Like most people during the holidays, entrepreneurs and their employees commit time to spend with family and friends either traveling and/or celebrating. However, for a typical entrepreneur who is passionate about his/her business, there is the tendency to worry about how the business is performing or will do during and after the holidays. Here are some things to do in advance to protect your business during the holiday season.
1. Monitor your online presence: Keep an eye on your website, social media accounts, and online reviews to ensure that your business is represented accurately and positively. Watch out for comments on posts as well and be sure to have the right links and contact details so customers can reach you if necessary.
2. Secure your physical location: If you have a physical office make sure your store or office is well-lit and secure, and consider installing security cameras or hiring security personnel if necessary.
3. Protect your data: Set up a system to back up your data regularly, and implement additional security measures such as password protection and two-factor authentication (2FA).
4. Take precautions with holiday promotions: Be mindful of any promotions or discounts you offer or promised to customers, and be sure to clearly communicate any terms and conditions.
5. Protect your inventory: Keep track of your inventory levels, and consider implementing additional security measures such as inventory tracking software or hiring additional staff to help manage inventory so you know when you’re out and what needs to be replaced before resuming back from the holiday.
6. Manage cash flow carefully: Keep track of your financials and be prepared for any unexpected expenses that may arise during and after the holiday season. Stay prepared.
7. Communicate with your customers: Keep your customers informed about any changes or disruptions to your business, including opening and closing times, how to contact you if necessary during the holidays and be responsive to any questions or concerns they may have.
8. Stay informed about local laws and regulations: Be aware of any local laws or regulations that may impact your business, and take steps to ensure that you are in compliance. For example, the Corporate Affairs Commission recently announced that for Nigerian businesses, the National Identification Number (NIN) will be mandatory to access all its services (Read more). It is important to know these kind of information so you can stay compliant with it in your business.
9. Seek legal advice: If you have any legal concerns or questions, consider seeking the advice of a lawyer or other legal professional.
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Have a happy holidays!
From Bestie Atti and the CorporateBestie Team