THINKSTOCK

How to survive public holidays if you own a small business

FOR Queenslanders, a long weekend usually means sun, sand and a four-day work week.

For small business owners, however, long weekends can mean a change in customer and staff behaviour.

So, with Anzac Day and Labour Day holidays fast approaching, small business owners should be preparing for the upcoming change in trade conditions.

According to the recent Suncorp Bank/CCIQ Small Business Challenges Campaign, the biggest issues facing the small business community are attracting and retaining customers, lack of time, complex processes and cash flow.

These issues can have an increased impact at this busy time of year and it is important that businesses harness the potential to turn challenges into opportunities.

Consider the impact holiday entitlements and penalty rates can have on forecast revenue.

Taking the time to check the minimum rates that apply on public holidays will save you the unbudgeted risk of fees associated with the back-payment of wages.

Long weekends can also be the perfect time to reset focus after the busy Christmas trading period and identify the particular pain points that may have limited success.

Another way to use this time wisely is to begin preparations for the fast-approaching end of financial year to help reduce stress and save precious hours at tax time.

Collecting customer debts and settling accounts payable will give you a clear indication of cash flow, and being organised can open the access to government benefits such as the immediate tax write-off for all assets costing less than $20,000.

Now is also the time to refocus your attention on your business plan.

The first quarter of the year has gone, Easter is behind us and now is the perfect time to ensure you are on track to achieve your 2016 goals.



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