All I want for Christmas is. . .

As Christmas approaches and the UKís 3.8 million small business owners and managers brace themselves for that final, huge surge in demand, David Robertson, chief executive of business finance provider, Bibby Financial Services, advises entrepreneurs to stop, take a deep breath and think about what they would like for Christmas.

As David Robertson says: ìItís coming up to the busiest time of year for many small businesses and Christmas is a great opportunity to increase sales, boost profits and win new customers. However, as owners and managers rush around trying to ensure that customer and staff requirements are being met, it can be all too easy to neglect their own needs and also the needs of the business.

The following wishes are what many small business owners and managers might be putting on their Christmas list this year to help their business grow and prosper.î


Wish 1 - More hours in the day

With the best will in the world, this is something that even Father Christmas cannot deliver. However, effective time management can make an enormous difference. Work smarter by carefully considering what needs to be achieved and then prioritising what is most urgent.

Wish 2 - A round-the-clock PA

If your organisational skills are holding you back, take steps to get back in control. Deal with all your post on a daily basis and dispose of any irrelevant information. Take action to pass the data on or file it by the end of the day. Keep an up-to-date diary and make sure that all client requests are logged and agreed actions are noted. Tick off tasks as they are completed so that at a glance, you know what still has to be achieved

Wish 3 - A degree in finance

Struggling on your own to do your VAT and PAYE returns and getting bogged down with your sales ledger? Consider outsourcing - there are a range of alternative providers who offer back office support solutions such as payroll, statutory reporting (VAT, PAYE & NI), sales and purchase ledger maintenance as well as a range of other services, which free up busy ownersí and managersí time enabling them to get on and run their business

Wish 4 - A clutter-free office

If your office is full of paperwork and collapsing shelves, sort out your filing system. Make sure that you only file essential information. Be ruthless - 80% of all filed papers are never read again

Wish 5 - Constant cash flow

Be firm with your debtors and develop a watertight credit control system. Issue regular statements and reminder invoices and call your customers if their payments are late. You may want to consider alternative methods of funding such as factoring to guarantee your business has a flexible supply of working capital

Wish 6 - No customer issues to deal with

Where there are customers, there are always going to be complaints. Ensure that issues are resolved quickly with the minimum amount of disruption to the customer. Provide training, to teach staff to actively listen to customers, establish the facts, be sympathetic and take steps to resolve any issues quickly and efficiently

Wish 7 - Happy staff

While staff wonít be happy all of the time, there is still much that can be done. Review pay and benefits on a regular basis to ensure they are on a par with the industry standard and you donít lose a valued employee to the competition. Remember that money is not ìthe be all and end allî - there are many alternative benefits that are powerful motivators including flexible hours, extra un-paid leave, training courses or even ìdress-down daysî

Wish 8 - To get a better work/life balance

Donít get into the habit of taking work home with you. Establish strict ground rules for yourself and reduce the amount and frequency of work you take home. Whenever possible, leave the office on time and donít stay late if you really donít have to

Wish 9 - Less stress

When you run your own business it can be hard to let go. However, there comes a point in every business when you just canít do everything yourself and you have to appoint a reliable second in command. Keep them fully briefed on all aspects of the business so you can delegate responsibility if necessary. Even if you donít use them, it will ease the pressure just knowing you have their support

Wish 10 - To have more fun in the workplace

It is important for your own quality of life that you enjoy your work. Try to remember why you decided to be your own boss in the first place and look for the positives. If you enjoy what you do, you will send positive signals to those around you and make their life less stressful too

David Robertson concludes: ìAs demand tails off during the Christmas holidays when the majority of customers and suppliers are taking a break, it is an ideal time for owners and managers to take stock, look at the bigger picture and think about what they need. This will ensure they and their business are in peak condition to meet the challenges and demands of the year ahead.î