A recent report has found that one in 10 small business owners admit they have been caught off guard this Christmas. 15 per cent of the 500 small business owners surveyed said that bad financial planning had put seasonal profit at risk, with Brexit being blamed for their uncertainty. 25 per cent admitted to failing to employ their usual additional staff to cope with their busiest time.
According to the report, lack of festive foresight could cost the UK economy over £342 billion of seasonal income, adding: “This is a critical time of year for small businesses, especially those who operate seasonally as this can make or break how they approach the New Year.
"Our research found that business owners are starting their Christmas preparation and planning far too late in the year, and actually with more insight and financial investment they could maximise the Christmas period a lot more than they realise."
In the current economic environment, business owners must capitalise on opportunities and remain competitive by being prepared, innovative and listening to and meeting the needs and expectations of their customers.
Our SME business experts at Beavis Morgan are available to structure your business with cashflow and profit forecasting to provide timely information, measure performance and maximise opportunities. We work to a pre-determined plan, to help you avoid any nasty surprises.
We are also available to assist with business plans, establishing the market for your product through research, analysing your financial requirements both now and for the future, and putting processes in place to enhance cashflow, leverage tax smart strategies, minimise risk and drive financial success and business performance.