Preparing For The Holidays

In the next two years, many of the tax and regulatory efforts instituted for small businesses will expire.  That is why preparing for the annual end-of-year push is so important this go-around.

If your company has been utilizing these tax breaks and programs, now is the time to seek substitutes or prepare for their end.

Also and perhaps more importantly, yearend holidays make a big difference for how your business end’s its year.  So plan ahead and execute well to optimize this year’s outcome.

The first thing to do is review last year’s efforts.  In the end, were you able to achieve the goals you set out to accomplish?  Where did you fall short?  What did you learn?

If you did not achieve as plan last year, are you satisfied with your preparations to enter the last quarter and are you revved-up for a gangbuster final push?

To help you, here are things you should be doing immediately:

1. Order supplies: Empty shelves mean lost sales.
2. Make holiday schedules: for staff, customer hours, and yourself.
3. Stock extra inventory: Consumers and companies are waiting deeper into the holiday season to make purchase decisions.
4. Check your website:  Insure that it is up-to-date, recognizes the season, and perhaps offers specials.
5. Decorate: Even if you clients don’t see your decorations, your staff will.
6. Plan a new marketing campaign: The year’s end impels people to make buying or gift decisions, help them choose your products or services with a specially geared marketing plan.

Because we think a marketing campaign at this time is so important, here are six suggestions to implement a successful holiday effort.

1. Develop a time-sensitive discount program for new and existing clients.
2. Send at least three personalized emails to your client and potential new customers and if possible, a snail paced letter.
3. Offer gift certificates or other easy ways for clients to reward others with your products.
4. Cross-sell your offerings and perhaps partner with another company.
5. Have a gift-idea offering on your website and in your emails.

There is one more area of extreme importance to turn your attention to.  That is your finances.

The end of the year is as good time to sit down with your accountant and banker to review your financial situation in details.  Talk first to your accountant to ascertain as closely as possible your tax situation,  Are there 2024 expenses that can be moved to 2023 to reduce your tax liabilities.  Likewise can you move some expenses to 2024 to reduce future tax bills.  It is important you do this while there is still time.

Equally important is meeting with your banker to discuss the company’s financial position.  Talking to him or her will ease any future discussions about the company’s need to obtain cash should some situation arise in 2024.

This year, more than any in the last decade requires small businesses to be looking ahead.  The overall environment is changing and already in 2023 there has been a mark uptick in small business bankruptcies.  Making extra efforts in the final months of this year will help to ensure your company’s growth success.