Position your small business for a strong holiday season
As we approach the home stretch of the calendar year, many small businesses are preparing for one of their most crucial times of the year for generating revenue.
As they look to 2023, it’s imperative that small business owners and operators maximize their holiday revenues and cash flow potential now for a strong finish to 2022.
Here are some tips to help increase your small business’ earning potential over the holiday season and into 2023.
EXTEND YOUR END-OF-YEAR DEALS >>
Holiday deals and gift cards are always a great seller this time of year, but make sure you are maximizing their earning power for you and your customers. Offer incentives that extend well beyond the holidays, including post-holiday coupons and promotions.
BAND TOGETHER TO ADVERTISE >>
Social media continues to expand its scope and advertising targeting capabilities, and in many cases has a better ROI than search engine ads. Consider partnering with a local business that has products or services that pairs well with yours, or one that specializes in creating and managing local social ads to see your investment go further to help drive revenue.
SET YOURSELF UP FOR TAX SAVINGS AND FINANCIAL STABILITY >>
Without question, the cost of commercial leasing is on the rise. If you don’t own your business’ space, now is a great time to consider investing in real estate to provide your small business with a permanent, cost-controlled home.
Consider using a holiday sales boost as a down payment on a commercial mortgage; interest rates are still very manageable, and the return on investment (ROI) should be a primary focus for any business. Owning your business’ property not only provides stability but opens up opportunities for leasing out extra space and setting up tax deductions on the mortgage next year and beyond.
AND IF YOU DO OWN THE PROPERTY … >>
Consider using any extra space to support your fellow small businesses! Whether they are temporary vendors needing space to sell seasonal merchandise or need warehousing space for online orders, seasonal leasing could be a nice cash flow generator for your business.
SPREAD THE HOLIDAY CHEER >>
Now is a great time to start planning how your small business can give back to the community through sponsorships, donations or contributions while also expanding your brand’s reach. Even small contributions from local businesses can go a long way to in helping organizations enhance the social welfare of our communities.
An added bonus — you may be able to write off your contributions or donations when preparing your small business’ 2022 taxes.
Remember, not every new approach applies to every business type or operating structure but taking a step back and assessing what could work to drive extra revenue for your small business can pay dividends both immediately and well into the future.
Talk to your business banker and tax advisor now to take a deep dive into your small business’ holiday earning potential so that you are best prepared to optimize the opportunities of increased traffic and business during the holiday season and beyond. They can help you move your business from surviving to thriving in this rapidly evolving economy.
Jeremy Shackleford is senior vice president, director of small business sales for WSFS Bank. He joined WSFS in 2018 after nearly 20 years working in banking and financial services, and was most recently senior vice president, regional manager for WSFS’ Greater Philadelphia Market, where he oversaw 15 retail office locations. He also served 10 years as a member of the United States Air Force.