All Financial Education

A Business Owner’s Guide to Winning the Holiday Season

November 6, 2018

Business owners working on laptop with a Christmas tree in background.

Ready or not, here it comes! Thanksgiving is right around the corner and Christmas decorations are already popping up in stores all over the country. That’s right; the holiday season is officially in motion. The holidays are especially crucial for many business owners because nearly 30 percent of annual retail sales occur between Black Friday and Christmas.

Make a Game Plan

Nail down your plan as early as you can afford. If you’re going to run a special, make sure it’s something you are able to follow through on. Don’t go so big or cut prices so low that you’re unable to deliver. Once you’re decided on a promotion decide how you want to get the word out. Pick a few different avenues that appeal to your ideal consumer and start getting the word out. Not sure where to start? Check out these marketing tips!

But how do I compete with the giants?

While big businesses are slashing prices in a way you may not be able to afford on Black Friday, look for other ways to differentiate yourself from the competition. What can you offer that they can’t? Don’t be afraid to think outside the box on this one. Offer something more personal and less stressful. Perhaps you can offer free gift wrapping on purchases above a certain dollar amount or team up with the local coffee shop around the corner and give away vouchers for a free latte with every purchase to keep your tired shoppers on their feet. Think of the hassles surrounding Black Friday and find a way to eliminate them. Make your business a haven in the commotion of holiday shopping.

Bank on Small

It isn’t just Black Friday anymore! The day after, Small Business Saturday, might be your time to shine. Small Business Saturday hasn’t been around as long but it’s quickly gaining traction among holiday shoppers.  Shoppers spent close to $12.9 billion on Small Business Saturday last year. People are seeking out local businesses to support on this day, why not make sure you’re on the list? Even if your business is service-based, you can use the hype surrounding Black Friday and holiday shopping to get people excited. You can offer specials on gift cards or coupons for your services.

Stack Up Points!

You’ll probably be making extra purchases too! After all, you have to accommodate all the craziness the holidays entail. Why not be rewarded for making those purchases? Idaho Central offers Visa Rewards cards specifically for businesses. These cards have no annual fees, allow business owners to set limits on each employee’s card, and make it easy to separate business and personal expenses.