The holiday season can be a lucrative period for small business owners and provides a great opportunity to set your business up for success for the year.
These top tips could take your business next level in the new year:
1. Review your supplier relationships. It’s a great time to shop around to find the most competitively priced suppliers whether it be your delivery partner, your website host or your online payment gateway.
2. Prepare for staffing costs with reduced income: remind casual staff that they may not have as many hours as during the holiday period, communicate with your team and organised the roster accordingly to ensure that the staff remain satisfied.
3. Put profits to good use: You could also use those extra dollars you made during the lucrative holiday period to run an advertising campaign or invest in other marketing activities to keep your sales up throughout the rest of the year.
4. Look at how you can increase the reach/appeal of your company: improving your website, social channels and brand. The increase in income obtained throughout the holiday period can be used to invest towards improving certain aspects of your business.
5. Take the time to reflect on your year, what worked, what didn’t, what was your most popular product or campaign. Use this time to see how these notes can be used all year round. Without proper reflection and innovation, your business’ growth will most likely stagnate.
6. Budget for your whole year – although this may seem tedious, getting your finances sorted for the whole year is vital to see where you may be overspending or what can be cut down.