The holiday season is all about traditions – food, fun and family. And for many consumers, holiday shopping is a tradition in itself.
The average shopper spends about $738 on gifts and seasonal items, according to the National Retail Federation.1 The NRF reports that for some retailers, the holiday season can represent as much as 20 to 40 percent of annual sales.
That translates to busy times – peak seasons – for many businesses. If you’re a business owner, these tips can help you protect your investment and prepare for the hectic holiday season.
These 5 tips can help you be prepared when the doors open and the crowds flood in.
1. | Get covered with peak season insurance. | |||||
| Your busiest time of the year is a time when your business faces increased risk. “Peak season” coverage can increase the amount of insurance protection you have during specific time periods. It can help offset unexpected losses experienced during these times, and give you peace of mind during a time when life may seem a little chaotic. | ||||||
2. | Provide a safe shopping experience. | |||||
The last thing you want to happen is for someone to be injured on your property. Clean up spills quickly. Keep aisles and walkways clear of obstructions, stash cords up and away, and make sure shelves are secure. | ||||||
3. | Have an inventory back-up plan. | |||||
More shoppers mean more demand. Have a backup plan for your stock, including standby suppliers and secondary options for customers who want what you might not have on hand. | ||||||
4. | Boost your staffing. | |||||
Your inventory’s up, and so is the number of customers visiting your business. Adding seasonal employees will help you keep things on track and protect your bottom line. Ask your insurance agent about the impact of hiring seasonal help. | ||||||
5. | Control access and visibility. | |||||
This is where security comes in. Always know where your customers are and how they can come and go from your business. Restrict access to “employee-only” areas such as storerooms and cash registers. | ||||||
1http://www.nrf.com/modules.php?name=Pages&sp_id=1140
Other
resources: www.fbfs.com;
www.businessinsurance.com;
www.retailsafety.ca
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