Top Tips
How to give your business a cracking Christmas
For small businesses across the UK, the run up to Christmas can be
an extremely busy time of year, with owners and managers bracing themselves
for the festive rush.
As businesses prepare to meet large surges in demand caused by
seasonal trading, Bibby Financial Services warns owners and managers to
have sufficient funds in place, stock ordered and resourcing under control
- as business rivals pull out all the stops to secure their share of this
peak in demand.
David Robertson, chief executive of Bibby Financial Services, says:
"The busiest time of year is fast approaching and it's a great
opportunity to increase sales, maximise profits, gain new customers and
show your employees and loyal customers that you really value them. With a
little advanced planning, smarter businesses can use the festive period to
inject cash into the business and gain advantage by getting ahead of the
competition."
To help owners and managers maximise the opportunity that Christmas trading
brings, Bibby Financial Services gives the following tips:
Be prepared - get your business in shape well before the
Christmas rush. You may need to rearrange space for decoration, accommodate
customer overload, or require extra equipment - early preparations will
help you focus your efforts to ensure things run smoothly throughout this
busy period.
A helping hand - don't underestimate the importance of
having enough staff on hand. Whatever sector you operate in, you are likely
to be swamped with extra customers needing help and advice in the run up to
Christmas. Make sure you have sufficient trained staff at the ready
Put the word out - trade magazines and local publications
plan seasonal issues several months before and this can often be a good
time to boost revenue via increased advertising. Find out the deadlines
publications have for holiday advertising well in advance in order to avoid
missing out. Many publications will often have last minute spaces available
Stock up - December sales can often be hard to predict so
cater for all possibilities. Talk to your suppliers to get flexible
'sale or return' deals that allow you to return unsold stock. Also
consider putting plans in place for a January sale to help clear the
shelves
Have a Plan B - no matter how comprehensively you plan for
a holiday, accept that something may still go wrong. Protect yourself by
having a contingency plan in place. For example, if staffing requirements
exceed your expectations, contact a temp agency well in advance to make
sure backup is available
Keep the cash flowing - when taking on more work, it is
even more important that you have suitable financing in place. Otherwise
you could find yourself in a position where you are unable to fund new
orders and have to turn customers away as the business peaks. Invoice
finance is one such option which can help improve cash flow by releasing up
to 85% of the cash tied up in unpaid invoices as they are raised
Store ideas - part of being proactive in holiday planning
is to make it an ongoing effort. Set up a system to store good ideas when
they strike, even if it's months before Christmas, and involve all
employees for their feedback and advice
Getting personal - the stress of busy holidays for a
seasonal trader can often wreak havoc on relationships with family and
friends. Make sure those close to you understand the pressure you're
under and support you through the busy period
A business plan is for life - don't just consider the
Christmas rush as prime trading time. Look at other parts of the year where
your business is busy and apply what you've learnt during the busy
Christmas period to these
David Robertson concludes: "While Christmas is a fantastic opportunity
to spread goodwill throughout your business and go the extra mile to show
customers and staff that you care, it is vital you try to make the good
tidings go beyond the festive season and last all year round.
"Owners and managers should see Christmas as another
opportunity to win new customers and increase profits, not the
only opportunity in the year to make staff and customers feel good
about doing business with you."
