The holiday season is upon us, and for business owners, this means more than just gifts and Christmas earworms. So how can you close the current year on a high note?
At Artisan Accounts we understand the unique challenges and opportunities business owners face over this period, so we´re unwrapping 12 practical tips to help you navigate it with confidence. We´ve coined these insights “the 12 tips of Christmas”, and these will not only make your year-end smoother but will also set you up for a prosperous 2024. Here´s how to make your year ahead sparkle.
1. Prepare your taxes early
If you haven´t already, get your tax return details over to your accountant. Yes, you have a bit more time to do this, but imagine finishing the year with this already done. While your accountant will certainly appreciate it, it´ll also give you peace of mind and keep those pesky penalties at bay.
2. Plan your cashflow
With wages dished out a week or so earlier during December, you´ll need to plan for this! So make sure you´re on top of your ingoings and outgoings. Keeping your cash flow in check during December and January is vital, as often, clients are slower to pay during this period.
3. Make strategic purposes to save tax
If your year-end is 31st December, are there any purchases you need to make to save a little tax? Year-end purchases can be a clever move for tax savings, but only if:
- You have the cash flow, and;
- These are purchases you need.
4. Review the past year
Take some time to really think about your business performance this year. What were the highs and lows of 2023? What’s revved up your business, and what’s put the brakes on? What can you learn from the past year? Reflecting on this will help you learn what´s working and what´s not so you can create a stronger strategy for the year ahead. Remember, you can always give us a shout to discover how we can help you here.
5. Consider gift giving
Maximise your annual exemption by gifting up to £3,000 each tax year, without them being added to the value of your estate. Whether money or gifts, this £3,000 can be given to a single person or split between several. Don’t forget, any unused exemption can be carried forward, but only for one tax year, running from 6 April to 5 April.
6. Take some time off to rest and recharge
Give yourself the gift of a breather. Put your feet up, and let the holiday spirit recharge your batteries. It sounds inconsequential, but it really does wonders for your energy and mental health, ensuring you start the new year refreshed and ready to go.
7. Reach out to your customers
The Christmas-New-Year period provides a great touchpoint opportunity between you and your clients. So reach out to them. Whether it´s an email in early December letting them know when the office will be closing or a card wishing them a Merry Christmas and Happy New Year, this is a great opportunity to thank them for being a client and staying front of mind.
8. Show appreciation for your clients and employees
A well-chosen gift can speak volumes. Show your gratitude to clients and staff; it’s a small gesture that can strengthen bonds and boost morale as you head into 2024.
9. Share seasonal advice in your marketing
Spread the festive cheer with some seasonal advice on your LinkedIn or blog. It’s a great way to showcase your expertise and engage your audience during the holiday slowdown.
10. Offer incentives for referrals
Now is a great time to set up a referral incentive programme. Whether it´s discounts, exclusive services, or special gifts, offering perks to your clients will incentivise them to spread the word about your business.
11. Contribute to your local community
Get into the spirit of giving by contributing to your local community. Are there any initiatives or clubs you can help? While charitable contributions are good for the soul, they are also good for your brand. This is a great way to make sure you’re not just known, but are known for the right reasons.
12. Plan your new year promotions
If you work in an industry where seasonal promotions are part of your strategy, don’t wait for the ball to drop before planning your New Year’s promotions. Start now, and build up the excitement for New Year discounts or offers with early teasers and sneak peeks.
Prepare your business for a prosperous new year
Remember, the holiday season is not just about festivities; it’s also a crucial time to make strategic moves that can set the tone for the entire year. As we´ve covered a range of actionable strategies, consider implementing some this season and give your business the gift of growth!
Need assistance or guidance along the way?
Don’t hesitate to reach out to us. Artisan Accounts can provide you with the financial expertise and support you need.