The holidays are meant to be a time of relaxation and fun; a time to be enjoyed. So make sure to prepare as much as possible so you can transition smoothly from the office to the beach.
Without any further ado, here are Gerry Rea’s 3 tips to prevent holiday business bother:
1. REVIEW HOLIDAY PAY
First and foremost, if you want to keep your employees engaged, keep them happy and paid!
Holiday pay must be paid by employers in January. It can lead to significant cash flow problems early in the New Year. Early advice is essential. GST due for the period ending November also falls in January so it can be a bit painful on the cash flow if they haven’t budgeted properly.
Remember these key points over the Christmas and New Year period:
a) If the holiday falls on a Saturday or Sunday and that day would not otherwise be a working day for the employee, the holiday is transferred to the following Monday or Tuesday so that the employee still gets a paid day off if the employee would usually work on these days.
b) If the holiday falls on a Saturday or Sunday and that day would otherwise be a working day for the employee, the holiday remains at the traditional day and the employee is entitled to that day off on pay.
c) An employee cannot be entitled to more than four public holidays over the Christmas and New Year period, regardless of their work pattern.
2. REVIEW AND UPDATE YOUR STRATEGIC PLAN
Take time to review lessons learned from the current year and incorporate those lessons into your strategic plan.
a) Involve key staff in the planning process.
b) Consider engaging an external expert to assist you with the planning process.
c) After setting your plan, develop an action plan with specific tasks and responsibilities.
d) Consider the opportunities for selling your products and services online.
3. SET GOALS FOR BUSINESS PERFORMANCE
a) Consider where you want your business to be in the next year and set targets in line with those goals.
b) Work with key staff to help set targets relevant to the industry and your business.
c) Incorporate targets into your strategic plan, key performance indicators and budgets.
d) To help set targets for performance, look at how other businesses in the industry perform through industry benchmarks.
e) Review financial targets against strategic plan and operational budgets.
f) Alter targets where market or other circumstances dictate.
What will your business look like in 2016? Any feedback, inquiries or comments are welcome. Please email Simon at firstname.lastname@example.org.