If you run a hospitality or retail business, the holiday season can be a perfect time to take advantage of growth opportunities. By preparing now for the upcoming festive season, your business could reap the benefits throughout 2019. Here are our top 4 tips for getting your small business Christmas ready.
If you are trading during peak holiday time, plan to increase staff numbers so you can meet increased demand. Getting new casual staff ready for work early will pay dividends, ensuring your business maintains high standards and can increase sales.
Trading during peak times means you’ll need more stock to meet higher demand. Bulk buy ahead of time to take advantage of supplier discounts and to avoid running dry at critical moments.
3. Trading Hours
Keep your customers informed about any changes to your trading hours during the holidays. And if you’ll be staying open, let customers know so they don’t assume otherwise. Staying open enables you to take advantage of your competition’s reduced trading hours. Or, if you’re closing, capitalise on a rush of last minute sales by letting your customers know trading days are limited.
4. Wages & Rent
Don’t let cash flow problems ruin your holidays! Particularly if you’re closing down over peak period, ongoing rent and wage expenses can easily create cash flow problems. Pre-provision to reduce stress and minimise the impact on your business.
Thousands of Australian small businesses require an additional cash flow injection each year. If you’re looking to take advantage of an opportunity or purchase new equipment, apply online for a small business loan today.