In the United States, the “holidays” typically refer to a festive season that begins in November with Thanksgiving, comes to a head throughout Chanukah, Christmastime and Kwanzaa, and wraps up with New Year’s Day on January 1. Due in large part to the importance of gathering with family and friends as well as gift-giving traditions, the holiday season is a bustling time for businesses and the customers they serve.
If you are a business owner, you may have already planned for this busy time of year by creating one or more marketing campaigns focused on specific holidays, hiring seasonal employees to keep pace with consumer demand, and stocking up on inventory to meet gift-giving needs. With all this extra coverage and preparation, you’ve done all that you can to position your business for success this holiday season, right?
The truth is there are few other drivers of revenue more profitable than the holidays, so you owe it to your business to get the most out of them! By reviewing the suggestions below and taking time to identify creative ways your business can benefit from the end of year holidays, you may not only make this season more festive, but also more profitable. Even better, you can gain momentum to boost profitability well into the new year!
Keep Employee Morale High
Feelings of warmth and togetherness go hand-in-hand with the holidays. Why not build on these feelings by showing employees just how much you appreciate them?
Consider unique and special ways to tell your staff that they are doing a good job. This is particularly important as you assign them extra tasks and ask more of them to meet the demands of the holiday season. Studies have shown that employees who feel appreciated are more productive.
Hosting one or more holiday events is a great way to do this. A special dinner at a local restaurant is one idea. If that isn’t possible, host a catered event during business hours for staff. Of course, even the Scrooges and Grinches on your team will appreciate a holiday bonus, but this is far from the only way to reward a loyal worker.
Even relatively small things, such as pastries for breakfast, pizza for lunch, or a handwritten thank you card are all ways to express appreciation. And if your staff is working remote, mail them a bottle of wine and gift card and then gathering over Zoom!
Maximize Seasonal Opportunities and Sustain Your Success
Continue to stock up on your best-selling inventory items to meet seasonal spikes in demand, and to position your business for success in 2022. Now is also the time to build on the momentum of the season by starting to plan post-holiday events and promotions.
If you haven’t already listed your products online, it’s time to do so. You can’t ignore the rapidly growing number of people who are browsing and buying on the internet. In the wake of the COVID-19 pandemic, shopping continues to be more ecommerce-driven than any time before. And, social media plays a major influence on consumer behavior and businesses should be utilizing these platforms as well as their website to grow their business.
Depending on their specific product types, industry restrictions, and target markets, retailers may also want to consider opening a temporary pop-up space. This is a great way to reach consumers with specific holiday-related goods.
Spread the Holiday Cheer and Enjoy the Season
The holidays are a time for togetherness. Consider partnering with local businesses to offer them promotional opportunities. These businesses are likely to return the favor and the collaboration can strengthen the local economy.
The holidays are a time for giving. Consider donating a portion of your holiday sales to a local charity that both you and your customers can support.
The holidays are a time for appreciation. Consider coordinating a customer appreciation day to make customers feel valued, and promote increased customer loyalty.
And finally, make time to truly enjoy the spirit of the season yourself. Holiday joy is infectious, and your customers will surely appreciate it! Although some of the busiest shopping days of the year lie ahead, you can leave plenty of time to cultivate a holly-jolly outlook by starting now and planning for success in advance.
For additional guidance for your small business, explore Lakeland Bank’s Small Business banking services. From short-term needs to future opportunities, Lakeland Bank has the tailored solutions, convenient products and a team of experts dedicated to helping your business succeed! Contact our lending team to learn more about our lending options or complete our online form to Request a Loan Consultation.