BBB Business Tip: Get your business ready for the holidays
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The holiday season is officially here! This year, the National Retail Federation is forecasting healthy growth in retail sales during the holidays, even with shoppers concerned about inflation and economic uncertainty. However, between higher prices and staffing shortages, the 2023 holiday season is sure to bring challenges for small businesses. Here are BBB’s tips for navigating those issues and ensuring a profitable end to 2023.
How to prepare for the holiday shopping season
- Create a plan of action early. The forecast for consumer behavior may not be crystal clear, but you can still make sure that shelves are stocked and that you are promoting products that fit with shoppers’ current wants and needs. Keep in mind your chain of supply could be affected by current events, and plan accordingly.
- Fix any bugs in your online presence. Make sure your website and online shop are up-to-date and running smoothly. Work out any bugs before holiday shopping really picks up. Consider investing in online advertising or social media marketing.
- Prepare for in-person shopping. While most people shop online, in-store shopping is still popular, especially on days like Black Friday. With ongoing staffing shortages, expect to face challenges in hiring and keeping seasonal staff. With many major retailers upping their holiday wages, make sure your business is paying competitively and consider offering flexible schedules and access to benefits. See these BBB tips on employee retention.
- Entice shoppers to buy – without resorting to discounts. High inflation has made shoppers price-conscious. But before you resort to sales to get shoppers in the door, try other ways to entice them. These may include in-store events or gifts with purchases.
- Save money and staff time by focusing on your top sellers. Small businesses can streamline their operations by offering fewer – but best-selling – products or services. For example, a restaurant with 12 entrees could reduce its menu to six top sellers. This will enable businesses to buy in larger amounts and negotiate better supplier deals. The same strategy goes for retailers and other business types.
- Consider flexible payment options. PayPal encourages business owners to take a proactive approach this holiday season by embracing digital payments and flexible payment options for consumers to keep sales coming in. Buy now, pay later options, or the option to pay in smaller installments, could encourage consumers to make a purchase they wouldn’t have made if they had to pay upfront.
- Embrace Small Business Saturday. Many communities take the Saturday after Thanksgiving to support local small businesses. If your community does, take advantage and make sure to get involved in any activities or promotions taking place in person, online, or on social media.
- Make a seasonal marketing strategy. Think up seasonal offers and spread the word. Some retailers sell gift certificates, hold holiday events, or offer discounts customers can use in January and February when the holiday shopping season dies down. If you have a brick-and-mortar store or a pop-up tent, plan your decorations and storefront ads. Use social media, local coupons, and your Google business profile to let customers know what you have to offer.
- Keep your website, mobile app, and social media channels secure. Update admin passwords and enable two-factor authentication to keep your data, and your customers’ data, secure during the busiest time of the year. Train your employees in cybersecurity to help them recognize scams and to avoid cyber hacks.
For more information
To learn more ways to help your business succeed, visit the BBB Biz HQ. Learn how to become a BBB Accredited Business.
For more information on holiday tips, visit BBB.org/Holiday. For consumer news, visit BBB.org/News.
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Additional Resources
Central Ohio BBB Business Podcast