Time. These days, it goes much faster than it used to!
Remember how just the other day you were toasting the New Year? Well, Sonny Jim Crockett, that “just another day” is now almost three-quarters of a year ago!
Get daily business news.
The latest stories, funding information, and expert advice. Free to sign up.
Yes, as scary as the thought is, we’re now in the middle of September! Especially if you’re in an industry that’s likely to get extra busy over Christmas and New Year’s – such as retail or hospitality – it’s a good time to start thinking about the festive season.
One of those questions you should start thinking about now – if you haven’t already – is whether your business will close at all over the Christmas/New Year period, or at some point during January.
Now, whether closing for a week is viable or not for your business will depend on your industry, but there are four key reasons why it might be a good idea:
1. All your full-time staff take a week of holiday leave off all at once
This point applies more to businesses that have full-time staff with a fixed number of weeks of holiday leave a year than it will to companies with casual staff.
Closing for one week a year means each of your full-time staff take a week of holiday leave at the one time. This, in turn, means they each take one week off less during the year.
For a business with 10 full-time staff members, for example, this means you get the added productivity of one extra staff member at work for 10 weeks of the year, in exchange for closing your business for just one week.
2. You, as a manager, need to take time off too
Start-up entrepreneurs often wear many hats. Your business will often see you fill more than one role – and often more than one role at the same time. You’re a spokesperson, chief salesperson, spruiker, manager, bookkeeper, crisis management team, human resources department and bureaucrat wrangler.
The thing is that if you never take any time off, it can be easy to get burned out.
A week off is a great time to spend some time on the beach, catch up on some books about your industry and think about the long term strategic direction of your company.
Or it can be an opportunity to catch up with your friends, family and interests outside work. Consider it an investment in a nasty family or nervous breakdown that will cost you far more productivity later.
You work hard for 51 weeks of the year. You deserve one week off!
3. You might not miss that much business
Many industries start slowing down later in the year and don’t pick up until Australia Day. Meanwhile, retail and hospitality can be ridiculously busy in the lead-up to Christmas, only to hit a lull in late January when the credit card bills start to hit.
Even if you employ casual staff rather than full-timers, it might be worth examining your weakest week and seeing just how strong your trade is after costs. It might cost less than you imagine.
4. You can give notice
Finally, if you’re going to close for a week, it’s a good idea to decide now rather than later. By deciding now, your staff have certainty. Your customers can have certainty and plan accordingly. You can give your suppliers a lot of notice.
So is closing for a week in December or January the right call for your business? If so, make the decision now!
Get it done – today!