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There are mistakes that businesses should avoid during the holiday season and owners must prepare for an incredibly busy season. Companies begin the daunting task of preparing for the holidays as the end of the year approaches. The season is always a frenzied period when consumer activity hits its peak.
Even now, the consumer arena is gearing up for its most profitable period in two years. The International Council of Shopping Centers estimates holiday shopping to breach the $807 billion mark, which is a staggering figure by most standards.
But as promising as this period might be from a profitability standpoint, some risks could threaten a company’s reputation and bottom line. While Directors & Officers Insurance can help mitigate some of the legal consequences arising from negligence and errors in policy, business owners should still strive to avoid common mistakes typically committed during the holidays.
Mistakes That Businesses Should Avoid
After obtaining D&O insurance to protect your business against possible liabilities, consider considering practices and policies related to your day-to-day operations. In particular, you may want to focus on avoiding these common business mistakes during the holidays:
Starting Late in the Season
It is all too easy to get carried away by the hype and focus all your attention on holidays such as Black Friday, Small Business Saturday, and Cyber Monday. But that’s not all you should devote your time and energy to. Many shoppers get into the holiday spirit long before then, sometimes as early as the first of November. It means that you should probably start your holiday preparations earlier than planned.
Understaffing
Another common mistake many business owners make is assuming they have adequate staff to handle the increased demands of the holidays. It can be a fatal error, especially for companies that have never dealt with the holiday rush.
Don’t automatically assume you have enough personnel to meet the increased demand for your services. The inability to handle customer requests can result in a poor customer experience and damage your reputation irreparably.
Maintaining Low Stocks and Supplies
Running low on stock and supplies can be disastrous for a company. You probably already have a system for keeping track of your inventory. But you should make sure everything is for the holidays.
Ideally, you should have a management system that alerts you when stocks are low. Better yet, set up a system that automatically allows you to order essentials‒including packaging and office supplies.
Cutting Marketing Expenditures
Now isn’t the time to slash your marketing and advertising budget. Even during the holiday rush, you could place your company in a position of advantage by boosting your publicity and promotions.
Not Focusing on the Customer Experience
The customer is the lifeblood of any business. You must establish a good first customer experience to ensure a favorable long-term relationship. Even if you are a relatively small firm, you have the edge over your larger competitors in your ability to adopt a more personalized approach. Small touches such as a ‘thank you’ note or exclusive discounts could keep them coming back for more.
Not Preparing for the Post-Holiday Season
Life doesn’t end with the holidays! There is also the post-holiday season and beyond to consider, so make sure you prepare efficiently. Ensure you are looking at a significantly expanded customer base in the coming months, so don t let them down. Keep them satisfied, and you could maintain the momentum that you have built up during Q4.
About Transparity Insurance Services
Transparity Insurance Services was founded for the purpose of helping clients to ensure their property and assets with no hassle. We are committed to providing a simple, easy, efficient, and positive experience to all of our clients, and prioritize open and transparent communication with our clients. Through our excellent customer service and technology, we can help you to find the right insurance program at a competitive price. Contact us today at (855) 889-2037 to learn more about what we can do for you.