As a business owner, you’ll often find that it is difficult to balance the books at certain times of year. While Christmas is often a great time of year to sell to customers, it’s also a time when a lot of customers are expecting deals. You’ll also be thinking about your bottom line, and how to make things add up as you head into the new year. So, how can you cut back on costs during this festive time?
Look for wholesale deals
As retailers slash their prices to entice in customers, this often means slimmer margins on all of your products. But what if you could keep the margins the same? If you look around for deals, you might find that wholesalers are doing sales either in the run-up to Christmas, around Black Friday, or after Christmas in early January. These are all good opportunities to buy much-needed materials and resources at a low cost. Think about things that you use a lot of. Even if you don’t run a retail business but rather a service, this could mean something like getting cheaper paper and ink for your printer, or other office supplies.
Assess your bills
This may well be the most expensive time of the year when it comes to your bills. You have to have the heating on all day, the lights come on earlier and get turned off later, and you may even have extra lights and decorations taking up more electricity. Assess your bills and take a look at where you are spending the most. Could you save money by switching to another supplier? Maybe the simple threat of switching could encourage your current supplier to give you a better deal. You might also be able to get around things in smarter ways. A space heater might be more efficient, and thus cheaper, than your radiators. One powerful light could use less electricity and provide more coverage than a few smaller ones. This could take some investigation, but once you know, the savings could be benefitting you for years.
Sell some space
If you have extra storage space, you might want to consider renting it out for the holidays. There is always a shortage of space at Christmas, as short-term business owners are looking for somewhere to store their seasonal goods, having bought lots of stock for a temporary venture. You could provide part of your storage room for a fee, giving you a bit of extra cash without even needing to lift a finger. This could be a great deal for you if the other company is successful, as they may be able to come back year after year and hire the same space from you. There are lots of community space sharing sites you could list on, or you could advertise with local business networking groups.
Tone down the festivities
It’s alright to celebrate, but you can definitely save some money by changing the way that you decorate your premises. Start by switching the lights on later, only leaving them on for a short time, or just reducing the amount of lights you have. As for indoor or non-electronic displays, consider using the same pieces year after year so you never have to buy new. Alternatively, you could sell them off at the end of the period during your January sales. Don’t buy too many new ones each year, and don’t go mad buying presents or bonuses for your staff.