The holiday season is coming up and now’s not the time to sit back and relax. As a business owner, you need to prepare yourself and your business for the holiday season. Customers will roam the streets in search of the best deals. If your business is not prepared, better be prepared in giving them reasons to look at other companies. Here are tips to get started:
Tip #1: Look at Your Budget
The first step in preparing the business for the holiday season, or any season for that matter, is checking your budget.
The holiday budget is what you’ll base upon when buying stocks and extra inventory. But, this is not all about the products. Do take note that your budget also includes employees’ wages and bonuses, decorations, holiday hours, utility bills, and more. Not having a proper budget is detrimental because you can go overboard with the expenses, which can significantly affect your business operations.
Tip #2: Plan out The Holiday Hours
During the holiday season, some stores open until midnight to accommodate shoppers who go out late. It’s a great strategy but also requires a reasonable budget and strategic planning behind it.
If you’re planning to leverage Christmas, it’s important to schedule your holiday hours in advance. Planning and meetings inform employees of their shifts as well as allows you to create a timeline on when to order and expect stocks to arrive.
Tip #3: Stock up Your Inventory
The start of the holiday season means customers looking for gifts to give. Since Christmas coincides with deals and sales, expect that there will be a high product demand. As a business, it’s prerogative to stock up your inventory to prepare the items going on sale.
Before the season starts, make sure to plan out what items you’ll display. Suppliers are also pressured with the overwhelming orders they get. That’s why you should plan and order early to avoid out-of-stock items or other mishaps.
Tip #4: Display Christmas Decorations
What is a business during the yuletide season with a flair of festivities, right? It’s a no-brainer to add Christmas decorations in your brick-and-mortar or online store to signify the arrival of the season.
Adding decorations brings out the spirit of Christmas in your employees and customers, too. The activity can also be considered as a team-building exercise for brick-and-mortar stores. One suggestion is to build teams and battle it out on which side has the best Christmas decoration of the year. As for online stores, you can create a different contest, such as the one who suggests the best theme or tagline wins.
The winner can get a cash bonus or special items as prizes. However, don’t forget to add this to your budget to easily track your expenses.
Tip #5: Market Your Sale
No one will know your markdown sale or yuletide deals are up if you don’t market it. Whether you own an online or brick-and-mortar store, or even both, marketing your activities is a crucial step in getting attention. Without promotions, customers won’t know that you have holiday deals. And without customers, there won’t be any sales.
Owning a business is not an easy path. You need to consider different seasons, customer flow, and of course how you’ll create interest among your target market. On the other hand, there’s also the financial side, which basically is the one that serves as an oil to your operations.
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