The Jim Moran Institute
for Global Entrepreneurship

Main

Services
• Consulting
• Entrepreneurial Showcase
• Mentoring Program
• Youth Initiative - Junior Achievement (JA)
• Entrepreneur Roundtables
• Tip of the Month
• Contact Us

Jim Moran Institute
• Meet Jim Moran
• The JMI Staff
• Board of Advisors
• Testimonials
• Major in Entrepreneurship

Resources


• Business Resources
• FAQs
• Related Links

Holiday Plans

November 4, 2005

"Christmas is the season for kindling the fire of hospitality in the hall, the genial flame of charity in the heart." -Washington Irving

With the holidays around the corner, it is important for you to plan for the holidays. Over the years, the holiday season has become more and more difficult for entrepreneurs. More and more, they are expected to give, without getting very much in return. During this time of year, entrepreneurs need to make sure they take incredibly good care of themselves so they can serve others.

As you start to plan for the holidays, please consider holiday functions where no alcohol is provided. The potential of having a liability issue is not worth the hassle. Many firms have changed from evening to luncheon events just to make sure alcohol is not a problem. You want everyone to have a good time, but not at the cost of someone getting injured or worse.

Also, it is best to avoid holiday events in your home. Inviting employees to your home always, always triggers envious feelings your staff may have about how much you have and how little they have. There are lines of separation that must be kept between staff and management and avoiding social functions in your home is one way to keep your business and personal life separated.

Christmas bonuses are one of the things you need to address. I do not like Christmas bonuses because they become entitlements. I prefer to see a check sometime during the year that is based on profits, rather than an automatic entitlement. Of course, you need to give everyone a holiday gift (e.g., a fruit basket or a turkey), but not a lot of dollars. What you should do in all types of giving to your staff is to make sure the goals of the firm and the goals of the employee are congruent. Profit sharing bonuses typify a form of congruency.

If, however, your staff is accustomed to receiving Christmas bonuses, you may want to aid in the transition away from bonuses by distributing a profit sharing check around December 15th. The more you can get your staff to understand that the more you make, the more they make, the better. This understanding will make a big difference in your business.

Do not expect your staff to thank you for what you do for their benefit during the holiday time of year. This is just not going to happen, so you will really disappoint yourself by expecting this. Many entrepreneurs become furious that their employees are so unappreciative.

During this special time of the year, try to motivate everyone in your organization to do something that makes a difference in the life of someone who is less fortunate. I have seen businesses adopt families in dire straights to insure they have a great Christmas. Doing some coordinated work helping others at this time of year is uplifting and it also helps build a team mentality within your organization.

Finally, during this time of year, when you feel the responsibility for so many people, be good to yourself. Treat yourself well during this season because you deserve this.

The holiday season is a tough time for entrepreneurs. If you plan early and take care of yourself, you will do great. Now go out and insure that, while you are taking care of your staff, you are also taking care of yourself and your family.