For many small businesses, this is the most important time of the year. According to SBA, the holiday shopping season can decide whether their doors will remain open to the public. Because local retailers make such a large percentage of their annual revenue from the pockets of shoppers, they are counting on our dollars to make their Christmases merry.
Likewise, the decisions and the costs they incur also influence their profit. Money management during this time can quickly spin out of control with paying for events like company Christmas parties. That is why it is important for small shops to have an exact idea of their money flow. SCORE and counselors from the Colorado Small Business Development Centers around the area were surveyed and helped to create this short-list of small business ‘survival’ tips:
1. Have a tight control of inventory costs.
Know what’s there and when to order or not to order more. Dollars can easily slip out the door if too much of an item is ordered and it sits collecting dust.
2. Hiring too many employees or having them working in the wrong positions.
Know if you can need to hire an employee or if you can divvy up the added work between yourself and existing workers. Also, ask yourself if you have the right people in place or if you need to reorganize current positions.
3. Cash flow is your shops essence.
Figure out a system to collect outstanding bills in a timely fashion and shop around for the best price wholesale for money making items.
4. Online sales and social media are a piece of the modern retail shop.
Having a webpage that shoppers can use and letting people know about sales and events at your business through a Facebook page or Twitter are a must.
5. Using profits to pay for the employee Christmas party.
Instead of having employees show up late for work with a hangover, have a celebration after the holidays. Your employees wont mind.
6. Keep things fresh and up-to-date and make customer service number one.
Wow and impress shoppers with personal touches and making them feel special when they walk through your doors. It’s an easy way to make repeat customers and have them visit you next time instead of Walmart.
Saturday November 29th is Small Business Saturday so as a community, lets support our small businesses and local economy by shopping with independent businesses! Below is a list of downtown retailers, you can also find many Castle Rock independent businesses on the #CRJ Independent Business Directory here: http://www2.castlerockco.com.
1. The Emporium
2. Castle Rock Bike & Ski
3. Olive Groove
4. Shades of Amber
5. Mountain Man
6. Bogey’s West
7. Pottery By Chauncy
8. Lisa Lisa Boutique
9. Art on the Edge
10. Skin Care Co.
11. Nick Lucey
12. Finn La Fleur
14. Wedding Treasures
15. Castle Rock Music
16. Animals Rock
18. The Barn
19. Bennington Mercantile
20. Bark n Clips
21. Castle Rock Florist
22. Dream Pastries Crepes Cafe
23. Multicopter Warehouse