13 December 2023 , 15:52
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One in three small business owners are feeling stressed about how well their business will perform this Christmas – with 21% saying this could define their growth for the next 12 months.
A survey of 500 business owners found that 60% believe the weeks leading up to Christmas are their most important period of the whole year – with 58% worried about what low sales in December could mean for the year ahead.
And three in 10 (29%) view the festive season as their biggest opportunity to make money, with 32% saying their Christmas revenues help to tide them over during quieter months.
More than a fifth (22%) also estimate that this is the time of year where they get the most footfall. But with so much riding on the coming days for small businesses, are you doing your bit to help them thrive this Christmas?
A new quiz has been created to determine how regularly Brits pay for goods and services from businesses that employ fewer than 10 people – and to find out whether they could be doing more to support microbusinesses.
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The research, and the quiz, were commissioned by payment platform, Lopay, whose founder, Richard Carter, said: “Times are not only tight for consumers, but also for small businesses.
“The research has undoubtedly shown that this period, in the lead-up to Christmas Day, has an enormous impact on many microbusinesses. So, every penny counts, not only from a trade perspective, but also what they can save on the bottom line.”
The ongoing cost-of-living crisis has meant 34% of owners have noticed their customer numbers have dropped recently, which has ultimately led to less income in the run-up to the festive period.
As a result, 32% have felt increased stress levels, while 24% have had to make cuts. However, despite the challenging economic conditions, six in 10 are optimistic the revenue generated at this time of the year will be greater than other periods.
And many are putting measures in place to help boost sales – including seasonal discounts, extended operating hours, and buying more stock.
Others are also considering how they can make it easier for customers to pay – with 62% using contactless card readers. More than six in 10 (61%) consider this the simplest way to take payments, while 46% find that customers expect it.
However, the study, carried out through OnePoll, found that while contactless is popular among customers, as many as one in four owners have had to wait for their payment provider to transfer the money to them.
Richard Carter, founder of Lopay, which offers flexible payment terms so owners can quickly access earnings and payment processing at a competitive rate, added: “A lot of pressure is on the shoulders of microbusinesses looking to make the most of a crucial time of year.
“What’s clear is there’s a lot of money to be made for them in this period, and they are reliant on consumers, who they know are feeling the pinch themselves amid the cost-of-living crisis.
“However, one thing businesses can do is switch to a payment provider that charges less, and offers better access to funds. The small business community is the bedrock of our economy, and we want to do as much as we can to help it thrive – both at Christmas, and beyond.”
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