Get Ready for the Holiday Selling Season ... Now.
| Posted in Bank Blogs
Fall is finally here – the time for cooler temps, football tailgates, and back-to-school routines. It’s also the time to prepare your business for the holidays. Yes, the holidays.
They may be months away, but the peak holiday selling season with Black Friday, Small Business Saturday, and Cyber Monday will be here before you know it. Here are some steps you should take now to capitalize on this great opportunity to build sales and revenue for your business:
- Forecast your sales and cash flow. Strong holiday selling starts with planning. To craft your plan, review your sales from last holiday season. Do you expect your sales to increase or decrease this holiday season? What steps have you taken, such as marketing initiatives, that could boost sales? What will your expenses be? For example, will you need more holiday help or up your marketing? Once you have your numbers, build a spreadsheet with your expected sales, expenses, and cash flow.
- Supplement your cash flow. If you need to stock up on extra inventory or expect your expenses to increase during the holiday season, you may need a line of credit. If you don’t have one, apply ASAP. If you do have one, ensure you have enough available credit by requesting a line increase with your financial institution or paying down your outstanding debt.
- Be ready to accept secure payments. If you have a storefront, ensure your point-of-sale equipment is secure and that you have enough coin and currency on hand. If you do business online, verify that your site is secure and that you’ve downloaded software to protect your business and customers from fraud.
- Display and publish a clear return policy. The busy holiday season can also be a busy time for disputes. To protect your business, clearly communicate your return policy at the point of sale, keep detailed sales records, and provide updates about shipping details and potential delays.
After the holidays analyze your sales to see how you performed versus your forecasts. This data will be invaluable for helping you plan for the New Year, which is also just around the corner.