By Megan Zhang
The madness of holiday shopping is upon us. Christmas, Hanukkah, and New Year’s Eve are all around the corner, so business owners have another wave of holiday shopping to look forward to. What’s the best way for business owners, particularly in retail, to prepare for the end of the year? Read on to find out.
1. Double-Check Inventory
Consult with the people in your company to ensure that you have enough inventories to get you through the holiday season. Holiday shopping is a huge profit-earner for small businesses, and you don’t want to miss the opportunity because you ran out of stock on certain items too quickly. Take advantage of all that holiday shopping has to offer, and double-check your inventory before the craziness starts. If it looks like you don’t have enough, see if it’s within your budget to add some inventory now, in time for the holidays.
2. Double-Check Employee Schedules
A lot of your employees may have told you weeks ago about being out of town on vacations or visiting family during the holidays. With all that you have going on, there’s a chance you may have forgotten to make note of who is working and who won’t be. Double-check everyone’s schedules to be sure every employee is accounted for. This is also important for knowing your roster on those crucial days, like Christmas Eve (if you are open), and the day after Christmas. You’ll need employees manning the store, so double-check that in advance.
3. Prepare Bonuses
Holiday bonuses are something employees look forward to all year, so make sure you have that money put aside in your company’s bank account already. Be generous, but also fair, as your employees have worked hard all year. Along with the bonuses also come annual reviews, so make sure you have those marked in your calendar as well. It’s a chance for you to sit down with each employee individually and talk about his or her progress, achievements, and areas for growth. That way, everyone starts the new year with new goals and a clean slate.
4. Launch Promotions
Take advantage of the holiday shopping frenzy and launch some promotions! People will be shopping anyway, so why not take the opportunity to lure in even more people with a nice discount or sale? Draw all those shoppers to your store with a nice big banner letting people know the goodies to be found inside.
The holidays are an exciting but hectic time. Make sure you are prepared and are going into it with a positive attitude and a diligent mindset. Your business will reap the benefits if you plan in advance! Don’t let the opportunity pass you by. For more information about the holiday season and how it impacts businesses, visit www.biz2credit.com.
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