Many small business owners view holiday sales as a factor in their financial well-being, which only reinforces the value of being prepared for the upcoming influx of shoppers.

In a poll of small business retailers, 89 percent said holiday sales were important to their financial health, according to a survey by American Express, and that was the case for two in three, or 66 percent, of the 550-plus small businesses in all sectors.

"The final months of the year are especially critical to ensure small businesses meet their revenue goals for the full-year," said Anna Marrs, group president of Global Commercial Services and Credit & Fraud Risk for American Express, in a press release about the survey.

Be Ready for Record Sales

The retail 2024 holiday season is expected to be a big year for businesses, with sales forecast to hit $957 billion, beating last year's record sales, according to a post on CO, the U.S. Chamber of Commerce's digital platform for small business.

That tracks with predictions for total retail sales in 2024. The National Retail Federation (NRF) is forecasting sales totaling between $5.28 trillion and $5.28 trillion, an increase of 2.5 percent and 3.5 percent over the $5.1 trillion in 2023.

As you prepare for the rush of end-of-year customers, be sure your strategy aligns with your holiday season goals, which may vary depending on your type and stage of business, primary mode of sales, and growth plan.

If you're in retail, that goal may be the same as the majority of small business retailers in the American Express survey — 77 percent cited increasing sales as their primary objective.

Forty-four percent of all small businesses in the poll said that was also their goal for the season, while 50 percent of businesses in every sector said acquiring new customers was their primary aim.

Wherever you stand on goals, take a look at these tips and trend data to help steer your prep for the busy holiday season.

Your Online Presence

Small businesses of all types are smart to prepare for increased traffic and customers online, as total online sales for 2024 are on pace to surpass last year's.

Even businesses without a focus on ecommerce should be workng to strengthen their online presence for the holiday season to grab the attention of shoppers searching for gift ideas and deals.

The NRF predicts that online and other non-store sales in 2024 will reach at least $1.50 trillion this year, up between 7 percent to 9 percent increase over last year's $1.38 trillion in that sector.

Also, prepare a strategy that incorporates social commerce, a key venue for small businesses whose target buyers are in the millennial and Gen Z demographic.

"By leaning into social commerce and appealing to younger generations' preferred shopping experiences and payment methods, retailers can improve business efficiency while delivering more freedom for shopper journeys in choosing how, where and when they buy," says a blog on the industry news site Total Retail.

Consumers shop an average of three times a month on social media, according to the 2024 Adyen Index cited in the blog. Of those consumers, the majority were millennials (83 percent) followed by Gen Z (67 percent), Gen X (43 percent) and boomers (19 percent), the post says.

Further, 80 percent of retailers reported revenue growth after enabling social commerce channels, according to the blog.

Operations and Customer Experiences

Getting your business operations-ready this season means taking steps to keep customer experiences positive, online and on-site — from having enough staff in place to process orders and help with questions to keeping your website and other platforms working efficiently and effectively.

The ease of online checkout is important to the customer experience during the holiday rush, and the same goes for purchases at your physical location. If the checkout experience falls short, you jeopardize the conversion to online purchase and deter on-site customers from returning after the holidays.

"Much of the growth in ecommerce is due to multichannel sales, which rely heavily on physical stores," says the NRF. "Bricks-and-mortar locations remain the primary point of purchase for consumers, accounting for approximately 70 percent of total retail sales."

Promotions in Time

Be sure your in-store and online promotions are ready to hit before and on time for the biggest shopping days. Shoppers have grown to expect deals that coincide with the calendar, and you'll miss opportunities for sales if your small business doesn't align.

For example, create special offers and promote them across channels in time to celebrate Small Business Saturday on November 30, when consumers are purposely seeking to show their appreciation by buying locally.

Other dates to remember for your promotion's strategy include Black Friday on November 29, and Cyber Monday on December 1.