Christmas is just around the corner, but before you shut down for the last time in 2020 here are seven things to do before Santa arrives.
1. Lodge your end-of-year financials
Have you lodged all your financial reports? ASIC requires most Australian companies to lodge copies of financial statements and reports within four months after the end of the financial year (that’s the end of October). If you fail to do so, it’s unlikely you’ll be approved for finance in the New Year, which could throw a spanner in the works if you’re planning on investing in new assets or equipment.
2. Communicate with your clients and suppliers
If you’re closing down operations over Christmas, be sure to give your clients and suppliers as much notice as possible and provide a concrete date when you’ll be back to work. Don’t forget to set your out-of-office emails. Likewise, if you’ll be running a skeleton staff over the holidays, make sure your clients and suppliers know who their best contact is over the break. And a modest Christmas gift for your key accounts and important suppliers is a good relationship builder.
3. Look after your people
Make sure your payroll has been processed before your team breaks for Christmas, and take some time out to thank your people. Staff Christmas parties are a popular choice, but you don’t need a big budget to show your gratitude. A heartfelt, handwritten note to each of your employees along with a small, personalised gift will show you care.
4. Review the performance of your business
While you’ll likely do most of your major planning and budgeting leading up to the end of the financial year, the end of the calendar year is a good time to pause and assess how your business is tracking against the goals you’ve set. That way you’ll identify any areas that require attention in the new year. It’s also a good time to review your business continuity plan and ensure you’re prepared for every scenario in 2021.
5. Think about where you’re headed
We all tend to get a little wistful at the end of the year. Take some time to consider your business and where it’s headed in a big-picture sense. Is the business living up to the values you founded it on? Is it delivering the lifestyle you want? Is it time to scale up or down? What changes would you make?
6. Hit the shops
Don’t overlook the people who matter most to you – your family. Preparing for the end of the calendar year can be frantic, so book some time in your schedule to go Christmas shopping for your loved ones. And if you prefer to shop online, be sure to allow plenty of time for delivery – particularly if you’re ordering gifts from overseas.
7. Book a (local) holiday
Sometimes home life can be just as frantic as work at the end of the year. That’s why it’s important to plan an escape with your loved ones – even if it’s just a couple of days at your favourite camping spot. It’s important to recharge your batteries and restore all the energy you’ll need to lead your business through another busy year.
For more information, or if this article has brought up any queries, please don’t hesitate to get in touch us on 03 9809 1532.
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