There are many small businesses that experience a rush during the holiday months, including restaurants, bakeries, salons, and retail stores. If you run a company that typically sees more business between October and December, it’s important that you start preparing ahead of time, to handle the influx. Without the proper preparation, you may find yourself falling behind, and losing track of important details, which will inevitably make tax time much more difficult.
Here are some tips to get your business ready for the holiday rush:
1. Start your seasonal hiring
Many businesses rely on seasonal workers to keep up with customer demand. Don’t wait until the last minute- start interviewing now. Fill your seasonal positions, and have several people on a short list, in case you need more than expected.
2. Organize your filing now
If you’ve been putting off tidying or reorganizing your filing systems, now’s the time to get it done. Refresh your file cabinet or digital files, so you and your employees can navigate them easily when things get busy.
3. Invest in advertising
The holidays are the best time to invest the majority of your advertising budget, so get your marketing plan in place. Prepare your graphics, coupons, sales, banners, mailers, and other materials, to entice customers.
4. Find a qualified CPA
If you don’t already have a qualified small business accountant, now is a great time to hire one. They will help you stay on top of your bookkeeping through the high season, and handle your tax filings in the new year!
5. Streamline your POS
To keep up with the holiday rush, it’s vital that your point-of-sale systems work smoothly and quickly. You don’t want to keep lines of people waiting, because your payment processor is glitchy. Take the time now to upgrade your systems, or otherwise streamline your POS technology.
6. Keep your receipts and paperwork
With the seasonal influx, you may have to purchase additional supplies or contract more outside help than you usually would. As with all business expenses, make sure you keep all your receipts and documents in a safe place, preferably with a digital backup. This will ensure record accuracy and maximize your tax write-offs.
If you need more help preparing your business for the holiday rush, get in touch with us at S.J. Wick & Associates.