Best Practices for Small Businesses this Holiday Season

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The holiday season can be a lucrative time for businesses. However, it is also one of the busiest times of year. If small business owners are not prepared to handle this busy season properly, they may miss out on important opportunities and/or lose money because of errors that could have been avoided. Below are some tips to help your business make the most of the holiday season.

  1. Hire and train seasonal employees.iStock-881484902

Many companies experience an influx of business during the holiday season. In many cases, this causes employees to be overwhelmed and more prone to making errors. Extra business can also slow down service, leading to frustrated customers. To avoid this problem, consider hiring some seasonal employees to help lighten the load. However, be sure to let these employees know how long they can expect to work for your company so they aren't surprised when the season ends. You should also spend some time training these employees to ensure that they are prepared for the job.

  1. Decorate your store.

Decorating your store for the holidays is one of the best ways to draw in consumers. Consumers are much more likely to enter a store that is festively decorated than one that looks the same as it does on every other day of the year. If possible, decorate both the exterior and interior of your store.

  1. Purchase extra inventory.

Increased business during the holiday season means that you are likely to make more sales. However, if you run out of your most popular products, you will miss out on an opportunity to boost your bottom line, and your customers will be disappointed when they are not able to purchase the products they want. To prevent these problems, invest in extra inventory at the beginning of the season.

  1. Optimize your accounting practices.

As you begin doing more business during the holidays, ensuring that your accounting practices are accurate and efficient is more important than ever. Before the holiday season is in full swing, take some time to review your accounting procedures. If you are having trouble handling all of your accounting needs in house, consider outsourcing your accounting needs to a third-party provider.

  1. Create a holiday-themed marketing campaign.

Rather than just using the same marketing strategies and advertisements that you use during the rest of the year, create a holiday-themed campaign to excite consumers and highlight special products or deals you are offering during this season.

These are just a few ways you can improve your small business' efficiency and profitability during the holiday season. For more small business tips or to learn more about our services, please contact Padgett Business Services today.


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Topics: Small Business, Small Business Finance, Finance, Bookkeeping, accounting