December is usually the busiest time of the year for retail and hospitality businesses, however businesses in other sectors often find that their sales slowdown and their customers stop paying them for a few months. So cash flow dries up.
Whether your business is large or small, well-established or in start-up mode, you need to take a planned approach to managing cashflow during the holiday season. Here are few tips for keeping on top of cashflow management during the Christmas/New Year holiday period.
1. Keep invoicing in the lead up to Christmas
2. Set clear expectations with your customers
3. Service business - offer a discount for the "quiet time"
4. Use the quiet time to work on your business
If sales are a little slow in the lead-up to Christmas, use the time wisely to hit the ground running in the new year.
The pre-Christmas slowdown is a great time to work through the to-do list you’ve been compiling all year. This might include taking a thorough inventory, searching for more suitable lending alternatives, completing a comprehensive competitor analysis or researching the market for new products and suppliers.
If you are looking for fast, easy access to finance to take the pressure off your cash flow over the Christmas period, book in an obligation free chat with one of our finance consultants today. We have options to help you!