By Rick Smith, Managing Director of Grimsby-based insolvency specialist Forbes Burton
Once the partying and excesses of the festive season come to a halt, many find that January is a rude awakening. This time of year, by tradition, has long been associated with being bleak and unpleasant thanks to the lull that is felt post-Christmas.
When most people think about January, new year’s resolutions, change, eliminating bad habits and accomplishing goals tends to be what springs to mind – and this rings true for many business owners too.
Rick Smith, Managing Director of Grimsby-based insolvency specialists, Forbes Burton, has over 30 years’ experience in helping businesses overcome financial problems as well as offering business management advice for helping companies to grow sustainably. Forbes Burton specialises in helping businesses with insolvency issues, but the company is committed to a rescue and recovery culture where possible and is well practised at guiding companies through financial hazards. Rick explains that despite what many people think, January needn’t be all doom and gloom…
Once New Year’s Day is out of the way a lot of people feel melancholy, and this feeling of being down in the dumps can end up spiralling out of control if action isn’t taken.
While there is no definitive explanation for the so-called January blues, the long build up to Christmas may be a contributing factor. Every year Christmas sneaks up earlier and earlier – sometimes even before Halloween and Bonfire Night! Whether you love it or hate it, Christmas takes over and there’s no escaping it – many feel the pressure to spend months preparing for it; whether that be talking about it, shopping for it or planning it.
The period straight after Christmas tends to be when many company directors fall into difficulties with their businesses, and it’s hardly surprising. After Christmas we should all be taking the time to recuperate after the demands and pressures that are placed on us before and during the festive season, but before long it’s January. The month is a stark reminder that Christmas is over for another year, it’s back to work, payday seems a long way away, it’s cold and dark and there isn’t really a lot to look forward to. It doesn’t help that the third Monday in the month has been labelled Blue Monday – said to be the most depressing day of the year thanks to the financial woes of accumulated debt along with the arrival of unpaid credit card bills that start to stack up.
In January many business owners also set new year’s resolutions and goals they would like to achieve in the year ahead. However, the sudden contrast from December to January can impact businesses in many ways. Anything from managing employee morale to mitigating a lull in trade can cause stress for a lot of company directors. Going into a new year inspires the idea of a clean state and starting fresh – but it also comes with added expectations. This can lead to many of us feeling down and, although the new year’s resolutions may keep us going for a short while, many people don’t stick to them and they end up spiralling because of a lack of motivation.
Running a successful business is no mean feat, particularly in January when most people are strapped for cash. After the Christmas break, it’s hard for business owners not to get bogged down in failing sales and looming tax bills. It therefore becomes quite easy for company directors to feel demotivated following the festive season and it can be hard to know where to turn when things get difficult. It doesn’t help when the latest headlines report a decline in sales for high street retailers, supermarket giants and department stores. The uncertainly around the political news agenda can also cause distress to company directors – and there’s no escaping this when it’s being talked about across every news channel.
There are a few things we can all do to combat the January Blues, and my first piece of advice would be: change any negative perceptions that you have about January and visualise the month as one for opportunities rather than failures!
Unfortunately, the pressures of modern life don’t allow for a period of hibernating and recharging in January. This is something to bear in mind when setting new year’s resolutions. While it’s easy to join in by setting yourself new goals and targets for the year ahead, make sure these are realistic and achievable. You want to be able to manage your expectations.
Business owners should be aware that professional advice is out there, and I’d urge anyone who is struggling with debt and tax-related issues or experiencing a prolonged feeling of being down to seek help. Many people bury their head in the sand rather than seeking help but as ever, tackling the challenge head on and seeking professional help is the first, and most difficult, step forward. It’s better to address any issues early on and nip them in the bud before you reach the point of no return.
Company directors should be mindful of reducing stress in the workplace, not only for the sake of their employees, but also to help them to take care of themselves. Ensure your employees are well managed and there are up-to-date policies in place to fill any gaps during employee absence.
It’s clear that we all experience some form of January blues at some point, and it’s hard not to when there are so many contributing factors. However, it’s also an opportune time to make the most of the month and embrace the opportunities available for the year ahead!
To find out more about Forbes Burton, visit https://www.forbesburton.com/.
