How the Holiday Hours Can Impact Your Business
The scent of pumpkin spice in the air is a telltale sign that the holiday season is almost in full swing. This is also right about the time when small business owners start experiencing headaches. All kinds of questions start arising – What should my holiday business hours be? Will my employees be willing to work? Will I make a profit or lose money? Will my customers feel let down if I close my business during the holidays? These concerns are not unjustified as the holidays truly can have an impact on your business, both in a good and a bad way.
Rather than providing you with answers that might not be applicable to your situation, we’re going to help you ask the right questions instead of the wrong ones. Let’s explore the often unpredictable yet potentially profitable relationship between your business and the holiday season.
How much more sales can your business make during big holidays?
There is no simple answer or formula for figuring out if you should stay open during the holidays. That being said, there are a couple of things you should consider. The end of the calendar year might also be the end of the fiscal year for your business. If you have set a financial goal that you’re trying to reach by the end of the fiscal year, it might be worthwhile to keep the doors of your business open during potentially lucrative festive days.
That being said, if you’re not exactly in one of the industries that makes money during the holidays, keeping your business open might have a negative impact on your finances. You have to think about the additional costs like paying your employees extra and, of course, the operational costs that occur regardless of how many sales you make.
Could you use the holidays to promote your business?
Let’s put profit aside for a second and look at the holiday season as an amazing opportunity to grow your brand awareness and grab a bigger slice of the market. Look at it this way; while your competitors are closed during holiday trading hours, your doors will be open for all your customers to come inside. It also might be a good opportunity to attract more customers to your business by offering holiday-related promotions. Use the spirit of the holidays and the inherently positive vibe to your advantage to build new and lasting connections.
Will your employees be willing to work during the holidays?
This is always a question that comes to mind when trying to figure out your shift schedules during the holidays. Some employees will be more than willing to work because of the extra pay incentive. Others might want to spend time with their close friends and family instead of being at work. No matter the route your business decides to take it’s always a great idea to hire some outsourcing help to assist in the influx of business you may receive.
AnswerHero’s 24 Hour answering service could be the perfect solution for you during the holiday season.
Should you stay open or close early during the holiday season?
When trying to figure out whether your business should be open during the holidays, you need to think about the demands of the industry. While some businesses boom during this period, others experience a dry spell and would be better off closed.
Statics show that customers love spending their hard-earned money on specific, holiday-related goods. With a little research into what people spend on the most during the holidays, you will know whether your goods or services will sell or not. If you are offering something in high demand during this period, you should definitely consider staying open for as long as you can. If not, it would perhaps be wiser to close early and wait for a better opportunity.
Did you have success in the past?
Leaning on previous experience from past years is a legitimate way to approach this holiday season. Were you open extra hours last Christmas? Analyze if it was worthwhile for you and take the appropriate steps. If you’ve done well in the past, you should definitely consider trying to repeat that success. However, if you’ve wasted money and made no profit during past holidays, it might be a good idea to keep your doors closed and enjoy some quality off-time with family and friends.
Regardless of what you choose for your core business functions, you should definitely have at least one customer service representative available during holiday days. AnswerHero™ is a premier live call answering service that operates 24/7. We will assist your clients and keep your business available even during the holidays so that you don’t have to.