The days leading up to Christmas and New Year are one of the busiest times of the year. This is a perfect opportunity for small businesses to increase their revenue because it brings an overwhelming demand from consumers. However, there are a lot of companies that will take advantage of the holiday rush. Here are 4 ways to prepare your business to stay ahead of competition.
1. Track Inventory
You need to start with your inventory because your profit depends on what you are able to offer your customer. You need to check on what products needs to be restocked and assess your inventory for items that can be put on sale. Running out of goods to put on sale is as bad as ordering too much. The demand is definitely high but having shelves stocked with products that are not moving is a loss. This task can be time-consuming, so, software like SAP and MYOB are being used by business owners to have a crystal clear view of their warehouse stocks and streamline their processes.
2. Develop an Effective Marketing Strategy
Strategizing in anticipation for this time of the year is a great idea for any business. You need to do something different, for you to get the attention of your customers. You can start by wishing your existing clients Happy Holidays. By doing so you are showing them your appreciation while reminding them about your services. You should also make sure that your website, content, and SEO are implemented wisely to handle web traffic efficiently.
3. Set Your Payment Systems
A lot of your customers may choose to pay with card rather than cash. You may want to consider having payment methods available both in your physical store and website. This extra assistance will enable you to cater to all your customers faster and can make taking and analyzing of payments easier.
4. Prepare For Customers Wanting a Refund
If your store is frequented by people buying presents for their loved ones, you may encounter customers coming back and asking for refunds. Now, this is situation is very common at any store and sometimes clients come back and try to cheat owners through refunds. This can be avoided if you keep a copy of all transaction receipts and file them securely. You should also check your refund limits and the settings on your payment device.