With the holiday shopping season right around the corner, you should use this opportunity to prepare your small business. Although there are exceptions, most small businesses — particularly those that operate in a business-to-consumer (B2C) industry like retail — generate more sales during the months of November and December as opposed to other times of the year. By planning ahead, you can maximize your small business’s sales during the holidays.
Stock Up on Inventory
As a small business owner, you probably know the importance of keeping products in stock. If you run out of a product, you may have to turn away shoppers in search of that product. During the holidays, out-of-stock products can cost your small business big bucks. Therefore, it’s a good idea to order a surplus of products in anticipation of the increased holiday sales.
Hire Additional Employees
Of course, you may need to hire additional employees during the holidays. While some small business owners are reluctant to hire employees, there’s only so much work you can do yourself. And with the holidays being the busiest time of year for most small businesses, hiring additional employees can prove to be a smart investment. Just remember to choose highly motivated employees who are willing to put forth the necessary effort to help your small business succeed.
Consider offering discounts that are only available during the holidays. Prior to visiting your small business during the holidays, prospective customers may search for coupons or promo codes online. If they don’t find any discounts when scouring the internet, they may take their money elsewhere, such as a competitor’s small business.
Change Your Hours
Finally, evaluate your small business’s hours of operation to determine whether they need changing. If your small business typically closes at 6:00 p.m., for example, you may want to extend its hours of operation to 7:00 p.m. or 8:00 p.m. during the holidays. By extending your small business’s hours of operation, you’ll attract more customers during this critically important time of year.
The Small Business Administration (SBA) recommends that business owners decorate their establishment during the holidays. Adding just a few seasonally relevant decorations will make your small business stand out. At the same time, it will encourage more shoppers to visit your small business, resulting in higher sales revenue during the holidays.
Have any other tips that you’d like to share with our readers? Let us know in the comments section below!