Partner Article

End of year check list

Businesses making the final preparations for the Christmas break are being offered advice by Business Link in the North East.

Alastair McColl, chief executive of Business & Enterprise North East which delivers the region’s Business Link service says: “While it is a time to celebrate, the holiday season can create many challenges for managers. Good preparation is the only way to avoid these challenges turning into problems that have a negative impact on your business.”

To be ready for Christmas, Business Link suggests that businesses should consider the following:

• Staff Leave - Find an open and fair way of deciding who will provide cover over the holiday period if you need it.
• Keeping staff motivated - Give staff clear targets of what you expect them to achieve, or they may start celebrating early.
• Managing cash flow -Identify and chase important invoices. Accounts departments may go on leave earlier than you expect.
• Security - For many businesses this is the longest period when no one is on the premises, and burglars know that. Review your security and ensure that all computer files are backed up off site.
• Customers and suppliers on holiday - Be prepared for contacts to disappear from now until early January.

Alastair continues, “January is a great time to review a business and to make sure it is as fit as it can be to compete in the New Year.”

To thrive in the New Year, Business Link suggests that businesses should give priority to:

• Getting a health check - Review the health of your business and identify potential issues and opportunities.
• Reviewing cashflow - Dramatic changes in turnover, Christmas bonuses and low productivity, can all have an impact on cashflow.
• Staff motivation - Staff can take a while to get motivated again after the long break. So set clear goals for the year ahead, to help your employees stay focused.
• Tax - Deadlines are looming. File your tax returns early so you don’t have a last minute panic.

This was posted in Bdaily's Members' News section by Ruth Mitchell .