Checklist for preparing your business for the post-holiday period
The slowdown marked by winter or post seasonal sales is affecting quite a few small and medium sized businesses. While for some this comes after the business experiences an increase in sale, other businesses just deal with the seasonal aspect of their business.
The post-holiday period can be a difficult moment for any small or medium sized company, but you can turn it into an advantage. Here are some tips on how to deal with this period and make the best out of it for your company:
- Update your online reviews
If you had a good sale period, then it is the perfect time to ask your customers for feedback. Make it easy for your shoppers to leave reviews or sharing the experience with other people and you!
This move will be an opportunity to see the strength of your company and will also give you guidelines on areas you could improve.
If you are in retail, the post-holiday season is usually also a major exchange and return moment. Use this opportunity to talk to the clients and adjust your product. After researching and applying changes, return rate in the future might drop! This is the outcome we are counting for!
- Plan for next year
Just because your industry slowed down doesn’t mean that you must do that too! Take an advantage of the slower moment and prepare for the upcoming year. Here a few areas you could work on during this period:
• Set new goals
• Create content in advance
• Plan your Budget
• Come up with fresh ideas
- Just because your industry slowed down doesn’t mean that you must do that too!
The quiet moments you are experiencing now create a good occasion to try out something new! As the usual tasks might not be as involving as usually, introduce something new to your clients. Some owners consider:
• new products
• new service
• an extended or new version of something you are already offering
• pairing up services or products into a more profitable package
Launching new products or changing existing ones is a time-consuming process. Use the extra time to develop this area. Research if you see any opportunities to cover one of your client’s needs, think of how you could market that product and what would your margin be.
Consider that creating some new offers can also lead to sales increases.
- Show Your Appreciation
As the previous few weeks were very busy take this moment to reach out to your most loyal clients. Thank them for supporting your business. Come up with a special offer or an exclusive personalized deal.
Clients who were there for you throughout the year will appreciate it.
- Make some changes
The New Year is considered by many to be a fresh start. If you had in mind to introduce a new branding or a new style for your social media posts, now it’s a good time to do it. The change will be noticed and taken positively by your viewers. As most of the people are expecting changes at the beginning of the year.
- Keep positive
Watching your sales not live up to your expectations can often be demotivating. First make sure your expectations are matching your predictions for this period.
Remember that motivation was what made you start and that only sustainability will keep you going! So, keep positive and productive. Focused on what you have already archived and don't hesitate to make plans for the future. Looking forward to what is there yet to come will help you go through stressful periods.
- Take care of your cashflow
If you are expecting to go through a slower period, you can prepare your cash flow for it. Making sure that salaries, bills, expenses and extra costs will be paid on time will keep you company safe in these slower periods. Getting extra financing like a business loan can be a proper solution to make sure you are prepared for any shortcoming that might come.
Ferratum Business can be a great partner for you in this case, we thrive in helping companies sustain their growth with our business loan. You can find out how much money your company is eligible to get with only a few clicks. Apply for a business loan here.
- Don't be afraid to ask for help
Delegating tasks is a skill that every business owner should learn. It can save you a lot of time and money.
If your team is small and they all have their hands full then broader your perspective. Complementary services would also be a good test for your business. Do the proper research and check in which areas your company can get support.
If you are expecting a slower period post-holiday, we invite you to explore the more strategic aspect of your business, to plan more and set clear goals for 2020! This way you’ll make sure you’ll be relaxed and that you will enjoy the holidays with your friends and family.
Remember to keep positive, to be there for your clients and have the courage to ask for help.