Latest blogs from Pomroy Associates

Top 5 Considerations Every Business Owner Should Think About at Christmas Time

The festive season is a wonderful time to celebrate success, show gratitude and prepare for next year. For business owner, it's also an opportunity to reflect, plan and ensure business remains on track while embracing the Christmas spirit.

Here are 5 key considerations every business owner should keep in mind during this period:

1) Cash Flow Management

• The holiday season can bring fluctuations in revenue due to increased spending or seasonal slowdowns, depending on your industry
• Review your cash flow forecast to ensure you can cover operational expenses, including wages, supplier payments, and tax obligations, even if income dips
• Consider whether now is the right time to chase overdue invoices or offer early payment incentives to improve cash flow

2) Tax Compliance and Planning

• With the Self Assessment deadline of 31 January approaching, now is the time to ensure your financial records are in order
• Use the opportunity to discuss with your accountant any year-end tax planning opportunities, such as investments in equipment or pension contributions, that could reduce your tax liability
• Be mindful of VAT return deadlines, particularly if your filing period ends during the festive season

3) Staffing and Operations

• Christmas is a popular time for employees to take annual leave, so ensure you have a clear holiday rota in place to maintain adequate cover for your business
• If you experience increased demand over the holidays, plan for temporary staff or extended working hours as necessary
• Don’t forget to acknowledge your team’s hard work with a small gesture of appreciation, such as a bonus, party, or gift

4) Client Engagement and Relationship Management

• Engage with your customers through festive promotions, discounts, or giveaways to boost sales and build goodwill
• Consider sending personalised Christmas cards or messages to clients, suppliers, and partners to thank them for their support over the year
• Plan your social media and marketing campaigns carefully, balancing the festive theme with your brand’s voice and values

5) Planning for the New Year

• Use the quieter moments of the season to reflect on the past year and set clear goals for the year ahead
• Revisit your business strategy, identifying areas for improvement and opportunities for growth
• Ensure you have the necessary systems, processes, and budgets in place to hit the ground running in January

Don't Let the Festive Season Overwhelm You - Plan Ahead Today!

At Pomroy Associates, we help business owners like you navigate the complexities of cash flow, tax planning and strategy. If you would like personalised advice or support to make the most of the festive season and start the New Year with confidence -then contact us