Holidays can be the busiest or the slowest time of the year for businesses depending on the industry that you’re into. But how can it affect your business? Can it do good or hurt your business?
Singapore has 11 days of public holidays celebrated every year.
To B2C businesses such as shops, restaurants, and supermarkets, holidays mean an increase in sales. For example, for real estate business, realtors take longer holidays during the lunar new year which means they will stop working for a week or 2 as workers travel back home to be with their families.
But for B2B organizations, it means a decrease in your sales figure because of most of the time, people take the day off or go on a vacation to be with their families.
For instance, during Chinese new year, manufacturing companies with almost 50% of their workers wish to take the day off are forced to hire and train new employees to avoid delays in orders from wholesalers. However, a drop in quality is at risk.
Also, companies that offer lead generation services will experience a decrease in sales. Why? There’s no point in calling because many businesses are closed on holidays. Even if they are open for business, all calls are still prohibited on holidays, according to the telemarketing laws and regulations in Singapore.
How to manage the impact of public holidays on your business
According to Christo Botes, the Executive Director of Business Partners Limited highlighted that even though it has been reported that the effect of one public holiday can cost the country more than R1 billion, the number of public holidays may not be the issue in terms of productivity.
The impact of holidays can be managed and planned in advance. Minimize downtime by planning the production, staffing, and cash flow. For example, during holidays some business don’t need all of their employees because of less work, you can have your contractual employees take the day off to lessen the cash flow.
As a business owner, you should be flexible and look at how you can benefit from public holidays in order to generate sales and drive more revenue to your business.
For example, during holidays, your prospects are either at home or on a vacation. Which means, they are in the mood to check and post pictures on their social media account. B2B business should make use of the holiday by being creative and post contents about the holidays or make use of the social media to reach out to prospects.
Holidays wouldn’t hurt your business if you know how to use it to your advantage.