Small businesses have a lot riding on this year’s holiday season.
Nearly one in four of the 550 business-owner respondents to a recent survey from American Express said the upcoming holiday sales season will determine whether their business can survive into next year, Inc. reports.
Still, it’s not too late to overcome those jitters. Here’s how to quickly prepare your small businesses for the most wonderful time of the year:
Participate in Small Business Saturday—The Saturday after Thanksgiving, Nov. 26, is Small Business Saturday, an annual event to highlight local small businesses. If you haven’t already, add your qualified small business to the American Express Shop Small Map, so consumers can find you this Small Business Saturday and all season long.
Invest in cash flow management tools—Small businesses are taking action to overcome cash flow concerns with management tools. According to the survey, the tools deemed most helpful pertained to marketing (23%) and payment transaction systems (20%).
Also, drawing on a small-business loan or utilizing a credit line as you ramp up for the holidays can help you cover costs associated with supporting the business from inventory bills to common cash flow gaps. Just make sure you don’t resort to high interest charges, provided your sales days don’t go as planned.
Spread the word about your holiday events—While you should absolutely tell the world what you’re up to, you might give your efforts a jump-start with some well-placed ad spend. Almost half (47%) of respondents say that at least 10% to 20% of their holiday sales will come from social-media channels. In terms of choosing the right platform for customer acquisition, 53% of respondents say they make the most revenue on Facebook, followed by Instagram, YouTube, LinkedIn, Twitter, and TikTok. Read the full story from Inc. here.
For many small businesses, survival contingent on holiday sales – Greater Baton Rouge Business Report
