The silly season is only around the corner – and for some SMBs, this can be their slowest period as their customers are away and won’t be back for a while.
However, let’s not make things worse by allowing the “silly season” to get the better of you.
While some businesses have had a bumper year and have decided to shut down for an extended Christmas break, this can have a knock-on effect on negotiating cashflow over shutdown periods. SMBs need to make sure they get paid before everyone disappears to Queensland and there is not enough cash for SMBs to take a break for themselves.
Unfortunately, there’s no rest for the wicked. Here’s how you can minimise these common stresses for your business ahead of the end-of-year (EOY) period.
Negotiating cash flow strains
Make sure you undertake a detailed cash flow budget exercise for the months leading into and out of year-end. Be realistic with your sales and related cash collection timeframes.
Collecting unpaid invoices
To assist with your cash flow planning, it’s vital that you start collecting unpaid invoices now.
Take some time out
Before you start 2022, answer these questions and get clear on the narrative that your brand stands for:
- Vision
- Identity
- Goals
- Position Chart
- Position Statement
- KPI
- Recruitment system
- Working Capital
Getting you through the holidays
If the best-laid plans aren’t looking like enough to get you through the holiday period in one piece, talk to APICKLE small business lending specialist about how a revolving working capital solution could help.
