Most entrepreneurs start a business with a vision of greater freedom and work/life balance, only to find themselves working long hours and never taking time off.
At some stage, everyone needs a break! If you want to get away from it all, set yourself up for a worry-free holiday by putting systems in place and being organised before you leave.
How to get your business through the holidays
1. Prepare your staff
The goal of your business should be for it to run smoothly, whether you are there or not. Before you go away, take the time to train someone to authorise payments and ensure they have full access to do so.
To make things easier for your team while you’re away, provide access to a central online location where your staff can access instructions, systems and processes to complete day to day tasks.
2. Budget for the break
If your absence creates a drop in income, be prepared for this in your budgeting. Do your profit forecasting based on an expected dip and you won’t feel as though taking a holiday will negatively impact your business KPIs.
It may be that going away will leave too much of a hole in your business income. In this case, take a look to see how you can cut costs and minimise outgoing expenses as a way to save money.
3. Keep up the cash flow
Before you take your break, chase up overdue accounts. You could also consider revising your terms and requesting upfront payments. This will help maximise business cash flow while you’re not around.
4. Stagger your repayments
To maintain the cash reserves in your business, it makes sense to purchase new equipment and machinery with the help of asset finance. This will fund the big-ticket items you need during busy periods without having a drastic impact on your funds.
5. Trust your team
With the right people in place, you should be able to take time off with confidence. Take the time to encourage and empower your team while you are around so they can take care of business while you’re enjoying some much needed time off.
Looking for an asset finance loan so you can maintain a steady budget while you have a worry-free holiday? Bigstone Finance can help you to buy new or used equipment, machinery and more, provided you have a clean credit history and have been in business for two years.