The 6 Things Business Owners Must Do During the Holidays

The holidays are exciting for business owners, as consumers want to spend money on gifts, decorations, and parties. However, companies can get overwhelmed by demand if they don't prepare in advance. The right plan maximizes profit and minimizes risk, resulting in a hefty profit.

How Business Owners Can Utilize the Holidays

If you want to avoid pitfalls and make the most of holiday spending, follow these six steps.

Look Into Business Owners Insurance

Larger crowds and plummeting temperatures can lead to injury or property damage, even if you employ preventative strategies. Fortunately, a business owners policy can help you recover. Package policies are a great choice since they combine the most frequently used insurance options:

• Loss of income
• Commercial auto
• Theft and vandalism
• Equipment breakdown

An agent can help you determine the best policies by evaluating your business needs. If necessary, you can add additional insurance:

• Professional liability
• Fiduciary liability
• Workers' compensation

Outsource Holiday Warehousing Early

Many people prefer to shop online, meaning you must prepare to ship thousands of products quickly. Usually, that means outsourcing to a fulfillment center. Customers won't appreciate lost or broken items, so you should partner with a high-quality center with exemplary customer service. It's best to do so early, as other companies will also need to find warehouses. If you wait until the last minute, you'll have limited options.

Create Seasonal Promotions

Seasonal promotion can get more consumers in the door and even prompt customers to spend more than intended. For example, if you offer a free item to people who spend over a certain amount, customers may buy a little more to earn the perk. The holidays are also the perfect time to use limited-edition packaging. Consumers love the extra effort, and some may try your products for the first time out of novelty.

Calculate Inventory

Running out of inventory during the busiest commercial season means lost profits. To avoid this issue, you can analyze sales from last year to estimate how much you should stock up. You can also closely monitor inventory with state-of-the-art software. This technology tracks sales in real time, so you always know how much you have. You can even set up alerts, which notify you when stock falls below a certain threshold.

Upgrade Your Website

Out of all the best practices during the holidays, updating your website is the most important. Your site will need to handle heavy traffic, as customers will jump ship if it crashes or lags. You should also showcase holiday deals and highlight savings.

Network With Other Business Owners

Partnering with other business owners is an excellent way to cross-promote and boost sales. You can accomplish this in several ways:

• Offer coupons for partnered businesses
• Offer discounts if customers present a receipt or movie ticket
• Set up a multi-company effort to donate money or products for every sale

About David G. Sayles Insurance Services

At David G. Sayles Insurance Services, we help our clients decide which of these options is best for them based on their current situation and risk factors.  Contact us at 1-855-977-1842 or insureme@dsayles.mysites.io for a consultation!