to watch out for. Christmas can be a stressful time for entrepreneurs. In addition to family demands, shopping, and travel, entrepreneurs have to contend with distracted clients, absent employees, and year-end administration. Here are a few things to think about…
Watch your cash flow
Your cash flow may have been smooth through the year, but in December you can find yourself in a situation where things can change quickly. Here are situations to watch out for:
- At Christmas: December is a short trading month, during which most firms close down for between two and four weeks. Everyone is chasing money in December and there’s usually less to invoice.
- In January: Christmas bills and school fees payments make January a tight month for many. January is also a short month, some people are on holiday until the middle of the month. It’s a difficult month for invoicing and collections.
Find the time to reflect on the past year
Unless you’re a retailer, December/ January is a slow time of the year, at least from a business perspective. People’s minds are elsewhere, and it’s difficult to get much done. Instead of trying to fight against the tide, take some time to reflect on what you’ve done right and where you might have fallen short over the past year.
This isn’t just about the performance of the business; it’s about your performance as an entrepreneur. Reflect on how you and your products or services have evolved over the year: Touch on your successes, failures, and everything in between.
Take advantage of discounts
Minimise the cost of items to be bought, take advantage of discounts and promotions. It is at this period that companies offer crazy deals to old and new customers. Take advantage of them now. Don’t overspend! Save for the future because the New Year can be unpredictable.
Set your goals for 2017
Set goals for 2017; set SMART business, personal, intellectual, spiritual, family and financial goals. Make sure you think about and set all your goals before the year ends.
Here’s wishing you health, wealth and happiness in 2017, your year to shine!!