The holidays can be a hectic time for small businesses, and many employees might want to take time off, Jennifer Goforth Gregory writes. It's important to explain your business' vacation policy and to inform employees as to the last day they will be able to request time off for the holidays, she writes. She advises encouraging your employees to work together to set a vacation schedule that works for everyone, and stepping in if they are unable to do so on their own.

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