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3 Budgeting Tips to Help Your Small Business During the Holidays

Keeping a budget in mind during the holidays isn’t always the easiest thing to do - especially if you’re trying to budget for your small business. Weighing the benefits of new holiday opportunities versus sticking to your budget can be hard for businesses during the season1. Luckily, there are products and services that can help small business owners in their quest for balancing their books during the holiday rush.

  1. Bill installment payments:
    One of the items impacting the bottom line of any business is bill payment. Payments going out are just a routine reality for small businesses of any size - and unfortunately, bills won’t simply disappear during the holidays.  Services like PaySimply, that offer online bill and taxes payments using methods like installment payments as one of the ways small businesses can help keep cash accessible during the holidays. Using PaySimply, small businesses can pay over 12  months which lets them pay what they can afford now, and pay the remaining balance over time.  
  2. Offering (and using) prepaid cards and gift cards:
    Just like small business owners, consumers have to find ways to help keep track of their spending during the holidays. Retailers of Now Prepay can offer customers products like Visa and MasterCard prepaid cards and retail gift cards that, during the holiday season, perform double duty as both a budgeting tool and a great gift for friends and family. Business owners can also use these cards to help with their own budgeting as needed for their miscellaneous holiday expenditures. 
  3. Adding additional sources of revenue:
    Every year ecommerce sales make up a large part of the holiday shopping process in Canada. This year, those numbers are expected to soar even higher due to COVID-192. In fact 52% of Canadian’s surveyed by a recent Deloitte study said they are now more likely to want to purchase goods online with Amazon seeing the highest uptake3. But Now Prepay retailers have the opportunity to bring some of those digital sales into their physical store with services like Amazon Counter. This service lets physical retailers receive the parcel deliveries for Amazon’s online customers for pick up at their store location. This new foot traffic offers retailers the opportunity to upsell those users on other items in their stores and increase their overall store revenue. 

By instituting some or all of these solutions, small businesses can make it through the holidays with a greater cash flow than expected and enjoy all the hurry and bustle associated with the season.

 

1https://www.kabbage.com/resource-center/manage/create-holiday-budget-small-business/ 
2https://www.jpmorgan.com/merchant-services/insights/reports/canada 
3https://www2.deloitte.com/content/dam/Deloitte/ca/Documents/finance/ca-en-covid-19-voice-of-canadians-and-impact-to-retailers-aoda.pdf

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