What to Start Thinking About in October as a Small Business Owner
As a small business owner, October is more than just pumpkin spice and Halloween decorations—it’s time to gear up for the most critical months of the year! Whether you’re preparing for holiday sales or getting your finances in order, here are the key things to focus on this month to ensure you finish the year strong by planning ahead.
1. Plan Your Holiday Strategy
The holiday season can make or break the year for many small business owners. Start thinking about your promotions now to avoid last-minute stress.
- Inventory Check: Make sure you have enough stock to meet holiday demand, especially if you rely on seasonal items.
- Promotion Planning: Create a detailed calendar of your deals and promotions, including Black Friday and Cyber Monday.
- Marketing Prep: Schedule email campaigns, social media posts, and ads in advance to build excitement.
2. Get Your Finances Ready in October for Q4
The end of the year is coming fast, and it’s crucial to make sure your finances are in order.
- Review Your Budget: Look at your revenue and expenses so far. Are there areas where you’re overspending? Adjust your budget accordingly for Q4.
- Cash Flow Planning: Prepare for potential slowdowns or surges in sales, and make sure you have enough cash flow to cover operational costs.
- Tax Prep: Start organizing receipts, invoices, and other financial documents to make tax season easier.
3. Prepare for Employee & Vendor Needs
Whether you have a team of one or 100, the people you work with are essential to your small business’s success.
- Staffing Needs: Will you need to hire extra help for the holiday season? If so, now’s the time to start recruiting.
- Vendor Relationships: Check in with suppliers to make sure they’re ready to meet increased demand. Solidify any important vendor relationships to avoid disruptions.
4. Customer Appreciation & Engagement
October is a great time to build loyalty before the busy holiday season.
- Customer Appreciation: Plan a customer appreciation campaign—whether it’s a special discount, a giveaway, or a personalized note to your top clients.
- Loyalty Program: If you don’t have a loyalty program, now’s the perfect time to create one to reward repeat customers.
- Holiday Teasers: Use October to give sneak peeks of your holiday offerings, whether it’s a new product line, exclusive deals, or limited-edition items.
5. Reflect & Set Goals for Next Year
While you’re pushing through Q4, it’s also essential to start thinking about your business goals for the upcoming year.
- Review This Year’s Wins & Challenges: Take time to assess what worked and what didn’t in your business so far.
- Set New Goals: Begin brainstorming goals for next year, such as launching new products, expanding your team, or increasing revenue.
- Strategic Planning: Outline the steps you’ll need to take in January to hit the ground running.
Final Thoughts for October:
October isn’t just about wrapping up the year—it’s about setting the stage for a strong finish and an even better start to the next year. Take this time to plan strategically, check in on your finances, and build strong relationships with your customers, employees, and vendors. If you’re looking for support or resources, The Biz Foundry is here to help. We have free business coaches ready to meet with you as well as regular workshops. Join our community of entrepreneurs and access the tools you need to thrive.
