The end of the calendar year is one of the most crucial times for small
businesses to generate revenue, and as we look to 2023 it’s imperative to
maximize holiday revenues and cash flow potential now.
Here are some tips to help increase your small business’ earning potential
for a strong finish to 2022 and a great
start to 2023.
Extend Your End-of-Year Deals
Holiday deals and gift cards are always a great seller this time of year,
but make sure you are maximizing their earning power for you and your
customers. Offer incentives that extend well beyond the holidays, including
post-holiday coupons and promotions.
Band Together to Advertise
Social media continues to expand its scope and advertising targeting
capabilities, and in many cases has a better ROI than search engine ads.
Consider partnering with a local business that has products or services
that pairs well with yours, or one that specializes in creating and
managing local social ads to see your investment go further to help drive
revenue.
Set Yourself Up for Tax Savings and Financial Stability
Without question, the cost of commercial leasing is on the rise. If you
don’t own your business’ space, now is a great time to consider
investing in real estate to provide
your small business with a permanent, cost-controlled home.
Consider using a holiday sales boost as a down payment on a commercial
mortgage; interest rates are still very manageable, and the return on
investment (ROI) should be a primary focus for any
business. Owning your business’ property not only provides stability but
opens up opportunities for leasing out extra space and setting up tax
deductions on the mortgage next year and beyond.
And If You Do Own the Property…
Consider using any extra space to support your fellow small businesses!
Whether they are temporary vendors needing space to sell seasonal
merchandise or need warehousing space for online orders, seasonal leasing
could be a nice cash flow generator for your business.
Spread the Holiday Cheer
Now is a great time for your small business can give back to the community
through sponsorships, donations or contributions while also expanding your
brand’s reach. Even small contributions from local businesses can go a long
way to in helping organizations enhance the social welfare of our
communities.
An added bonus—you may be able to write off your contributions or donations
when preparing your small business’ 2022 taxes.
Remember, not every new approach applies to every business type or
operating structure but taking a step back and assessing what could work to
drive extra revenue for your small business can pay dividends both
immediately and well into the future. Talk to your business banker and tax
advisor now to take a deep dive into your small business’ holiday earning
potential so that you are best prepared to optimize the opportunities of
increased traffic and business during the holiday season and beyond. They
can help you move your business from surviving to thriving in this rapidly evolving economy.
About the Author – Jeremy Shackleford
Jeremy Shackleford
is Senior Vice President, Director of Small Business Sales for WSFS Bank.
He joined WSFS in 2018 after nearly 20 years working in banking and
financial services, and was most recently Senior Vice President, Regional
Manager for WSFS’ Greater Philadelphia Market, where he oversaw 15 Retail
Office locations. He also served 10 years as a member of the United States
Air Force (AFSOC).
