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It’s fast approaching that time of year when the entire business world almost comes to a complete halt, and everything shuts down, at least for a week or two. The festive season can be incredibly disruptive for business owners. Here we’re going to take a look at some of the things you can do to keep your business strategy well on track into the New Year.

1. Your obligations

First, let’s examine the responsibilities we may have, legal and otherwise, to our employers at the end of a year that’s hopefully been highly profitable. Are you going to be giving bonuses or gifts to your workers or giving or receiving them from suppliers or clients? If so, make sure you’re fully aware of the legal obligations, including from the taxman (https://www.gov.uk/expenses-and-benefits-christmas-bonuses/what-to-report-and-pay).

2. All that downtime!

We often use holidays to catch up on that never-ending to-do list when we own our own business. Utilising the holiday period can be a great time to appraise your business. Consider what has worked well (and didn’t) this year compared to previous ones. This way, you can adjust your business strategy for even better success.

Review-of-business-strategy

3. HR policy review

Also, look at how your HR policies have you covered, or not, at this time of the year, so you’re not left exposed. There are all those parties and nights out and the eventual no-shows at work the next day to consider. Plus, how are you set up to cope with the many seasonal illnesses that will inevitably occur?  Go over your HR policies, and if necessary, adjust them so you’re not left out in the cold.

4. Take stock and plan ahead

As well as reviewing the previous year, use the time to set your goals and objectives for the year ahead. Consider what the data from previous years shows that can help you in the year to come. Were there any new or consistent trends? Is the market changing? Would the business benefit from new products and services? When business is quiet, it is a fantastic time to create a new strategy, or if you are part way through your financial year, review your existing one.

5. The once-over

It’s fast approaching that time of year when the entire business world almost comes to a complete halt, and everything shuts down, at least for a week or two. The festive season can be incredibly disruptive for business owners. Here we’re going to take a look at some of the things you can do to keep your business strategy well on track into the New Year.

Business-owner-delegating-to-staff.png

6. Delegate activities

As a successful business owner, you’re probably used to doing everything you can. You may have learned that while your business is your baby, it’s all too easy to quickly burn out while managing absolutely every aspect of your company. Use this holiday time to see what tasks you can delegate to competent staff members and set yourself higher management goals for the year ahead.

7. Take a break!

We’re not suggesting you spend all the upcoming Christmas and New Year holiday period furiously working on your business strategy and preparing for Day One of new trading. Do yourself and your company a favour and take some time off. You’ll come back refreshed and ready for anything the tumultuous business world might throw at you.

If you’d like to discuss how Executive Coaching can help you make the most of the festive period, contact us to arrange a free initial consultation.

Author: Gemma Rolstone | Published 7th December 2016