It’s Never Too Soon to Plan for Upcoming Holidays
There are so many holidays throughout the year where business owners can take advantage of to make bigger sales. As soon as the year ends the new calendars go up, and the days of the holidays start getting circled. It's always a good idea to plan early for the holidays especially when it comes to Black Friday, Cyber Monday and Small Business Saturday. We at Select Funding have been helping businesses secure financing for the holiday seasons for nearly a decade. Here are some tips on what you should do to plan early and stay ahead of the competition.
Plan for New Inventory
With each holiday you need to plan for your inventory, so the sooner you get this done, the better because demand on some items are usually low and it allows you to negotiate a potential deal with a vendor. As the saying goes, the early bird catches the worm! If you don’t have the cash flow to negotiate a deal like that now, consider applying for a short-term loan to help you.
Get Your Promotions Ready
With new inventory coming in, you need to think about how you're going to move your older out of season inventory out. For some businesses it may make sense to store these items away and bring them back again when demands are higher. But for others, they need to move this inventory out completely because by the time the next year rolls around these items or services could be outdated or even obsolete. So, what do you do? Creating promotions around these items has always been the best method. Try to come up with promotions that make sense for your business and market them out using social media and email marketing. Email marketing is known to be one of the most effective and inexpensive way of gaining customer’s attention. Everyone now-a-days has an email address and most often will check it once or twice a day. Get in front of them as often as you can through email. The worst that can happen is they will ignore your email or unsubscribe. It’s part of email marketing, so don’t sweat it, and start creating your promotions early so you can make room for your new inventory quickly.
Start Recruiting Now
Do you need additional staff for upcoming holidays? Start recruiting early. Many college or even high school students are off during most of the holidays and season year-round. Put up signs early, and get resumes in. You’ll have your pick of the crop when it comes holiday time.
Additionally, if it is typically a slow time for your business during the holidays, this is could be a great time to train your staff to get ready for when it does become busier. Go over processes, shadow your staff, and work on improvements while you have time. It’s much easier to address potential problems before they escalate than try to deal with them during your busiest period.
Start planning for Small Business Saturday
With the holiday season comes a big day for you as a small business owner—Small Business Saturday. It is never too early to start preparing for this special day. It usually falls on the last Saturday of November, but double check when it is, and mark it on your calendar. Small Business Saturday is one day you don’t want to miss because it’s the day you don’t have to compete with the business giants. Start early in planning for something unique for this day and pride yourself as a small business owner. Do your research and plan ahead for your promotions and signage, think about an event to have, and prepare your staff.
Planning for the holidays is a lot to handle, but it doesn’t mean you have to start a month before. Start early and plan your best outcome for a successful holiday season this year.