The holiday season presents a big opportunity for small businesses, with the potential to generate a significant share of their annual revenue.
However, thriving during this period takes more than just increased foot traffic – it requires smart planning, efficient operations and the ability to adapt to costs and competition. As your customer demand peaks, small businesses must find the balance between meeting expectations and maximising profitability.
Optimise payment systems for high holiday traffic
With foot traffic and online orders often reaching their peak in the lead up to the holidays, ensuring a smooth and efficient checkout process is paramount. Reliable and scalable payment systems not only reduce queues and improve the customer experience but can also significantly impact the bottom line. When lines are long or checkout processes slow, customers can become frustrated and abandon purchases leading to lost revenue.
Scalability is crucial. EFPTOS terminals that enable businesses to add more checkout locations instantly without incurring additional monthly fees, offer a distinct advantage over traditional bank-issued terminals. For high-traffic periods, solutions like Tap-to-Pay (a new innovation enabling staff members to accept contactless payments with an NFC-enabled smartphone) functionality offer flexibility, letting businesses expand POS capacity in-store or in pop-up locations instantly. By serving more customers quickly, businesses can maximise their sales potential without compromising on experience.
Offering a variety of payment options also enhances customer satisfaction. Flexible payment methods, including card payments, contactless options and mobile wallets, allow customers to check out with their preferred method — which is essential when people are shopping quickly and expect convenience.
Master inventory management and stock forecasting
For many businesses, effective inventory management is essential to turning the holiday season into a profitable one. Overstocking ties up valuable capital in unsold goods, while understocking may lead to lost sales and dissatisfied customers. With demand peaking during the holiday season, these risks are amplified, making accurate stock forecasting more important than ever.
The key to balancing stock is data-driven sales tracking and inventory forecasting. Leveraging POS (point-of-sale) data and sales trends from prior seasons, businesses can forecast which products are likely to perform best and invest accordingly. Reviewing current and historical POS data helps businesses pinpoint top-selling items, identify trends and determine items with the highest profit margins. Ensure that your business is enabled with a POS solution that tracks items sold in real-time, to help you make data-driven decisions.
Another valuable approach is identifying opportunities within your supply chain to manage any unpredictability. Having strong supplier relationships can ensure that you have backup options if a product suddenly becomes scarce. This resilience can help businesses remain agile, particularly during a season when even slight delays in stock can lead to lost sales and frustrated customers.
Reduce overhead by auditing payment processing fees
In any high-volume period, payment processing fees can add up quickly.. With increased competition in the payment processing space, there are an endless number of options when it comes to selecting a payment provider that’s both reliable, and affordable. Regularly auditing card transaction fees to ensure they are competitive is an effective cost-saving measure, especially during the holiday season when every cent counts.
Shopping around and comparing fees across providers can reveal opportunities for substantial savings. Switching to a payment processor with more favourable terms allows businesses to retain a larger share of each transaction, amplifying profits in a period where volume is highest. Avoiding long-term contracts or hidden fees allows businesses to stay agile. Be sure to look for providers who offer holiday support, and are proven to be reliable (so you’re not risking a costly EFTPOS outage during the holiday rush).
Build resilience for the months ahead
The holiday season is a prime time for revenue generation, but capturing this potential requires careful planning and strategy. From precise inventory management to flexible, cost-effective payment solutions, a proactive approach can pave the way for success. By streamlining checkout, optimising cash flow, and managing expenses, small businesses can thrive in the holiday rush while building resilience for the months ahead.
By focusing on these key areas, small business owners can turn holiday demand into lasting growth, maximising revenue during this peak period and setting a strong foundation for a prosperous new year.
At Zeller, where we support over 75,000 Australian businesses, we’ve pinpointed four essential strategies to help you make the most of the holiday rush.
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