What is the main goal for small businesses in Australia this Christmas period? Is it to boost their sales figures? Or to keep their cash flow finance going through to the New Year?
According to a recent survey, the answer may be a lot simpler - to just hold on to their sanity in the mad frenzy of the silly season.
In its latest Insights Panel research, accounting software firm MYOB quizzed almost 400 Australian small businesses on what their main focus was on at the end of the year. An overwhelming proportion - just under half - of respondents reported that "getting through the workload with their sanity intact" was their primary goal.
Other popular areas of focus cited by small businesses included customer retention (11 per cent), offline sales (8 per cent) and customer acquisition strategies (6 per cent).
Looking across the states and territories, the survey revealed that organisations in South Australia and the Northern Territory were the most stressed out at this time of year, with 53 per cent placing a strong focus on keeping their sanity intact.
Businesses in the building and trades industry were the ones that feared losing their sanity the most, with 50 per cent daunted by the prospect of the festive period - compared to a surprisingly low 32 per cent in the retail sector.
MYOB CEO Tim Reed said that although mental wellbeing was certainly a priority for small business operators during Christmas, it was important they didn't let golden marketing and customer growth opportunities slip through their fingers.
"It's … vital to tailor your marketing to seasonal trends, whether that’s the festive season or the depths of winter, to enhance your chances of meeting customer demand," he explained in a December 18 statement.
"With so much going on it can be tempting to cut back on brand building activities, but I encourage business owners to step back and consider whether that really is the right move."
If your business needs any help with working capital management via a business line of credit, debtor financing, or equipment financing, contact Earlypay’s helpful team today on 1300 760 205 or visit our sign-up form.
If you'd like to learn how Earlypay's Invoice Finance & Equipment Finance can help you boost your working capital to fund growth or keep on top of day-to-day operations of your business, contact Earlypay's helpful team today on 1300 760 205, visit our sign-up form or contact [email protected].