The Twelve Days of Financial Planning: A Festive Guide for Businesses
Christmas is the season of giving, but it can also be the season of overspending and missed opportunities if you don’t plan carefully. For businesses, the festive period is an ideal time to review financial priorities and set yourself up for success in the year ahead. Inspired by the “Twelve Days of Christmas,” here’s a festive guide to financial planning for businesses.
Day 1: A Clear Cash Flow Strategy
Cash flow is the lifeblood of any business, especially during the busy festive season. Review your incomings and outgoings to avoid surprises.
Day 2: Two Tax Reliefs to Claim
Make the most of HMRC’s Christmas party allowance (£150 per employee) and trivial benefits (up to £50 per employee) for gifts.
Day 3: Three Key Budget Adjustments
Adjust your budget for seasonal changes, whether it’s increased sales, higher staffing costs, or additional expenses like decorations and marketing.
Day 4: Four Festive Marketing Ideas
The Christmas season is ideal for creative marketing. Consider promotions, competitions, gift guides, or partnerships with local businesses to boost engagement.
Day 5: Five Golden Goals
Use the quieter days of December to reflect on your business’s achievements this year and set five key goals for 2024.
Day 6: Six Staff Wellbeing Initiatives
Show your appreciation for your team with festive perks like flexible working hours, small gifts, or a Christmas lunch. Happy staff are productive staff!
Day 7: Seven Smart Savings
Review your expenses and identify areas to cut costs. Could you renegotiate supplier contracts or find more affordable energy solutions?
Day 8: Eight Inventory Insights
For retailers, carefully manage stock levels to avoid being caught short—or left with surplus after the rush. Discounts on slow-moving items can help clear space.
Day 9: Nine New Opportunities
The festive season can spark creativity. Explore new revenue streams or offerings for 2024, whether it’s launching a product line or expanding your services.
Day 10: Ten Digital Touchpoints
With more people shopping online, ensure your website and social media are ready for increased traffic. Make it easy for customers to find, buy, and engage with you.
Day 11: Eleven Legal Considerations
Review contracts with temporary staff, suppliers, or seasonal partnerships to ensure compliance and clarity. Don’t let legal missteps dampen your Christmas cheer.
Day 12: Twelve Months of Planning
Start thinking beyond Christmas. Develop a year-round financial plan to keep your business thriving in every season.
Merry Christmas from PSF Accounting
The Christmas period is a time to celebrate, but it’s also a golden opportunity to set your business up for long-term success. At PSF Accounting, we’re here to guide you through the festive season and beyond, offering expert advice tailored to your business needs.