Christmas is typically known as a booming time for businesses, however over the past few years some companies have struggled financially. Last year, a combination of low sales, massive discounts, higher wages and the lowered value of the pound caused some businesses to suffer financial problems.
With only 100 days to Christmas 2017, we’ve taken a look at how your business can avoid a tricky financial situation this winter.
Run cost-effective promotions
Each year, increasing numbers of businesses offer free gifts and slashed prices to Christmas shoppers. This can be difficult for a small business owner, so it’s important that you are wise about the promotions you offer.
If you offer services, consider giving away a voucher that your customers can use in January. Not only could this improve sales in a typically quiet month, but it can also increase the value of your sales. If you are wise about the value of your voucher, your customers may opt for more expensive goods with better profit margins.
Last year, a record amount was spent in the run up to Christmas. Nearly a quarter of all purchases made in December was through an e-commerce store. Shopping online allows customers to buy the presents they need, when they need them.
Running an e-commerce store allows your business to maximise sales opportunities. You can make sales at any time of the day, without having to pay overheads. With only 100 days to Christmas, now is the perfect time to start selling online. Handepay provides cost-effective e-commerce solutions for small businesses, whether you’re just starting out online or run an established e-commerce store.
Review your business expenses
Christmas can be an expensive time for businesses. Although you can see an increase in profits, you may have to invest more money in stock or staff. It’s difficult to run exciting promotions, or pay for advertising, when your outgoings are increased.
Necessities such as electricity or water can be expensive, however savvy business owners cut their costs by switching providers. Enter your details into a cost comparison website to discover the best company for you.
Did you know that you could also save money on your card processing fees by switching? On average, businesses who switch to Handepay save 36% on their card processing fees! Take the Handepay Price Challenge, and if we can’t save you money we’ll give you £1,000!