As a business owner, you probably have already decided whether or not to give out employee holiday bonuses… but, then again, you could be waffling, too.
If you’re on the fence between Scrooge and Santa when it comes to giving your workers a little something extra, you may want to ask yourself the following questions:
Have you given out bonuses in the past? If so, your employees probably expect something, even if you can’t be as generous as last year.
Will bonuses make or break your company? If you’re really strapped for cash, it’s likely your employees understand that on some level.
Can you offer something in lieu of a bonus, like a half day off around the holidays? If you can swing a few extra hours off or a “casual” Friday, your employees will most likely be grateful.
Will bonuses anger people? If you’ve laid off a number of workers recently, will bonuses be seen in a negative light?
Could bonuses help your corporate morale? If your company has been experiencing a decline in workplace morale, could a holiday bonus help?
Far too many non-retail business persons treat December as if it were a month that didn’t exist. If they aren’t selling something that can be given for the holidays, they just figure that the final month of the year is more of a “write off” than anything else.
As a CFO who has seen how this kind of lackadaisical attitude toward planning (or should I say not planning!) can wind up hurting the following year’s first quarter, let me urge you to make the most out of December!
For instance, if you have had a lackluster year (as have many companies), don’t roll over and play dead for 31 days. That’s simply wasteful. Instead, work on something productive each day and week. If you’ve never attempted social networking, try it. If you haven’t ever instituted a giving program to support local nonprofits, go for it (with your CFO and CPA’s help.) Be creative and don’t let one day go by where you allow yourself or your colleagues to be those proverbial “bumps” on logs.
The sooner you see December as a month of opportunities, the greater your chances of reaping a last-minute bottom line boost.
It’s that time of year. From now until December 31, you’re likely to receive tons of requests for charitable contributions from nonprofits. Though you’d like to give something to all (or at least most) of them, it’s not practical. Besides… do you even know how much you can afford to give?
It’s a great (and difficult) question, isn’t it?
The fact is that there are many ways to get something from your giving, but you have to know how much you can (or should) give first. And that’s where a CPA and/or CFO can help you analyze your books. For instance, someone with financial expertise can help you evaluate how much you can reasonably afford to donate to local, national or international nonprofits.
Never forget that it’s customary for businesses to give back to their communities in some form, even in difficult economic times such as those we’ve been experiencing in 2009. Make sure you work with a CPA or CFO so you don’t wind up hurting your cash flow as you’re trying to help others.
In her entry, she gives a breakdown of all the time remaining in 2009 for entrepreneurs to gear up for 2010. As it turns out, by her math, there are really only 39 planning days until the end of the year, not 61 days. (You’ll understand when you read the post!)
All in all, it’s a really good reminder that you cannot afford to waste time.
Even if your business is traditionally “slow” during November and December, you can’t allow yourself to lose momentum. (Remember - a body in motion tends to stay in motion, whereas a body at rest tends to stay at rest.) January 1, 2010 is coming, ready or not!
Not sure how to get your financials in order for the new year? My firm, FinancialFutureCFO, can definitely help. Just get in touch for a free consultation over the telephone.
