The most wonderful time of the year is almost here! You may not be feeling the holiday spirit quite yet, but your business will need lots of preparation to get ready. Here are a few things you should do to prepare for this busy (and merry) season.
Prepare Staff
Your staff should be prepared for the holiday rush, whether you have seasonal, part-time, or full-time employees. If you are considering hiring seasonal employees, check with your staff who worked the holidays last year. Ask them:
- Was there enough staffing last year to handle the work?
- What staffing issues did we experience?
- What would you recommend for the upcoming season?
Based on their answers and your budget, consider hiring additional employees. Make sure to provide appropriate training for new workers and update all employees regularly on the plan for discounts, sales, and so on.
Get Inventory and Discounts Ready
As you’re getting ready for the crowds, look at trends and orders in the last few years so that you can forecast how much to stock up. Decide which deals you can offer at what time to turn a profit. Based on current trends, determine how much your target customers are willing to spend.
If you don’t already have one, invest in a system to keep records of your inventory during this busy time, and your next-year self will thank you!
Strengthen Security
Theft is more common during the holidays than during any other time of year. This can be physical, in-store theft or theft of online data.
To protect your in-store property, set up security cameras and lock systems. Schedule regular maintenance of these systems to keep them sharp.
The best way to protect your business online is by safeguarding customer information. Here are a few ways to do that:
- Train your employees to spot phishing scams.
- Make sure everyone uses a strong password and consider setting up two-factor authentication for employees.
- Update your online system regularly.
Create a Disaster Plan
As you know, anything can happen as a small business owner. Make a loose plan for emergencies, such as:
- Inventory shortage
- System outage
- Staff shortage
- Security incident
Inform your staff of these plans as well and get their feedback. While you don’t need to have every detail worked out, having a plan in place helps prepare your business should something unexpected happen.
Check Your Insurance Coverage
Reviewing your business’ policy can protect you in case one of these emergencies happens. With more bustle of crowds comes increased risk for slip-and-falls, employee injuries, property damage, and theft.
Make sure that you have sufficient limits and coverages, including:
- General liability insurance
- Commercial property insurance
- Workers’ compensation coverage
- Cyber liability insurance
- Business interruption insurance
The right coverage can provide you with peace of mind during this busy time.
Real-Life Example: Alice Fell!
Alice, an elderly customer, comes into your home goods store during a rush. She begins perusing the aisles, but there are people everywhere. A little girl drops her soda at the end of an aisle, making a mess on the floor. She hurries away with her mother, but with all the people everywhere, employees don’t notice the mess for several minutes.
Alice reaches the end of the aisle, and she steps forward to look at a garland hanging on the shelf. Her shoe slips on the spilled soda, and she goes tumbling down.
Alice later files a claim alleging that your business did not maintain its premises. Because your business is insured, your policy can help cover Alice’s injuries.
Frequently Asked Questions
When should I start prepping for Black Friday? Give yourself plenty of time to prepare. Getting things in order several weeks or months ahead of time can save you some peace of mind when the holidays hit.
Why is theft more common during the holidays? There are several reasons. Thieves have more opportunities to conceal their activities because of crowds, distracted employees, and staff shortages.
How can I reduce risk for injuries during big holiday sales? Provide adequate lighting, clean up spills promptly, fasten displays and shelves, and keep emergency exits clear. Check that your security tapes are working as well in case an injury does occur; this can be useful for your insurance carrier.
How do I know whether I have the right insurance for the holidays? Talk with an agent to review your business activities. They can review your current policy with you to see what you might need to adjust.
Final Takeaway
It might seem intimidating to get ready for the holidays, but get ready to ho-ho-ho through them by preparing with these steps. Rest assured that your business will be taken care of by planning for emergencies.
Review our available business coverages here. If you feel your policy needs a refresh, get a free quote with us here.
Disclaimer: The information included here is designed for informational purposes only. It is not legal, tax, financial or any other sort of advice, nor is it a substitute for such advice. The information may not apply to your specific situation. We have tried to make sure the information is accurate, but it could be outdated or even inaccurate in parts.
