23rd November, 2023
If you can’t wait for the Chrissy break, you’re definitely not on your own!
But before you start dreaming about a margarita by the pool, spend some time celebrating your achievements this year.
This is a great way to acknowledge where you’re at and allows you to really enjoy your break.
Ask any accountant or bookkeeper how business is going and the response always seems to be flat-out busy.
I bet just reading this is making you feel tired, having been non-stop since July with payroll, STP, BAS obligations and everyone wanting their tax done yesterday.
With all this crazy busy happening and knowing the new year holds even more work, now is the perfect time to take stock of what you achieved over the last half of this year.
It’s also a really good time to check in on those mid-year goals.
So save the daydreaming for now, as there’s plenty to do before the holidays. Let’s dive into some tips to help you reflect on all your successes.
Numbers are our jam, so assessing our figures to see if we have hit targets at the midway point of the financial year is vital to see if you are on track and celebrate your wins with those around you.
It is also a great time to assess productivity and achievements and call out those great examples of leadership, teamwork and individual high performers as something to aspire to and for everyone in your team to achieve.
It’s critical to celebrate your staff and their importance to your practice.
We all need a little reminder of the good work we do and the festivities sure do bring out the good vibes, so celebrate the wins together and get creative in the way you can show them your appreciation.
Be sure to let everyone know of your practice closure dates so that the holidays can be restful and uninterrupted.
Consider the option of ‘Break glass in case of Emergency’ if needed for clients that you know have particular needs over the festive period and really set boundaries so you can enjoy the break with a clear mind.
Touching base with as many of your clients as you can now before the Christmas rush is ideal.
Just like your practice, they too should be assessing and reflecting how far they have come this year.
As their trusted advisor you’re perfectly positioned to help guide them on key strategies around this holiday period.
For some of your clients it’s either the most profitable or the most stressful time for their business.
Through your assessment of financial data you can engage in timely conversations around key areas to get them through.
Consider advice on staffing levels during these peak times.
Remind them STP needs to be lodged on date of payment. So, if they’re going away, plan pay cycles and know the obligations around public holidays and overtime rates.
This is an issue that will often catch people out over the Christmas shutdown period.
Use Inventory reporting in MYOB to ensure they have enough stock to cover the holiday trading period. This is especially so in the knowledge that many suppliers are also taking a break.
Product availability is key to driving sales, and helping your clients forecast their potential sales can be tricky. It’s best to do so with accurate data, in particular looking at historical sales patterns through MYOB.
Let’s not forget about the all-important cash flow of the business, whether to survive the holiday closure, paying staff holidays or buying stock in bulk for the increased sales.
MYOB cashflow reporting has you covered here to see exactly where the business stands in terms of cash availability.
If a short-term cash flow injection is needed, Butn can be a lifeline to get your client through this time.
So invest some time with your clients this time of year and celebrate their wins together. After all, their success is your success.
Now that you’ve taken care of everyone else, it’s your turn … take the time to rest and recharge and importantly, celebrate your success with family and friends.
Do something just for you that brings the stillness and quiet just for a moment. This way, you can open yourself up to the opportunities that abound.
This year my me time is Tai Chi classes at the beach for the holidays, to bring all the elements of nature, mindfulness, exercise and space together, and to see the opportunities I can create for my practice, my clients and myself.
What’s your me time? Go on, do that thing you have been putting off all this time and enjoy!
The most valuable asset the business has is you and by following some of these tips now, after the break you will be refreshed and re-invigorated to smash your goals in 2024.
Be nice to your future self and invest a little bit of time now!