Now that the holiday season is completely wrapped up, stressful preparations and planning are now put to a close. January may be a part of the slow season for a number of businesses, that doesn’t mean the business should stop planning altogether.
January is the month that starts the year, which is also the time to address the holiday aftermath and how to make the business better. Start your new year right with these tips in re-energising the business after holidays.
Tip #1: Start an inventory check
The first step is to conduct an inventory check to determine the goods that remained from the holiday season. A surplus of goods doesn’t necessarily mean it won’t sell after December 25th. There is a shift in sales and it’s your chance to make adjustments.
As a business, it’s a great time to take advantage of the season. There are customers who will stick flock your doors in order to make returns, use gift cards, and find great deals on Christmas. The perfect strategy is to look at your previous decisions and combine these with your present ones.
Tip #2: Take a look at your pricing strategy
January is the start of the slow season. And this means it’s also the start of changing your pricing strategy as hard selling and competitive prices may not be the right strategy for this season. Some ways to do so is returning to regular prices and create promos or bundles to keep your sales going. It’s essential to understand how pricing works, especially if you’ve newly bought the business.
Tip #3: Review gathered data
After realising the holiday rush is really over, it’s time to dig deep and analyse the data gathered from every aspect, such as sales, profit, and even your efforts. Gathering insights is important as it can help influence a decision and provide information on how to develop new ways in making your service, products and business better.
If you’re planning to sell your business before the holiday rush ends, it’s important to record every expense for buyers to understand how they can continue the service until the holiday rush ends. The new year is the best for buyers to change a bought business into their own vision.
Tip #4: Prepare for repayment
In case you’ve financed your holiday promotions, January is likely the month you’ll enter repayment. That’s why as early as now, the business should have a solid repayment plan integrated in order to help you pay your debt obligations.
On the other hand, if you’re struggling with payment, a monthly payment can help in decrease the debt while you continue managing operational costs efficiently.
Whether buying or selling a business, it’s a responsibility to understand the business inside and out. Business buyers should have access to a number of accurate records to understand how they can continue the business, while business sellers should be able to provide these necessary records.
In case you’re having trouble, business brokers, such as National Brokers Network, along with other professionals can help you in handling the process and getting the necessary documents and records and listing the business.