Small Business and Retail Management in the Holiday Season

Furniture World News Desk on 11/23/2015

Not all furniture retailers take on seasonal workers, but if you do, it's a good idea to get these workers up to speed and take other steps to mitigate risks due to theft and ensure the safety of these new hires. More advice on holiday season business preparation and safety is also available via Travelers’ website.

Get Seasonal Workers Up-To-Speed

“It may be challenging for businesses to maintain a level of safety while handling the demands of the busiest season of the year and adding seasonal hires. There are five ways to not lose sight of safety during the holiday season.

“First, invest time now to properly train and on-board employees to help new workers acclimate to their surroundings and responsibilities before the holiday rush.

“Also, consider the level of responsibility assigned to seasonal workers and pair new workers with veteran employees until they are able to perform their job duties safely on their own.

“Next, arranging contingent workers and schedules can help make sure there is full coverage should someone call in sick or is unable to work due to weather.

“Lastly, visibly demonstrating evidence of a commitment to safety can be shown through top management’s attendance at safety meetings, their review and action on accident reports and establishing an employee-managed safety committee.”

- Scott Humphrey, 2VP, Risk Control, Travelers



Make Sure Your Supply Chain Can Withstand Holiday Season Pressures

“While it is critical that business owners know their inventory levels throughout the year, it is imperative now – leading up to Black Friday, Small Business Saturday and Cyber Monday, when more stock is needed to meet sales demands. Knowing where their products originate and considering all parts of the supply chain can help keep proper inventory in the store.

“For example, if a hot selling product that has been shipped from another country is lost, delayed or has limited quantities available, a business’ bottom line can be drastically impacted, particularly during the holiday season. This time of year, it pays to know how to make special arrangements to fulfill inventory needs and to have a contingency plan in place that can be implemented quickly if any point in the supply chain is interrupted.

“Making sure you are properly staffed to actually sell the inventory is also pivotal. At a time when businesses need their employees most, having a plan in place should someone become sick or is otherwise unavailable will go a long way.”

- Ken Katz, Property Risk Control Director, Travelers



Insure Your Products/Inventory to Value this Holiday Season

“During the holidays, many business owners are likely concerned about marketing, inventory and sales-related tactics to drive revenue, but in doing so some may forget to account for the insurance that protects their property.

“Such property includes Business Personal Property, which is made up of items like inventory, signage and shelving. All too often, retailers undervalue their inventory and fail to account for higher inventory levels on their books during peak seasons like the holidays.

“Instead, they tend to have just enough coverage to satisfy average merchandize levels, which can cause major issues if/when a small business owner goes to file a claim – particularly during one of the most important sales periods of the year.”

- Myles Gibbons, President of Select Accounts (Small Business), Travelers