Christmas can be a very profitable time of year for businesses both large and small. Believe it or not, we are now only a couple of weeks away from Christmas 2018. Whether your business flourished or struggled in the last couple of months on the run-up to the holiday, there is always next year. Here we have put together a few tips to help you make the best of the festive season for your business.
Preparation is Everything
Being properly prepared for the Christmas rush will help prevent you and your employees feeling the extra pressure this time of year. This tip might sound obvious, but the Christmas season can quickly sneak up on you and can start as early as August and September. Have your plans in place early and you won’t be taken by surprise or be too busy to properly implement them.
Know Your Marketing
Many brands will prepare their marketing strategy as early as the Christmas the year before. Depending on how busy the Christmas period is for your business, you will want to allow yourself enough time to put together your marketing strategy. Whether you want to a new creative for your advertising or to experiment on a new advertising platform, starting early will give you the time you need to make it a success.
Whether from extra costs in manufacturing, staff sickness or Christmas bonuses, it is best to be prepared for the cost of Christmas on your business. Effective forecasting and budgeting will be a great indicator of how the Christmas season will play out and for what your business should expect. If issues like late paying customers or last-minute cancellations are affecting your business, try to address these before the busy season begins. Making small adjustments like changing your terms of payment can help your business flourish.
Be Where Your Customers Are
Different demographics shop differently so researching how your customers prefer to shop can help you properly prepare for the Christmas season. Recent research suggests that 60% of men say they are most likely to do their shopping online, 73% of all shoppers will do at least some of their shopping online and 20% of shoppers leave
Whether you personally love the holidays or not, Christmas can be a great time for business so try to embrace it. Christmas themed marketing – such as holiday emails – as well as a Christmas theme on your website and/or window display if you have one can all be
Know Your Stock
Having too little or too much stock can be costly so being properly prepared will help your budget and help make sure you can effectively complete orders on time. Making sure your stock is properly stored and insured will also give you the peace of mind should something happen to it, saving you a financial headache if your business is victim to theft.