2 considerations for your small business in the run up to Christmas

Cashmanager | 8 years ago

With December just around the corner, small businesses will soon begin ramping up for the festive period in earnest. Holiday seasons present a whole array of opportunities for companies to potentially boost their profits, but is yours taking into account these two considerations?

Secure casual staff correctly

According to research by Paymark, New Zealanders spent around $240 million on Christmas Eve alone last year. A staggering amount in its own context, but twinned with the fact that's also an 18.5 per cent increase over the previous year, it gives an idea of the potential for inflated business over the busiest periods.

With the increased customer interest, ensuring your small business is staffed correctly right across the holidays is critical. If the demand for your offerings goes up and you don't have enough employees to service it, then you could end up losing money which is there for the taking.

There are two things to consider when employing casual staff from a legal perspective. Firstly, despite potentially having irregular hours and not being full-time employees, casual staff have the same employment rights and entitlements as all other New Zealand workers. Secondly, any casual employees must complete a tax code declaration form to ensure both you and your new member staff comply with the relevant rules set out by the Inland Revenue Department.

Set reminders for yourself

Whilst taking a break and leaving the work to your trusted employees across the holidays can be a perk of running your own small business, ensuring that your finances are in order before doing so is key.

If you utilise small business software such as CashManager by Accomplish, keeping your business's ledger and any relevant taxes up to date is incredibly simple. An added bonus, even if you forget to do it before you head off on your travels, CashManager can give you the flexibility to keep up from your laptop, too.