How to keep your business running when you're on holiday
Binghay Co • May 1, 2024
Taking a holiday might seem like an unrealistic luxury for many small business owners. With the weight of daily operations and constant responsibilities, the idea of stepping away often feels impractical. However, the benefits of taking a break are significant, not just for personal health but also for the sustainability and growth of your business.
Preparing for a holiday requires thoughtful planning, especially when you're used to juggling multiple roles and ensuring everything runs smoothly. Even though the modern business landscape often demands near-constant availability, it's possible—and crucial—to plan some downtime. Here's a quick guide to help you manage a holiday from your small business.
1. The Importance of Taking a Break
Many small business owners believe they can't afford to take a break. However, there are several compelling reasons to reconsider:
- Reflection and Perspective: Stepping away from the day-to-day activities can provide valuable insights into business processes, highlight areas needing improvement, and spark innovative ideas.
- Inspiration Through Change: A change in environment can stimulate creativity and lead to new approaches that can be applied to your business.
- Leadership by Example: Demonstrating work-life balance is crucial for setting a healthy workplace culture. It encourages your team to also prioritize their well-being, which can enhance overall productivity and job satisfaction.
- Improved Health: Running a business is mentally and physically taxing. A break can help you recharge, reducing the risk of burnout and improving overall well-being.
- Empowering Your Team: Entrusting your team to handle the business in your absence can build confidence and foster a sense of ownership among staff, which is beneficial for when you eventually need to delegate responsibilities permanently.
2. Preparing for Your Holiday
To ensure a smooth operation in your absence, consider the following steps:
- Plan Strategically: Avoid scheduling your holiday during peak business times. Advance planning helps in preparing your team and arranging workflows.
- Address Potential Issues: Train your team to handle common problems that might arise during your absence. Ensure they know emergency procedures and critical contacts.
- Set Clear Expectations: Communicate what, if any, circumstances would require your intervention. Establish boundaries to minimize disruptions during your break.
- Appoint a Trusted Leader: Choose a reliable team member to take the helm in your absence. This can be an excellent opportunity for them to grow and for you to assess potential for future leadership roles.
- Automate and Delegate: Utilize tools to handle routine tasks and ensure all team members know their responsibilities. Setting up automatic email responses can keep stakeholders informed of your availability.
3. How to Enjoy Your Vacation as a Business Owner
Finally, it’s crucial to make the most out of your break:
- Digital Detox: Consider turning off your phone or limiting check-ins to once a day. Disconnecting helps you recharge more effectively.
- Clear Your Mind: Engage in activities that divert your attention from work, whether it’s reading, exploring, or just relaxing. This mental break can heighten your clarity and focus upon return.
- Manage Guilt: Remind yourself that taking time off is not only acceptable but beneficial for your business. It's vital for your productivity and long-term business strategy.
4. Prioritize Taking a Break - Essential for You, Your Family, and Your Business
It's a common misconception among small business owners that taking a holiday might lead to their business suffering. However, the truth is quite the opposite. Taking a break not only empowers your staff by giving them a chance to demonstrate their capabilities, but it also sets a positive precedent for maintaining a healthy work-life balance. More importantly, it is essential for your health. Allowing yourself this time away from the daily grind can help you return to work feeling refreshed, rejuvenated, and bursting with new ideas to enhance your business strategies.
If you want to learn more about this topic and how we can help your business, contact us to set up a FREE consultation so we can get started.
Binghay & Co are Accountants & Business Advisors located in Docklands, Melbourne.
The new financial year is already in full swing, meaning most of you are still finalising your general ledger accounts in order to get the necessary information to us to prepare your final 2024 accounts and tax returns. Others have already got us your information and are looking ahead. Either way, it can be a time when we forget our current tax obligations, due in relation to the beginning of the 2025 financial year. In order for you to be across your tax obligations, below are the key compliance dates that are coming up. Make sure these lodgments are up to date to avoid any interest or penalties. KEY TAX DATES – SEPTEMBER/OCTOBER 2024 21 September 2024 – GST – Monthly Activity Statement and payment for August 2024 21 September 2024 – PAYG withheld – Monthly activity statement and payment for August 2024 21 September 2024 – PAYG instalment – Activity Statement and payment for monthly reporters for August 2024 30 September 2024 – TFN withholding report – Annual TFN withholding report for closely held trusts where a trustee has been required to withhold amounts from payments to beneficiaries during the 2024 income year 30 September 2024 – PAYG withholding payment summary – 2024 income year annual report due if lodged by us 21 October 2024 – GST – Monthly Activity Statement and payment for September 2024 21 October 2024 – PAYG withheld – Monthly activity statement and payment for September 2024 21 October 2024 – PAYG instalment – Activity Statement and payment for monthly reporters for September 2024 21 October 2024 – Annual PAYG instalment – Payment of annual PAYG instalment for 2023–24. Lodge only if instalment amount varied or the rate method to calculate the instalment is used 28 October 2024 – GST – Quarterly Activity Statement and payment for the July to September 2024 quarter if you do not lodge with us 28 October 2024 – PAYG withheld, FBT instalment and PAYG instalment – Quarterly Activity Statement and payment for the July to September 2024 quarter if you do not lodge with us 28 October 2024 – Superannuation guarantee – Due date for superannuation guarantee contributions for July to September 2024 31 October 2024 – Income tax – Due date for lodgment of 2023–24 income tax return for individuals, trusts and partnerships if you do not lodge with us 31 October 2024 – GST – Lodgment of annual 2023–24 GST return for instalment payers who are required to lodge tax returns by 31 October 2024 31 October 2024 – Companies – To provide distribution statements to shareholders for 2023–24 for most companies 31 October 2024 – Income tax – Due date for lodgment of 2023–24 income tax return for an entity that has one or more prior year tax returns outstanding as at 30 June 2024 31 October 2024 – SMSFs – Annual return for new registrant SMSF if the ATO has provided this due date We’re here to help if you’re facing operational issues, tackling people challenges, or have health and safety questions, give us a call or email us.
Should you buy or lease your new equipment? Here are some pros and cons of each. We can also review your financial position, cashflow and cost base to decide whether buying or leasing is the right thing for the business.
#businessadvice #SmallBusiness
For centuries, accounting focused on reviewing historical data, which only tells you about the past. This backward-looking approach limits your ability to plan for the future, explore scenarios, and understand your business's trajectory. The Advantage of Forecasting Forecasting changes the game by allowing you to project future sales, cash flow, revenue, and profits. This proactive approach helps you take control of your business and navigate its journey more effectively. How Forecasting Adds Value Spotting Patterns : Forecasting tools analyse historical data to reveal patterns, trends, and opportunities. For instance, it might predict a seasonal downturn, enabling you to plan and mitigate potential impacts. Future Insight : Instead of only reviewing past performance, forecasting offers a forward-looking view. It’s like using a GPS to navigate the road ahead, rather than just checking the rear-view mirror. Scenario Planning : With accurate forecasting, you can explore various "What if?" scenarios and assess different strategies. This helps in making informed decisions about your next steps. Evidence-Based Decisions : Combining historical data with forecasts provides a comprehensive view, aiding in strategic planning and identifying potential threats. Enhanced Accountant Collaboration : Forecasting gives us a detailed understanding of your business, allowing for better strategic advice and performance improvement recommendations. Discover the Benefits of Forecasting Ready to take control of your company's future? Contact us to learn how forecasting can highlight potential threats and opportunities, and help you develop a proactive strategy to enhance your business performance.
