Stay on Top of Your Cashflow
No matter how slow things get for you, stay on top of your bookkeeping so you know your incomings and outgoings. Maintain a clear picture of the time and costs you have to bill and what work is coming down your pipeline. In other words, don’t get so wrapped up in the fun of spending that you ignore the truth about your cashflow. Financial hangovers are some of the worst.
Keep Track of Your Inventory
Your ability to offer your customers what they want is one of the factors that will determine your business’s success during the holiday season. You should take a look at last year’s sales. This will give you an idea of what your customers want, so you will know what products to order. You should also keep track of this year’s sales. This will help you during next year’s holiday season.
Review Your Terms and Payment Methods
If you find things are especially tight, or your payment terms just aren’t working for you for whatever reason, it might be time to revamp them and announce the revisions before the new year begins. For example, for new clients or new projects, you may want to take a percentage of your quote as down payment before you begin work. Or, you may want to reduce your payment timeframe — from 30 to 14 days, for example. Or, introduce a late payment penalty. Whatever you do, announce these changes in writing, kindly and professionally, to make sure your clients are aware of them well in advance.
Your holiday season can be a financial success so long as you plan it right. As always, A Simple Office Solution is here to help.