Giving holiday gifts is a great way to build relationships with employees, vendors, and customers. But it can be stressful to determine who should be on the gift list, how much to give, and what is appropriate to give. Let’s think through these criteria.
Decide Whom to Gift
On average, 65% of a company’s business comes from existing clients, so gifting these individuals is essential. Equally important are your long-term employees and vendors. For some small companies, that could mean giving presents to dozens of individuals, which isn’t always financially possible. Determine who should receive a gift by considering a few things. Consider the time you’ve spent working with the individual, how easy or difficult they are to work with, if you’re currently working on a big project with them, and if they have sent client or employee referrals your way.
Determine Your Budget
As you plan who will receive a Christmas gift, you’ll determine how much money you can afford to spend. Although research varies, a familiar holiday spending formula is to reserve 1.5% of your revenue for gifting. You can then decide how much money to spend on each person based on the preceding considerations. Avoid Christmas gift giving pressure by not spending more than you can afford.
Five Christmas Gift Ideas for Your Small Business
As a small business owner, you appreciate when your peers employ your services. Holiday gift-giving time is a great way to reciprocate and show gratitude to other small businesses. Many offer easy online ordering and delivery. Here are five to check out:
– Cocoon Corporate – Choose any of your favourite hamper that suits your employees needs. The company has a huge range of items: completely personalised or you can pick one of their pre-made ones. Perfect for those employees working from home, too.
– Babbel: Skill classes are a great gift that benefits the company and your employees. Babbel offers language courses specifically designed to give employees a lasting holiday gift.
– Cakehead: Whether it’s to treat your team or to spread some joy to your customers, food can get you guaranteed brownie points with the gift of Cakehead’s delicious bakes and cakes. Their hand crafted and hand finished brownies & bakes can be delivered straight to employees’ doors perfectly packaged and with a personalised gift note inside.
Walk-in backrub: A Backrub is a wonderful style of deeply relaxing Japanese massage which helps release stress and promotes health and well-being. It can be a great way to reward your employees after a year of hard work, and it can be something you could commit to on a monthly basis into 2023.
– Loop & Tie: Purchase unique gifts from small businesses giving back to craft makers and artisans in local communities and diverse suppliers. Collections are categorized by price and interest to make finding the perfect gift a cinch.
The festive season is a time for giving, so take some time to think about the people who have helped your business flourish. A Christmas gift doesn’t need to be extravagant or expensive. Remember, it’s the thought that counts.