The peak season for many businesses kicks off this week with Black Friday and Small Business Saturday.
Research from the National Retail Federation shows the holiday season can represent as much as 20 to 40 percent of annual sales for many retailers. Insurance and financial services company Farm Bureau Financial Services said it is critical that businesses take the necessary steps to protect their investments and prepare for the hectic holiday season.
The group offers five tips to help business prepare for when the doors open and the crowds flood in, including:
- Peak season insurance: Businesses face increased risk during the busiest time of the year. By getting "peak season" coverage, a business can increase the amount of insurance protection it has at specific times. This can help offset unexpected losses experienced during these times and give business owners peace of mind when life may seem a little chaotic.
- Safe shopping experience: The last thing business owners want is for someone to be injured on their property. Therefore, businesses should clean up spills quickly. Keep aisles and walkways clear of obstructions; stash cords up and away, and make sure shelves are secure.
- Inventory back-up plan: More shoppers means more demand. Have a backup plan for inventory, including standby suppliers and secondary options for customers who want what might not be on hand.
- Boost staffing: With inventory up, the number of customers visiting the business will also increase. Adding seasonal employees will help keep things on track and protect the bottom line.
- Control access and visibility: This is where security comes in. Always know where customers are in your building and how they can come and go from the business. Be sure to restrict access to "employee-only" areas such as storerooms and cash registers.
The Farm Bureau Financial Services brand underwrites, markets and distributes a broad range of insurance and financial services products to both businesses and individuals.
Originally published on BusinessNewsDaily.