How to prepare your business for the holiday season
The holiday season can often turn out to be the busiest time of the year for some small and medium sized businesses.
The season starts off with Black Friday, continues with Cyber Monday and finishing off with Christmas shopping.
The key to making the most of this period comes with preparation. Let’s see how you can start preparing your company for the holidays season.
Plan and set up goals
Planning ahead is an important aspect of owning your business whole year long. During the winter holidays planning is not only an option it is a necessity.
Ordering extra inventory, optimizing your website, updating vacation policies or planning longer working hours will help you make the most out of this period.
In some cases your might even figure out that you should invest time in a different project, this also saves valuable time for you as an entrepreneur.
There is a lot to prepare for and setting up reasonable goals (based on last year experience if possible) for this busy period will help you succeed.
Here are some of the most common aspects small and medium sized companies can do to prepare for Black Friday, Cyber Monday of for Christmas sale period:
Stock up on inventory
Especially if you are working in retail, inventory is important. You never want to run out on the last minute and lose money that you would have earned if you had that inventory at hand.
Getting your inventory necessity right for this period can become a bit of a challenge. As you are not always sure what items to stock up and what items should be available in a lower stock.
If it is possible, look at your previous years, look at trends and check your competitors. This might help you predict demand.
Develop a Marketing Strategy
It’s important for your businesses to stand out when creating a marketing strategy.
Think about the holiday season as an opportunity to create a creative and heart-warming marketing campaign. Make it eye catching, this might help you get new customers.
Make sure you know who your target client is and where they get their information from. Knowing this, will allow you to deliver the right message in the correct channel.
Research what your main competitors are doing. It's a good way to to gather inspirations and to make sure you are launching your marketing campaign at the right moment.
Hire and Train Seasonal Workers
If you are predicting that your sales will go up it’s also a great idea to see if your current team will be able to handle the extra workload. If you discover your company needs extra staff it’s a good idea to start the hiring and the training process early.
Hiring and training your seasonal workers early will help your full-time employees. This will drop any stress that might appear if they would have to conduct training during busy periods.
Starting early will also help you to better screen the applicants. Allowing your business to build a well-rounded and functional team. This way, your company can deliver excellent customer service during this period.
Remember, a happy customers will come back to buy again.
Take care of your company’s cash flow
Some businesses spike in sales during the holiday season, others may experience a slowdown.
Lack of cash flow is one of the main reason small and medium sized businesses fail. Make sure you are aware of any seasonality your business might face and prepare for it. Not being ready can put your business at risk.
If you are looking for getting easy financing for your company consider getting a business loan. With Ferratum Business, you have access to flexible financing in a fast and easy way. Submit your application today and see how much your business can access!
Managing your company's cashflow early will help your company avoid starting the new year with a funds deficit. Having money at hand will help you manage a difficult situation better.
Planning and acting early will allow you to predict and be ready for any shortfalls your business might face.