Leading up to the 2023 holiday season, we surveyed 750 small business owners to see what’s top of mind for them this year. Here are three of the biggest insights from our survey.
The importance of the holidays for small businesses
For many small businesses––especially in the retail and ecommerce industry––the holiday season is the most important time of year. Holiday shopping can account for up to 30% of annual sales revenue, which puts a lot of pressure on businesses to be prepared with the right amount of inventory, staff, and customer support.
Small business holiday concerns
On top of that pressure, the holidays come with a variety of concerns for small business owners. Will you receive materials and inventory on time? What if people don’t spend as much as last year? Are there any unexpected costs you’ll be forced to cover?
While some of these concerns may be out of your control, you can prepare your business for unexpected holiday costs by keeping extra money in an emergency fund. Bluevine Business Checking customers can put cash aside in a sub-account to make sure they can cover unforeseen repairs, service increases, and more.
You can also apply for a business line of credit to give yourself peace of mind during a stressful time. Many businesses use line of credit funds to hire seasonal staff, upgrade their equipment, stock up on inventory, or stay prepared for emergencies.
Focus on what you can control this holiday season, like making sure you’re prepared for surprise costs. We hope you close out 2022 strongly, and we can’t wait to see what you do in 2023. Happy holidays!