Are you ready for another busy holiday season this year? The slow summer months are just ahead of us, but after that it’s busy season. Get ready!
The holiday season can either be your busiest or your slowest time of the year. Help prepare for this season by following these simple tips:
Watch your cash flow: If the holidays are the busiest time for your business, then save money from your increased revenue for the slower months ahead. However, if the holidays are the slowest time for your business, then cut your expenses as much as you can and start a reserve when revenue is flowing again for next holiday season.
Sell gift certificates and gift cards: Almost every business, from dentists to carpet cleaning, can sell gift cards during the holiday season for their services. If the holidays are slow for you, then offer gift cards/certificates at a discount, allowing you to take advantage of holiday buying revenue, and the customer can use it later in the year.
Take advantage of “down” time: Host a networking party, update your website, submit an article to a local publication. Every business has its “down” time and it’s a great time to get caught up on tasks that get pushed to the back burner during the busy months.
Attend holiday parties: Holiday parties are an excellent way to make new contacts and reach potential clients. Attend as many parties as you can–and don’t forget to bring along a handful of business cards.
Send holiday cards and thank you’s: An important part of the holidays for all of us is to send thanks and well wishes to others. This is also important for businesses. Sending a holiday card with “Thanks for being our customer” is a very simple and inexpensive way to remind customers of your business.
Being smart about your holiday spending is also important to small businesses. It might be smarter to purchase your holiday gifts for your employees during the summer months when profits are higher. If you wait to purchase gifts until the start of Q4, you’re taking the risk of jeopardizing your Q4 revenue, profit and forecasting projections.