The holidays are ripe with opportunity when you own a business. According to Forrester’s 2024 forecast, total holiday retail sales in the U.S. are expected to top $1 trillion this year. But how can you make the most out of the festive season? Here are six key steps for small business owners.
Plan your holiday strategy
Making the most of the holidays starts with a holiday-specific plan. Buying patterns change throughout Q4 so your strategies should, too. Brainstorm how you can best serve your customers and their needs during the holiday season. For example, you may want to:
- Offer exclusive holiday deals or discounts
- Increase advertising or social media outreach to promote the business
- Provide personalized customer service or attention
- Expand product or service lines to meet the needs or wants of customers
Along with building your holiday strategy, identify what you hope to achieve. Set specific, measurable goals for metrics like website traffic, sales, customer acquisition, etc. From there, track your results at regular intervals and consider making adjustments to maximize sales as the season progresses.
Set holiday operating hours (and closed dates)
Next, set your holiday operating hours to take full advantage of busy shopping windows. The busiest shopping days of December 2024 are expected to be the 21st and 23rd. So you may close for the actual holidays but stay open for extended hours in lead-up days to cater to last-minute shoppers.
Make the holiday schedule
Holiday scheduling can be challenging with extended operating hours and employees requesting time off. Notify employees as soon as possible about your holiday hours and PTO blackout dates. If your staff will be spread too thin, consider bringing on seasonal hires. It can also help to explain the importance of the holiday season to your team so everyone is on the same page with the annual push.
Decorate for the holidays
Don’t forget about the power of the holiday spirit! Decorating for the holidays creates a warm and welcoming atmosphere for both employees and customers. Plus, it can get your customers thinking about their Christmas shopping lists as they peruse your store or website.
If you have a physical store, you can consider ideas like adding a Christmas tree that matches your brand aesthetic, playing holiday music, diffusing festive scents, and decorating your storefront window. As for online, you can add seasonal graphics to your website, emails, social profiles, and social posts.
Review and stock up on inventory
Plan ahead to be as well-stocked as possible. With a rush of business during the holidays, you don’t want to run out of in-demand inventory. Identify the products that will be part of your holiday promotions and that you predict will be in high demand throughout the season. Forecast how much you think you’ll need and place orders in advance so you’ll be prepared. However, aim to strike a balance. You don’t want to miss out on sales but also don’t want to be stuck with inventory you can’t sell.
Settle payments before the holidays
Last but not least, plan ahead to settle payments before the holidays. Many companies close down from Christmas Eve through the New Year so it’s best to tie up all the loose ends beforehand. You can do so by:
- Sending invoices early: Get ahead of the holiday rush by billing clients in advance with clear due dates before the holidays. Lili’s invoicing software can help you create and track customized invoices, accept multiple payment methods, and send automatic reminders.
- Scheduling vendor payments before the holidays: Plan recurring or one-time payments to clear before holiday disruptions. Lili’s built-in bill pay allows you to request vendor payment details, receive automatic payment reminders, and get notified when vendors are paid. Plus, you can take advantage of fast and timely payment options like same-day ACH or wire transfers.
Timely payments not only help you stay on top of your finances but also strengthen relationships with vendors and clients.
Wrap up the year with seasonal success
The holiday season tends to be the busiest time of the year as consumers and businesses ramp up their purchasing volume and frequency. Your small business can make the most of it by meeting your customer’s seasonal needs and streamlining operations. From developing a holiday plan and decorating to strategic scheduling and payment planning, these steps can help you create a memorable and profitable season.
Happy holidays and happy selling!
Learn more about Lili’s invoicing and bill pay solutions for small business owners.
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