1) Evaluate your expectations of the Festive period and plan accordingly
For some businesses, the Festive period is the busiest of the year, while for others it can be when things really quieten down. Whichever category you fall into, you need to be fully prepared – especially when it comes to your finances.
If you expect to fall into the busy category, you need to start planning now. Make sure that you have the correct resources to deal with the extra business – whether that’s hiring seasonal staff, ordering extra products or managing your currency exposure.
Falling into the latter category, if you’re expecting your business to be quiet over Christmas, you should be thinking about ways to make up for this financial lull. Put off any non essential spending until things pick up and use your downtime efficiently. That project you think will really pay off for your business but you’re always too busy to do? This time should be different. .
2) Switch energy suppliers
Did you know that around 45% of SMEs are on ‘default’ energy tariffs? This means that their energy bills could be more than twice as expensive as the cheapest deal. Of course your bills are always going to be higher during the cold Winter months, but this doesn’t mean you should be paying over the odds on your energy. Nearly half of small business owners think they could reduce their bills, and with a potential saving of 50% on the table, we think it’s well worth shopping around for.
3) Be prepared for the weather
For health and safety alone, it is vital to ensure that if your employees can get to work in the bad weather and that they are safe once they’re there. Stock up on salt, shovels, spreaders and grit bins. White salt is a quick, easy and clean deicing method with no leftover residues making it perfect for commercial requirements. Brown salt is non purified, making it a cheaper alternative for gritting sizeable spaces such as car parks or entrance roads. Make sure your business plans ahead and buys now while stock is available.
On the other hand, what if your employees are unable to get to work? Just a few years ago, in particularly bad snow, 14% of the UK workforce were unable to make it into work. It’s thought that only 39% of FTSE 100 companies have the proper capability for employees to work from home. Investing in contingency plans for your key personnel by making sure they have the resources to work from home if needed could save you some serious stress should the snow sabotage their travel plans.
4) Make sure you’re not spending more money than you have to on your FX payments
If your business relies on export and imports over the Festive period you could be paying extra fees for delivery in the bad weather, so make sure you’re getting the best rate on your payments to balance out this cost. By using a forex comparison service like Kwanji, you’ll be able to receive transparent FX pricing that unlocks massive savings. This in turn protects your margins and ultimately your bottom line.
At Kwanji our team of experts are ready to help your business get the best deal on foreign exchange rates despite volatile market conditions.
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