Black Friday may still be the biggest shopping day of the year to serious shoppers, but consumers wanting to make an impact on their communities are encouraged to “shop small” the Saturday after. Small Business Saturday is an annual day set aside on the Saturday following the Thanksgiving holiday. During the peak of the holiday shopping season, it can often be hard for small business owners like you to manage the influx of sales, monitor inventory levels, and gauge staffing levels appropriately.
Small Business Saturday – Its impact on the Economy and Small Business Owners
Small Business Saturday first appeared in the holiday shopping scene in 2010. The goal behind this day was to showcase all of the products and services local retailers could offer consumers, to offer support for smaller, family-owned ecommerce shops, and to create awareness of the significant impact small and family-owned businesses have on the economy. Based on the statistics, small to mid-sized businesses, such as the one you own or operate, are critical to the community and to the economy. For example, an estimated 530,000-590,000 temporary workers will be hired for the 2019 holiday season alone. Does your business boom during the holidays, creating a need for money management solutions, updated technology and payment services, and an increase in inventory levels? Does this sound like your business?
During the rush of the holiday season, it can be hard for a small business owner to stay ahead. Being prepared for the increase in business is crucial to making sure your business can get the most out of the holiday season. Do you find these as your top challenges as well?
1. Money Management
Money management can be a struggle for small business owners throughout the entire year, not just during the holiday season. Aside from all of the additional responsibilities you have as the owner, you also have to ensure your business has enough money to cover all of your expenses, pay down debts, have the necessary goods or services available, and to compensate your employees appropriately. Savvy business owners quickly realize that keeping necessary cash in your business is critical for long-term success, especially during the holidays.
2. Updating Technology
A small business owner usually has many different roles in the company, aside from just making sure everything is running smoothly. From accounting to accounts payables and receivables, as your business grows, some of these aspects of your business can become more time consuming and challenging. With technology constantly advancing, staying current with the times can help your business prosper, and can open your business up to a wide variety of potential clients.
Having the right tools in place, such as electronic commerce solutions, ahead of time, can help streamline your business’ cash flow and provide you quicker access to your working capital. Updating the appropriate technology and understanding how to grow your business in a digitally transformed world are keys to long-term business growth.
3. Inventory Levels
During the holiday season, it’s important to ensure you’ll have the products your clients will want to purchase on hand and that your business won’t run out of inventory. Paying for this added inventory can be challenging, especially with the additional bills you will incur during this time of the year. It’s a good idea to look at alternative solutions and digital investments, such as a streamlined inventory management system, that can help you stock up on your best-sellers ahead of time to ensure your holiday season is a success.
As always, First Bank is committed to helping you grow your business with our unique small business solutions. After helping countless small businesses throughout our 100 year history, we’re still committed to helping small to mid-sized businesses grow and succeed. We’re standing by and are ready to help.
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Sources: Investopedia, Cora+Krist, Small Business, Big Commerce