Do you sell gift cards? Most people minimize the effect of what gift cards can really do. Starbucks is a great example of this. Did you know that Starbucks has $1.6 billion in outstanding gift cards? That’s like the general public just gave Starbucks a loan, but 1.6 billion had 0% interest, amazing.
Just to kind of put that in perspective, 85% of the banks in the U.S don’t have $1 billion or more in their holdings, amazing. So my boy keeps bringing this up is focus yourself on selling and gift cards. It’s a heck of a marketplace out there. It’s a nice way to get some extra cash into your business, especially now make sure that you have those readily available.
Also, if you’re still using paper gift certificates, please move on. The world has moved on to a solid gift card program so that you will sell more. People don’t want to give a paper gift certificate anymore because they just get lost.
So upgrade yourselves to a card, make sure that they are actually usable with your point of sale system, and get to selling. Especially here in the holiday season, this can be a big zone for you. It’ll also bring you new customers that you’ve probably never met before. So get those gift cards upgraded and ready to ship them out.
I’m Donna Bordeaux with PYOPAccounting.com. Please follow us on Facebook and Instagram. Make sure you check out our blog and our website from the link below. Subscribe to our YouTube channel and hit the bell to be notified when we post. To contact me, email me at firstname.lastname@example.org.
Donna Bordeaux, CPA with PYOPAccounting.com
Creativity and CPAs don’t generally go together. Most people think of CPAs as nerdy accountants who can’t talk with people. Well, it’s time to break that stereotype. Lively, friendly, and knowledgeable can be a part of your relationship with your CPA as demonstrated by Donna and Chad Bordeaux. They have over 50 years of combined experience as entrepreneurial CPAs. They’ve owned businesses and helped business owners exceed their wildest dreams. They have been able to help businesses earn many times more profit than the average business in the same industry and are passionate about helping industries that help families build great memories.