Preparing for the upcoming holidays can be particularly stressful for your small business if this is your first Christmas trade.
To help you take this silly season seriously we have put together some tips and tricks to make sure you and your business get the most out of the holiday rush.
Here are some things to consider in your business strategy:
Festive shoppers will be hit left, right and centre by various deals to draw them in. To get your business ahead of the game, know what types of promotions your customers would react to and get in early to capture their attention.
November is a good time to start offering deals for those looking to purchase their holidays gifts early. For small-medium sized businesses, you may not have as many resources to advertise during the holiday season as the larger organisations. That’s why leveraging promotions are an effective strategy for getting your business noticed early amidst the rush period. Early offers are also a great way to gain insight into which of your products are best sellers to help forecast sales and prepare your inventory.
Don’t forget, social media is your new best friend when it comes to reaching your customers. Offer exclusive product or service deals to increase your online or in-store foot traffic. Customers flood to social media channels seeking inspiration for gift and holiday ideas, so take advantage of this! We’ve curated a list of ways to help you boost your social media strategy.
Stock up on printing paper rolls
It’s easy to get caught up in the buzz of preparing stock and inventory to forget your basic transactional needs. Receipts are a must with purchases during the festive season as many customers will ask for copies of each transaction. Your terminal printing paper rolls will likely be exhausted much quicker than any other time of the year so place a bulk order to keep this from happening.
Queues. We’ve all been there, and waiting in line is not particularly fun when you’re in a rush. Anticipate long lines by adding in more terminals to offer greater customer service during a time when it is lacking. You can hire additional terminals from Tyro to cover your busy trading periods.
Get silly with your offerings
In Australia there won’t be a white Christmas but that won’t stop your customers looking to celebrate in style. Introducing seasonal items like Christmas and New Year’s themed products will keep your small business exciting to customers and boost in-store and online traffic. This enables your business to conduct better engagement with your customers.
If your business sends out regular newsletters, tailor the message and use a festive theme to encourage your customers to celebrate with your business! Getting them into the spirit can develop genuine connections with your brand and keeps customers coming back.
Make sure your systems are up to date
There is nothing worse than having ‘technical difficulties’ getting in the way of your business operations during the busiest time of the year. Take some time before festivities hit to assess your computer systems and ensure they are running smoothly and seamlessly. If you are experiencing difficulties with your EFTPOS machine, chances are they will only get worse, so get in touch with Tyro to get your hands on the Smart EFTPOS machine.
In addition to this, update your website to show all the latest information of your business. Investing in user experience design is particularly important during these rush periods so your website can accommodate the increased traffic.
Back your financials
Be aware of extra costs that can occur through all the preparation for the holiday season and be sure to plan your expenses for your business accordingly. Have extra funds put aside to cover extra workers for increased shopping demand, overtime/holiday pay rates and increased stock orders.
Costs will creep up unexpectedly but be prepared with Tyro’s new loan offer that enables eligible customers to access funds within 60 seconds (once the loan offer has been accepted and personal guarantee provided). This new type of business loan allows you to customise your daily loan repayments based on the cash flow of your business, so you won’t be caught out on a slow day!
Learn more about how your small business can benefit from Tyro’s new business loans.