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Closing Your Business for an Extended Period

Whether your business is moving into a new facility or one of the bank holidays are coming up, there are various reasons companies must close for a few days. This can cause numerous problems in the regular working routine. Due to less time spent working in the calendar month, it is important that everything is planned carefully in advance.

There are a number of different tasks that need to be completed before any business closes for a particular period, especially to make sure everything will be up and running smoothly again when you all return. Here we provide a checklist of guidance and essential jobs that must be done.

Chase Up Invoices

Time out of the business’ regular schedule can really mess up your company’s regular cash flow, as clients and customers will also likely be closed for a few days at least for bank holidays. For this reason it is vital you first check that clients will be paying their invoices on time as usual and if not that they will have them sorted before closing.

Especially for start-ups and small businesses it is vital invoices are received on time to help the company not only stay afloat but to also grow. Invoice discounting can be a good option around this time, which provides instant access to the cash from unpaid invoices that would otherwise take days and months to clear. It can also help balance out the rest of your cash flow for the month to ensure everything is covered across the busy period.

Pay Staff on Time

Again, if clients are closing too and the possibility of your business not receiving all the money due on time occurs, paying staff can sometimes prove trickier for small start-ups. Plan your finances in advance to make sure they can all be paid on time. Unpaid staff will be unhappy staff, bound to result in a far less productive workforce.

Check Holidays

Check all the holiday that has been approved and that there will be enough staff in whn you return, as many people take an extended break around bank holidays. Likewise it is good to double check the holiday pay for payroll has been set up and calculated correctly so you will come back to accurate finances.

There should be clear instructions set out for anyone that does have to work during the holidays to avoid any problems. These can range from simple tasks such as opening and locking up the office to sending out client orders etc.

Prepare for a Lack or Excess of Working Capital

Holiday periods can be the busiest time of the year for some businesses, while for others it is a quiet period. This can see a spike or drop in cash coming into your company and coupled with the potential of late invoice payments cause a few problems. More money coming in won’t be seen as a problem, but if the opposite happens using invoice financing or having enough backup finances prepared is a good idea.

Schedule Updates

It’s important to let your clients know when the business will be shut but some may be forgetful or potential new clients could try and get in touch. Set automatic email replies and answerphone messages to inform them of when your company is closed and how soon they are likely to receive a response, so they don’t think you’re ignoring them.

Scheduling social media posts is vital too, as keeping up a regular appearance is key for exposure. If you’re running a campaign or have a company blog then it takes priority to keep it updated with topical content which will help maintain engagement and hopefully secure a few more sales or clients.

Follow these pieces of guidance and your business should be all set, whether it’s closing for a few days or weeks.

Apply now and one of our consultants will help to find you the best invoice finance facility for your business, free of charge.

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