How Shop Owners Can Prepare for Small Business Saturday
From clothing outlets to farmers markets, local entrepreneurs are gearing up to welcome new customers to their shops on Small Business Saturday (SBS). Launched in 2010, this year’s national retail event takes place on Nov. 30 to invite consumers to patronize smaller businesses in their community. If you’re a shop owner, talk with your accountant about how you can prepare for SBS.
3 Tips for Preparing for Small Business Saturday
1. Strategize With Your Accountant
Talk with your accountant about how much of a discount you can offer on your products and services. Assess whether free shipping, buy-one-get-one-free promotions, and trial memberships are financially feasible. Offering these incentives can generate more holiday season sales and establish long-term relationships with existing and new customers.
2. Create a Reserve Funds
Put aside funds for marketing campaigns to promote SBS events. These financial reserves can cover outreach efforts, such as designing a colorful sale banner or buying products as complimentary giveaways to customers. Ask your accountant to determine what percentage of the profits can be used for SBS-marketing campaigns. If the budget allows, buy additional advertising spots on the radio, television, and internet.
3. Hire Seasonal Employees
Get extra support for SBS to accommodate the influx of holiday shoppers. If your accountant says there’s enough budget for additional help, keep the seasonal hires throughout the entire holiday season. The extra hands ensure your business is adequately staffed and offer flexibility to loyal, permanent employees who may want to take vacation time during the holidays.
If you want to start planning for SBS with an accountant, contact the skilled team at Tudor Wilson & Associates CPAs in Honolulu, HI. Since 1999, these professionals have helped Oahu shop owners manage their finances, providing guidance when it comes to sales tax, business succession, and QuickBooks®. View their full list of services online, or call (808) 592-2000 to schedule an appointment.
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