With bookings stacking up and customers clamouring for the perfect holiday celebration, this time of year can make or break your business. But it’s not just about managing bookings or payments – it’s about keeping operations smooth, setting realistic expectations, and dealing with inevitable last-minute changes without losing your cool.
Here’s how you can navigate the festive season without the usual headaches, ensuring your clients leave happy and your business reputation stays solid.
Set stronger payment terms from the get-go
Setting clear payment terms from the start is key to avoiding late or unpaid invoices. For festive bookings, consider asking for a larger deposit upfront to cover your basic costs and protect yourself if clients do decide to drop out. Also, try setting shorter deadlines for final payments – aim for clients to pay in full 7 to 14 days before the event. This way, you can relax knowing your expenses are covered.
Introduce festive-specific terms
Now’s also a great time to introduce festive-specific terms if you don’t have them already. Consider having stricter cancellation policies, like requiring a certain number of days notice for any changes. You might also want to ask for more notice when clients request significant alterations, such as increases in guest numbers or changes in menus. By having these policies in place, you can ensure your team has the resources they need to deliver the best service possible, even when demand is at its highest.
Manage last-minute requests without financial loss
Handling last-minute client changes, like adjusting guest numbers, menu choices or even a venue, can quickly add unexpected costs and logistical headaches. To protect your business, clearly state that any last-minute alterations come with a fee to cover extra staff, equipment or additional time needed. For larger changes, like a venue upgrade or a large increase in guests, request the additional payment upfront to ensure service standards are maintained. Lastly, have a clear refund policy, specifying what’s non-refundable (e.g., special equipment or catering) and communicate it early to avoid disputes.
Handle delayed or unpaid invoices gracefully
Even with the best payment terms, you might still find yourself chasing invoices after the festive rush. The key is to manage these situations professionally while keeping the client relationship strong. If an invoice is unpaid, send a friendly reminder soon after the due date, highlighting the service you provided and expressing your hope to work together again. For regular clients struggling to pay in full, consider offering flexible payment options like instalment plans. If issues persist, partnering with a third party can help you recover debts while maintaining professionalism.
Don’t forget to plan for the post-festive season lull
Don’t forget to plan for the quiet period after the festive season. While December is busy, January can be a different story, so it’s important to prepare. Start by setting aside some of your festive earnings in a reserve fund to cover your January expenses, giving you a financial cushion for those slower weeks. Take the time to follow up on any unpaid invoices from December – send final reminders and if necessary, consider legal action for larger amounts. Finally, review how your payment terms and policies worked over the festive season. Did you face more late payments or cancellations than you expected? Use this opportunity to tweak your approach for next year.
Don’t let money woes spoil the season
The festive season should be a time of opportunity and growth, not financial stress. By setting clear boundaries, securing payments early and handling client changes with confidence, you can make sure your business ends the year on a high note.
Need help setting up a solid payment strategy for the busy season? Get in touch – we’re here to make sure you’re paid on time and in full, so your business can Grow Stronger.
