The holidays can take their toll on any business because most companies spend considerable amounts of time and resources to boost sales during this critical time. Unfortunately, this often leads to a slow period once the holidays are over, which businesses that have exhausted their resources for the holidays are ill-equipped to handle. Proper planning and preparation can help negate the impact this lull often has on your sales and employees.
Your inventory should be the first thing you take stock of after the holiday rush. You need to adjust it accordingly and restock to sufficient numbers going into the new year based on customer demand. Be sure to pay attention to seasonal trends so you can always be sure to have enough inventory on hand.
The next step is to look at the data surrounding your company’s performance over the holidays. Take particular note of both the products that performed the best and the ones that performed the worst. Also look at sales data related to your promotions to determine which ones were the most effective.
Adjust Your Pricing Strategy
Pricing strategies often need to be adjusted coming out of the holidays and into the new year. While the most common strategy around the holidays is providing discounts and deals to make sales, the same strategy after the new year will not likely see similar results. You may want to consider keeping margins up to accommodate the slowdown or focus on moving surplus inventory.
Don’t start slacking after a period of high sales. If you let your marketing efforts slump, sales might slump even further. Focus on the mindset of the customer and appeal to that in order to generate sales instead of focusing on promotions. Around the new year, this usually consists of items to enhance New Year’s resolutions and more practical purchases. You can use more personal and interactive forms of marketing such as e-mail marketing to great effect during this time.
Make Noise In The Silence
Although everyone might be exhausted after the holidays, it is not a good time to go silent. If you make some noise and stay active during this time, you can gain an advantage over your competitors and perhaps see more sales than you would have thought possible.
Target Goals For The New Year
Setting New Year’s goals for both company and employee performance is a good way to keep your employees motivated in the post-holiday slump. Having a mixture of both short- and long-term goals as well as incentives and rewards can serve as good motivation for employees. If you aren’t sure reaching your goals will be possible, you might want to explore a business loan alternative.
Use Teamwork to Get Things Done
Workloads waiting for everyone once they return after the holidays can be massive. You can tackle this increased workload effectively by forming teams of employees, so the work gets done and people don’t have to put in long hours. To make this work, you will need to choose employees for each team who will work well together and ensure good communication.
If your planning was off and it turns out you need a little help to get your business through the lean months, consider a merchant cash advance from Everest Business Funding. As a business loan alternative, a merchant cash advance can help you secure the cash flow you need.