The holiday season is in full swing, and many local businesses are seeing a spike in sales. From bakeries to bookshops, retail companies and other small businesses rely on seasonal revenue, to stay afloat each year. However, this rush of customers can create chaos, if you’re not properly prepared, and can cause you to fall behind in administrative tasks. Too many entrepreneurs let organizational or tax-related responsibilities fall by the wayside, to bring all hands on deck for the holidays. But this can come back to hurt you later!
Whether your business has five employees or a hundred, there are things you can do to stay on top of operations, no matter how busy you get. Here are a few tips to keep in mind:
1. Have enough staff
Don’t try to skimp on employees this holiday season. Trying to save a few bucks on labor can make everyone more stressed, increase errors, and reduce your customer satisfaction, which can hurt you in the long run. Make sure you have the right amount of staff, and supplement with seasonal workers if needed.
2. Stock up on inventory
It may be hard to predict how much your traffic will increase during the holidays, especially when you’re a new business. However, it never hurts to have extra inventory on hand, to ensure that your customers get what they want in a timely manner. Consider stocking up on supplies and other materials before the rush gets too intense.
3. Use your files
For businesses of all kinds, having an organized file system is key, but only if you actually utilize it! Even if you don’t have the time to properly file during business hours, make sure your staff knows where to place invoices, receipts, and other vital paperwork, so you can do it at the end of the day. Take advantage of your filing system, so nothing gets lost.
4. Spend wisely
Towards the end of the financial year, it may benefit your business to make some larger purchases. Try to use your business credit now, to replace worn equipment or upgrade inventory, and plan to pay it off with some of your holiday revenue. Play it smart, to maximize your tax writeoffs, and set yourself up for success in the new year.
Do you need more tips to make the most out of your holiday business? Get in touch with us today at S.J. Wick & Associates, and let us help!