For some small business owners, this time of the year can be full on. With Christmas just around the corner it can be a real stress. But with a good plan in place, it’s also the perfect time to grow your business with customers on the lookout for a good bargain over the holiday period.
That’s why in this blog we’ll be discussing a few things you ought to know to help make this holiday trade season, the best of your life.
1. Stock up on inventory
Before the peak season arrives, make sure you’re covered with enough stock. Look back at sales from last year and forecast your sales and targets on what sold well and what didn’t. By better understanding the demands of your customers and the patterns of your business, you can predict your stock levels better and purchase accordingly. Another handy tip is to stock up on supplies like receipt paper. Many suppliers may not be open over the holiday period and last thing you need is to be worrying about the small things when things are busy.
2. Hire new staff
Christmas time = peak shopping season. Many retailers have the highest demand for casual staff to boost the workforce during holiday season. So, make sure you’re prepared and train new staff to cover those busy periods well in advance.
3. For those not in retail – manage your cashflow!
If your business is closed over the holiday season, make sure you can sustain to pay wages and expenses. Send your invoices immediately. As soon as the contract is signed, or the work is completed, send the bill. If you’re not in a habit of sending invoices quickly, you are delaying your payment and creating a hole in your cycle. Instead, send invoices ASAP to be paid ASAP.
If you’re looking to thrive your business over the holiday period, find out how Business Fuel can help by giving your business access to capital in just 48 hours. Complete our online application form today. We’ll be in touch to discuss how we can assist.
