As the holiday season approaches, it’s time to get organised and ensure a seamless transition into the new year. Wrapping up operations in a timely, well-planned manner helps you focus on the festive period without worry. This checklist covers all the essentials to keep your business prepared, secure, and ready for the holiday closure. Download your copy of this checklist here for easy reference as you check off tasks!
- Notify Customers & Update Business Info
Your clients, suppliers, and team need to know when your business will close for the holiday break. Keep communication clear and concise:
- Alert your customers and suppliers about your closure and reopening dates. This helps them plan accordingly and keeps your partnerships strong.
- Adjust your business hours on social media, your website, and any relevant online profiles.
- Make sure all staff emails have appropriate out-of-office replies, and update the voicemail on your business line.
- Financial Wrap-Up
To avoid last-minute rushes, secure your finances in advance:
- Allocate funds for payroll, bills, and reopening costs. This ensures a smooth start in the new year.
- Ensure all incoming and outgoing invoices are handled, and keep up with regular bill payments.
- Review any one-off holiday expenses like staff gifts or parties that might have FBT implications, so you’re ready for year-end financial obligations.
- Prepare Your Team
Ensure your employees are ready for the holiday period and understand their roles and responsibilities:
- Inform staff of the specific dates for closure and reopening, along with any skeleton crew schedules. Awards have different requirements for notifying employees of shutdown period so ensure you check your award well in advance.
- Make sure employee pay details and leave information are in order, including any special holiday shifts.
- If your business is hosting a holiday party or giving staff gifts, check for any FBT implications to manage tax and compliance requirements.
- Secure Your Premises & Arrange Maintenance
A secure, well-maintained workspace helps prevent issues during closure:
- Activate your security systems and ensure all doors and windows are securely locked.
- If possible, coordinate with a security service to check the premises during the break.
- Use the downtime for any necessary repairs or routine upkeep, such as HVAC maintenance or deep cleaning, so you can start fresh in the new year.
- Complete Bookkeeping Essentials
Finish the year with a clean slate by tackling the following bookkeeping tasks:
- Complete all bank reconciliations, end-of-month statements, and financial reports for the period.
- Ensure supplier payments and tax obligations are scheduled to avoid overdue payments during the break.
- Chase up any outstanding invoices to close out the year with minimal outstanding debt.
- Update cash flow forecasts and review budgets for early 2024, considering potential slowdowns after the holiday period.
With these steps, your business can look forward to a well deserved break and a confident start to the new year.
📥 Download the checklist here to keep this guide at your fingertips!
