Jerry is taking his Mouse Troop on a hike in the snowy mountains. As they are marching along and chanting their troop march they inadvertently wake a sleeping Tom in his cabin. Tom opens the window, sees the troop, and then throws a snowball at them. The mice recover from the snow and march on. Later, Tom leaves his cabin on skis and proceeds down the mountain doing tricks along the way. He happens upon the Mouse Troop which, again, gets blasted by snow from Tom this time by his skis. The mice march on. We then see Tom in hockey regalia who smacks a puck at the hockey playing mice on a frozen lake. Quick change and the mice are now ice skating and jumping barrels. Tom increases the number of barrels and jumps over them in a feat of showing off. He lands perfectly, but ends up crashing through the ice sheet. Next up, the Mouse Troop and Jerry build a snow man, but Tom rolls a snowball down the side of the mountain in the hopes of disrupting the mice fun. However, the massive snowball gets stuck on a rock on a ledge. Tom loosens the giant snowball but gets caught in the balls rolling. As the ball levels out, it picks up a baby polar bear who was walking with his mom. Tom, baby polar, and snowball crashes into a tree. Momma bear is happy her baby is safe, but none too pleased with Tom who runs away and taunts the bears. Tom gets a face full of snow for his antics. Meanwhile, Jerry and his troop finish their snow man which brings the attention of the Abominable Snow Man, whose features resemble snowman. As the mice are cheering, Tom skis right through their snowman obliterating it. The Abominable comes up and takes the cap from what's left of the snowman, confusing Tom into thinking he didn't destroy the snowman. Tom turns around and proceeds to beat on the Abominable Snow Man thinking he's made of snow. This angers the Snow Man. We next find the Mouse Troop behind a snow fort that they built, but Tom is there launching snowballs at them. The mice retaliate with a giant snow ball that lands on Tom. Tom is not pleased and runs to the fort, only to find the Snow Man there who is more than happy to pounce on Tom. The mice then go off on a snowmobile through the forest, where Tom is waiting on his snowmobile and gives chase The mice elude Tom who ends up crashing into Abominable's cave. Tom turns and runs away only to be chased by the Snow Man on his own snow mobile. The Mouse Troop and Jerry then march back home peaceful.
- The 'biz' in the title means 'business', which concludes the formal title, 'No Business Like Snow Business'.