The holiday season is here. Thanksgiving is over, Hanukkah is nearing its close and Christmas is around the corner. With these events either happening or on the horizon, it might be time for the small business to give a little thanks back to its employees.
That idea might spread fear throughout the hearts of business owners everywhere. The holiday season is the time for holiday parties and bonuses, which means an added impact on the financial plan.
In order to avoid extra stress and monetary constraints, managers should take a few smart steps and implement some financial tips to save money – and keep employees happy – during the holidays.
Think outside the bonus
While the holiday bonus has become a staple of this time of year, not all small businesses may be able to handle that added financial burden. However, there are still plenty of options for frugal owners who want to give something back to their staff members.
According to Inc. magazine, some smaller firms can forgo the bonus and opt for lunch instead. Upper management can order food – and foot the bill – while the entire company's workforce gathers together to relax and take their minds off of work. This can be a simple, cost-effective way to boost morale that doesn't destroy a business banking strategy.
In addition to free food, small business owners may want to let employees bring their kids to work, Inc. magazine noted. This can save money while also letting people watch their children during holiday vacation time. This can demonstrate that management understands people have lives outside of work, and that they are here to help.
Plan a better party
A lot of money could go into a holiday party, which might be something that small business owners aren't looking forward to each season. Therefore, they should make sure that the event is worth having, and that all attendees will enjoy themselves.
According to Entrepreneur magazine, the party can go off without a hitch with a simple survey. If many people don't show up year-after-year, that might mean something is wrong. Asking employees what they want out of the event will help, and it will also reduce any unnecessary expenses.
Better yet, small business owners should keep money-talk and other speeches to a minimum, the news source noted. People come to the party to unwind, not to hear remarks about how their performance has been so far. With a focus on fun, the holiday party can end up as a great morale boost each year.