7 Ways to Increase Small Business Profits this Holiday Season
Now that the kids are back in school, businesses around the country shift gears in preparation for the holiday season. Is yours one of them? This is a great time to sit down and plan out your strategy for jump-starting profits this holiday season. Here are some tips to get you started:
- Develop your holiday marketing plan now. How do you plan to increase traffic to your retail store or online business during the holidays? What promotions do you plan to run, and when? What’s your marketing budget? Will you be sending out emails and direct mailers? What’s your plan for social media? Does your website need to be updated? Now is the time to get everything prepared – before the rush.
- Track your inventory. You will most likely be beefing up your inventory in anticipation of the season. Keep careful records of inventory as it comes in. While sales will be up, the increased inventory and foot traffic may also result in more instances of theft. Tracking inventory will be vital to your store’s success.
- Get help. Every small business owner knows how important seasonable help can be, whether you have a storefront or online business. Order fulfillment can be an especially difficult position to ramp up, as you will have to find, hire, and train staff in a very short period of time. One great solution is to partner with an assembly, packaging, and fulfillment service like Ohio Valley Goodwill Industries. It’s a great way to save time and money on hiring and training staff. Be sure to request a tour of possible fulfillment facilities to see which one is right for you.
- Keep your books in order. Business and personal commitments during the holiday can be so overwhelming that you may be tempted to let your regular bookkeeping tasks slide. Ensure that you are keeping track of your sales and expenses, even during this hectic time of year.
- Meet the neighbors. The holidays are a great time to meet and greet other business leaders and members of the community. Ensure that your business has a presence at holiday events and networking opportunities like holiday fairs, festivals, and gatherings like tree lighting ceremonies to keep you and your business top of mind during the season.
- Stay engaged online. Before the season begins, you should start ramping up your social media presence (this is a great thing to work into your holiday marketing plan). Spruce up your website and make a content calendar for your Facebook, Instagram, Twitter, or other social channels so that you have fresh, regular content already mapped out.
- Rest up. It can be easy to forget to take some time for yourself during this time of year. Outsourcing some of your work and getting help can make it possible to get some rest. A well-rested business owner will always make more strategic decisions than an overwhelmed and exhausted one! Schedule some time for yourself, and enjoy the holidays!