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As the calendar pages turn toward the festive holidays and the end of the year, businesses across all industries face a pivotal period that can impact their annual performance. This is the time of year when strategic planning and sound marketing efforts that leverage the excitement of the holidays can make or break quarterly and fiscal goals.
You’re likely busy managing various end-of-year tasks and responsibilities if you’re a business owner. You may be handling employee evaluations, ensuring your inventory is well-stocked, and fulfilling all customer orders before the holidays. Additionally, you might be finalizing financial reports and preparing for the 2025 tax season. Balancing these responsibilities can be challenging and time-consuming. This Balboa Capital blog article features year-end productivity tips to help you and your employees close the year strong.
Establish business goals for the end of the year.
Establishing business goals and objectives as the year draws to a close is crucial for your business’s success and growth. Outlining specific goals and objectives creates a roadmap for you and your employees, helps prioritize tasks, and ensures everyone is aligned toward expected outcomes. Coming up with a list of goals can be done quickly. Start by reviewing your previous quarter’s sales results. Look for trends, such as products or services that performed exceptionally well or those that fell short of expectations. Just ensure that your end-of-year goals are realistic and attainable.
One example of a short-term business goal for the end of the year is to increase sales revenue. Setting a sales goal, whether a specific percentage increase or a total dollar amount for the fourth quarter, can be beneficial because the holiday season is one of the most lucrative times of the year. This could involve launching a holiday sale, gift with purchase, or buy-one-get-one-free (BOGO) offer. Other end-of-year business goals include improving customer service (acquiring new customers, retaining existing customers, and enhancing the customer experience) and expanding market share.
Stock up on inventory.
The holidays are one of the busiest shopping seasons of the year. According to a November 2024 report from Forrester®1, total holiday retail holiday sales (offline and online sales) in 2024 will top $1 trillion. This figure represents a notable 3.7% increase compared to the sales figures from 2023, indicating a strong growth trend in consumer spending. Given this anticipated surge in sales, it is essential for businesses that rely on inventory to prepare for the holiday rush. These include companies in the retail, manufacturing, food and beverage, e-commerce, and equipment vendor industries.
If your company needs additional inventory, contact your supplier(s) as soon as possible to increase your stock. When deciding which products or items to prioritize for replenishment, consider current trends, market demand, and any upcoming holiday promotions that could affect sales. Purchasing inventory requires capital. A short-term working capital loan is an excellent option if your company lacks sufficient funding. This loan can provide the necessary funds to acquire holiday inventory quickly.
Set expectations for your employees.
Many employees deal with distractions during the holiday season that can impact their productivity at work. Common distractions include holiday parties, family gatherings, spontaneous shopping trips for gifts, and the planning or taking of holiday vacations. As a result, it’s crucial for you to communicate the objectives and goals you expect from your employees during this busy time despite the seasonal distractions.
Offering flexible work arrangements during the holiday season can motivate your employees and make them feel valued. By allowing employees to adjust their schedules—whether through remote work options, flexible hours, or the ability to take extra time off—you can help employees manage their personal responsibilities and holiday plans more effectively. This approach shows that you recognize and appreciate their efforts and encourage a healthier work-life balance, which can boost morale and productivity.
Offer end-of-year incentives to your employees.
As 2024 draws to a close, offering end-of-year incentives to your employees can be a game-changer for your company. These incentives, whether as bonuses, extra time off, or unique gifts, serve as powerful motivators that acknowledge and reward your team’s hard work and dedication. Offering employees a clear financial or non-financial reward to reach end-of-year sales goals can foster a competitive spirit across all departments and keep everyone focused and motivated.
When everyone is aligned toward a common objective, it can increase productivity, as team members are more likely to support one another in achieving their targets. As a result, individual and team performance can help drive sales, customer service, and more to new levels as 2025 approaches. Provide employees with the incentive plan in writing and regularly update them on their progress. This transparency will be greatly appreciated.
Create a fun and festive workplace.
When employees arrive at work and find themselves in a positive and engaging environment where they appreciate their colleagues, they are more likely to be happy and productive. You can take this a step further during the holidays by decorating the workplace with seasonal decorations, colors, and lights. Remember to keep your holiday decor inclusive and respectful to everyone by avoiding religious symbols, decorations, and messaging that might not appeal to some people.
You can also create a fun-filled and productive workplace by offering hot cocoa, coffee, and gingerbread cookies to workers or arranging an end-of-year lunch or dinner for all employees. A workplace gathering is a great way to celebrate everyone’s accomplishments and offers an opportunity for team bonding. When employees feel genuinely valued through your actions and words, their productivity will likely increase, which can benefit your company now and in the year ahead.
Sources:
1 https://www.forrester.com/blogs/forresters-us-end-of-year-holiday-season-forecast
Balboa Capital is not affiliated with nor endorses Forrester. The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual.