Budgeting tips for your small business in 2022
This year’s undeniably been a tough one for businesses of all sizes.
Happily, things are looking brighter, with life slowly returning to normal, and with the holiday season upon us, it’s a good idea to have a plan that will enable your business to capitalise on the inevitable holiday boom.
This article outlines five tips to help businesses seize their opportunity this festive season and put themselves in the best position to go into the New Year firing.
Tips for the upcoming holiday trading season
Tip 1: unite and engage your team
The first port of call when it comes to the end-of-year shopping experience is engaging with your staff so everyone’s on the same page when it comes to the plan of attack for the period.
It’s also worthwhile getting your employees thoughts on last year’s holiday season, so you can identify what processes to reinstate or avoid this time around so everything can run that bit smoother.
Tip 2: create a holiday-focused marketing campaign
The festive season only comes once a year, so make the most of it by implementing a dedicated marketing campaign that has people running to your store or website.
The key here is to tap into what your customers are looking for at this time of year, and make it easy for them to see the value in what you’re offering.
When devising a marketing campaign, make sure you consider the following:
- Budget: how much do you have allocated for marketing efforts?
- Timing: when are you customers most likely to be active when shopping around?
- Channels: what channels do your customers prefer using? Consider whether email, print (e.g. flyers), social media, or any other channels work best for your target audience
- Content: what are you intending to showcase on your marketing campaign? Make sure your content conveys a clear message and one in which your customers will take the desired action
Tip 3: streamline your sales process
The holidays are a busy time and you don’t want to be caught out with sub-standard sales processes that impair your business’s efficiency.
Review your systems and processes to make sure your team is ready to handle the influx of customers coming through the doors (or shopping online). One of the easiest ways to do this is by making sure you’re best placed to accept all the card payments likely to come your way.
Tyro accepts all major card types, including Visa, Mastercard®, eftpos, American Express/JCB, as well as Alipay and UnionPay for international shoppers.
Tip 4: prepare your website
Online shopping is always popular during the festive season but this year even more people are likely to buy on the web as they choose to continue practicing social distancing by staying away from shopping centres.
To make sure your website is ready for the festive frenzy, it’s important to make any necessary upgrades, fix any bugs or kinks, and check that your payment processing is working as it should—that way, your site is as smooth as it can be and will able to handle an influx of new customers in addition to your existing ones.
While you’re prepping your website, go ahead and update your holiday hours and policies, including shipping and returns, so your customers know how your business will operate during the festive season.
Tip 5: make a plan to stock up on extra inventory
Reviewing figures from last holiday season is a great way to determine how much inventory you’ll likely need this year, but it’s always a good idea to have a plan in place to secure extra inventory quickly, if your products fly through the door and your sales are better than expected.
Review your sales strategy and make sure your inventory and marketing focus align so your customers aren’t left in the lurch (and so you don’t miss out on any Christmas holiday cream).
The holiday season is a big time for retail and hospitality businesses, as people hunt for presents and generally get into the spirit. Being prepared for Christmas shopping/dining is key to capitalising on this key shopping period, so be sure to follow these five tips so you can go into this special time of year with confidence.
Anticipate lots of card payments this Christmas? Tyro EFTPOS is a speedy system, which also seamlessly connects to 300+ integrated POS/PMS providers, creating a smooth customer experience.
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