This “golden quarter” it’s a critical trading period that is full of opportunity, but also considerable pressure, and it can make a real difference to the year’s performance.
Encouragingly, 82% of you told us you are heading into these last few months feeling positive for the future of your business. In our most recent snapshot of small business confidence at the end of September, 45% were seeing more work coming in, 31% reported higher sales and 27% were experiencing better cashflow.
Walking in lock step with customers
Only time will tell whether these early signs of momentum carry through to the end of the year, especially with a late budget on the horizon and consumers continuing to feel the pinch from the increase in everyday costs. Many people are continuing to think carefully about how and when they spend, often seeking purse-friendly options and delaying big purchases.
Small businesses that stay alert and track how these behaviours are affecting performance can respond quicker. Yet, our research shows over half (55%) struggle with cash flow management and nearly two in five (38%) are unaware if their business was even profitable last month.
To get ahead during the October-December window, keep a close eye on your numbers and forecast where you can. By anticipating cycles or dips, you can prepare for potential cashflow squeezes, adjust inventory where needed or develop contingency plans. This kind of forward thinking puts you in control so you can adapt at speed.
Flexing with payment methods
It’s not just what customers are buying that you need to consider but also how they are buying. During peak times, a frictionless check-out experience that caters to different payment preferences is key to capturing demand.
Our Global Payments Report found a quarter of consumers would shop with another business that offers more payment options, if another merchant didn’t offer at least one of their preferred ways to pay. Yet many small businesses still don’t provide alternative payment methods. Keeping up with evolving preferences, will support you in appealing to a wider customer base, encourage faster payments and build loyalty.
Find efficiencies
The busiest points of the year often expose the pressure points in your business and highlight where things could run more smoothly.
Start small and look at the day-to-day tasks that are taking up valuable time and energy – it might be invoicing, cash flow monitoring or inventory management. Automating even one of these tasks can boost productivity, reduce admin and give you better visibility into your business.
Crucially, it also frees up time for you to focus on the things that really matter – whether that’s nurturing customer relationships, investing in growth or even reclaiming some time back for yourself.
Running a business during one of the busiest times of the year is no small feat and the path to profit might feel steep. However, by taking small and steady steps, such as improving your cash flow management or adopting good digital habits, you’ll be better placed to manage the pressures of the golden quarter – from staying competitive, to meeting customer needs and managing fluctuations in demand.
