The festive season is nearly in full swing, with the start of December marking a period where small business owners could be set for increased interest. However, for those that don't provision their resources or plan properly, the holiday period can prove to be a nightmare rather than an opportunity for increased profitability.
So, what can small business owners do to ensure that their operations are fighting fit as the Christmas shoppers come out in force? Well, here are three tips that can help enterprise owners survive the
Close to 80 per cent of enterprises implement holiday-themed offers and deals.
1. Crafting the right promotions
As touched on, there are likely to be a raft of extra consumers out there willing to purchase products, services and offerings that they wouldn't necessarily consider at other times of the year. Small business owners can attract them using the right kind of promotions - and it's a tried and tested tactic.
In fact, research collated by vouchercloud and published by smallbusiness.co.uk explained that close to 80 per cent of enterprises leverage holiday-themed offers and deals to attract interest. Consequently, small business owners should consider offering purchase incentives across the Christmas period to really maximise the potential for increased sales.
2. Extending opening hours
Small businesses often have trouble competing with bigger peers, and the festive season is no different. However, relatively minor changes can breed positive results as more people hit the shops.
"Extending business hours makes sense because it helps [small businesses] compete, albeit on a smaller scale, with the large and medium-sized retailers and restaurants," explained Sales Manager at Balboa Capital Carla Freberg, as quoted by PC World.
It may seem relatively rudimentary, but offering consumers the chance to engage with your business for just a few extra hours a day can really drive interest. This is in no small part due to the fact the vast majority of Christmas shoppers are likely to be rushing around to get everything done, and may be looking to buy products or services outside normal working hours.
3. Track inventory, and do the calculations
Chief product officer at Brightpearl and contributor to The Guardian Henry Moreland explained that it's a must for small businesses to stay on top of their inventory across the festive season.
In particular, and in line with crafting the right promotions, keep in mind that any product, service or offering that's discounted will likely prove popular, so ensuring that such items are restocked regularly is key.
Moreover, leveraging small business software such as CashManager from Accomplish can help you stay on top of where your company is making its money, and offer the opportunity to assess how financial resource should be provisioned.