6 Tips to Help Your Small Business Thrive This Holiday Season

You have a chance to rake in the profits -- if you play your cards right.

The holiday season can be a very lucrative period for small business owners. That's when consumer spending tends to increase, and if you offer a unique product or service that makes for a great gift, you might enjoy a nice uptick in revenue.

Meanwhile, the right moves on your part could lead to an even greater increase in sales -- and profits -- during the holidays. Here are some of the steps you can take to help your small business thrive.

1. Set aggressive but reasonable goals

Maybe you want sales to increase 10% during the holidays. That may be a nice, reasonable boost to aim for. If so, communicate that with your staff and find ways to work together to make that happen. You may, for example, be able to give seasonal hires tips on how to upsell customers who walk in the door.

2. Make sure you're adequately staffed

If you don't have enough hands on deck this holiday season, you might lose out on revenue for your business. Now's the time to assess your holiday staffing needs, and if you feel you need additional labor, get moving on a job post ASAP. You can also ask your current employees if they know anyone looking for a seasonal side hustle. That might help you staff up quickly.

3. Keep a close eye on inventory

Consumers may be eager to buy more of your product during the holidays, so it's important to make sure your shelves aren't empty. Keep solid tabs on inventory during the holiday rush, and stay in touch with your vendors so you're able to get a heads-up on things like shipping delays or supply chain holdups.

4. Decorate your storefront

Nothing attracts customers like festive lights. It pays to invest a little money into making your business look like it's embraced the holiday spirit.

5. Be strategic with sales and promotions

Many small businesses offer special sales and promotions during the holidays. But you'll need to make sure yours are cost-effective for you and appealing to customers all at the same time. Crunch some numbers to see what specials it pays to come up with, and keep evaluating them as the season progresses. It's a great thing to have more customers coming in to swipe their credit cards -- but only if you're really profiting nicely as a result.

6. Extend your hours

People tend to have more shopping to do during the holiday season -- but they still need to hold down their day jobs. It pays to look at extending your hours in late November and December so customers are able to stop by when it's most convenient for them.

The holiday season can be a boon to small businesses, so it's important to make the most of it. Employ these tips, and you may end up in a much better place financially once the holiday season comes to an end. That could, in turn, set your business up for a very successful year ahead.