Bohemia, NY (PRWEB) November 25, 2013
Lawrence Teicher, founder of CFO Consulting Services, responds to an article published by Fox Business on November 18th, which discusses a new survey suggesting many business owners are cutting back on holiday gift giving.
According to a November 18 Fox Business article titled “Survey: Small Business Owners Cautious of Going Overboard on Holiday Gifts,” a new American Express OPEN survey found that many small business owners are cutting back on holiday parties, bonuses and gifts. With the effects of the government shutdown still looming overhead, many small business owners, about 34 percent, anticipate this holiday retail season to be weak.
The less than stellar financial outlook is prompting many business owners to downsize and cut down on gift giving. The article says that only 27 percent of business owners will be offering year-end bonuses to their employees, as opposed to 35 percent last year. Most companies are also forgoing their annual holiday parties. In fact, the article says under one-third of small businesses will be holding holiday festivities this year.
Lawrence Teicher, founder of CFO Consulting Services, says gift giving is important to retain a good relationship with clients and loyal customers. However, Teicher also cautions against over-gifting. “Giving gifts during the holidays is essential for forging long lasting relationships and keeping current business relationships on a healthy, cohesive level,” he says. “But many small business owners have a problem with over-gifting. This year has been financially tumultuous for many small businesses. It would be wise to downsize the gift-giving tradition this season and buy less expensive gifts.”
Teicher also affirms that many small business owners have been cutting down on bonuses. “Bonuses are essential to preserving a productive, cooperative and responsive staff,” he says. “If a company is considering cutting back on bonuses, they could advise a part time CFO to try to find extra funds elsewhere. Despite theoretical opinions to the contrary, money IS a great motivator.”
CFO Consulting Services, LLC provides outsourced, part-time CFO services on an as-needed basis to both small and mid-sized businesses located in the NY metropolitan region. Founded by Long Island CPA and financial expert Lawrence Teicher, CFO Consulting Services follows four main principles: independence, objectivity, competence and confidentiality. These core values have led its clients to achieve lasting success in their businesses.