No matter the size of a business, there are always quieter and busier seasons that ebb and flow throughout the year. For example, did you know that more than one third of business owners make more than 20 per cent of their annual revenue over the festive season, with some making up to 40% of their yearly income in the last quarter.
With such a heavy weighting on a relatively short period of time, it's important to plan and prepare as much as possible. In this blog, we're sharing out top 3 tips to financially prepare for a busy season in your business.
Analyse the Previous Season
We recommend taking an analytical look back over your company's previous busy periods to assess what your requirements are for this upcoming stretch.
Take account of which days made the most sales last year and account for staffing and production up to and around that date. Consider which products or services were the most popular and prepare the correct inventory to match the expected demand.
Strengthen Your Tech
This will not only help you find more time for working on the production and distribution during the busy period, but also in the long run.
At BCT Accountants, we are strong advocates of using tech to streamline your business finances. If you have multiple customers, employees or stock, Cloud Accounting software can be hugely beneficial for saving you time and energy whilst you're in your busy period.
By saving you time, online accounting software also saves you money. The speed and efficiency of accountancy software allows you (or your accounting team) do more, opening up precious time to doing exactly what you do best when you're short on time.
Hire Staff Strategically
A busy period can also highlight fundamental staffing gaps when the systems are under strain. After analysing previous periods (see above) you may notice key areas that need filling, either on a permanent or temporary basis.
Temporary vacancies can be difficult to fill with high quality employees. With this in mind, it's important to begin your search early. You may also want to reach out to previous employees to see if they're available. At BCT Accountants, we support businesses with hires from their first to their twentieth.
Not sure if you're ready to hire? Take a look at our blog How to Know When Your Business Is Ready to Hire here.
Bonus: Take Time to Recharge
It's a simple truth that you aren't going to work as your best, most productive self if you enter a busy business period already exhausted. Take some time to recharge those batteries before things amp up a gear in the business.
If you would like to chat in more detail about your unique circumstances, please get in touch today to book your FREE initial consultation. Give Catherine a call on 01423 431889 or email catherine@bctaccountants.co.uk.
Please note: all stats are accurate for the 2022/23 tax year.
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