One in three (36 per cent) SMB owners reveal they typically generate between 11 to 20 per cent of their annual revenue during November and December, in the lead up to Christmas.
In 2022, more than half of SMBs (55 per cent) saw between a 10 and 25 per cent increase in revenue compared to the regular trading period, according to new research from VistaPrint.
However, success doesn’t come without its challenges though. This year only a third of SMBs (33 per cent) are feeling optimistic, 31 per cent feel prepared, 30 per cent feel confident and 25 per cent even feel excited.
However, one in five (19 per cent) still feel uncertain and many SMB owners describe themselves as nervous (17 per cent), apprehensive (17 per cent) and overwhelmed (15 per cent).
Linda McDonald, VistaPrint’s marketing director & SMB expert, says the results paint a vivid picture of the (sometimes chaotic) landscape that small and medium sized businesses face as they prepare for the festive and summer holiday season.
“The diversity in experiences and approaches highlight the need for tailored strategies to navigate the unique challenges that Christmas brings―focusing on the customer, early planning, finances and marketing support cannot be underestimated and can determine the success and future of a business,” she adds.
McDonald shares her five tips and tricks on what SMB owners can do to effectively navigate the busy period.
1 Be customer-centric
Implement strategies to manage increased customer demand including flexible operating hours and stocking up on popular products.
2 Craft a comprehensive marketing strategy
Utilise your website, social media, digital advertising, and traditional marketing materials such as flyers and posters to reach a broader audience. Plan promotions, offers and incentives to make the most of the holiday season.
3 Prioritise your wellbeing
The top strategy SMBs are employing to survive the holiday season is taking time out for moments of self-care (30 per cent), followed by booking themselves a post-Christmas holiday so they have something to look forward to (22 per cent).
4 Manage your expectations and prepare early
Set realistic expectations and prepare by planning strategically to handle high volumes of customers, streamline operations and ensure a stress-free holiday period.
5 Prioritise strategic financial planning
Create a budget to manage potential financial pressures that accounts for increased staff costs, potential supply chain issues and other incidental costs that may crop up.
