The Christmas period is a bumper time for a lot of different businesses and for some businesses its make or break time. But a little due diligence now will put you in good stead to continue your Christmas trading success well into New Year. It was reported yesterday by the bank of England that the growth forecast has been revised and downgraded by 1% to just 2% for 2013. Also The Bank of England stated that it doesn’t expect the economy to recover to pre-recession figures until 2015 and on top of this we’re likely to see inflation remain higher for longer.
So now is the perfect time to prep your business for the New Year.
What can you do?
Reassess your current overheads? Are you in the right size premises? Are you paying too much rent? Are you paying too much for your office services?
It could be that you’re right in the middle of a city centre and paying premium rents, when in fact you could be getting far more for less money by being just on the outskirts of the city instead.
Do you need to own your own premises or would you be better off freeing up your cash flow and renting a serviced office or warehouse space instead?
Your rent and rates are often your largest outlay. Working on reducing these for the next 2 years could lead to massive savings that will sure up your business. It’s also a perfect time to approach service office companies and negotiate a 2 year deal. Why not see if you can lock in a fixed price for the next 2 years? It’s often a quiet time for this type of business so the deals are there to be done.
So remember not to get clouded by the next 6 weeks of bumper trading, prep a little now and secure your business for the road ahead.