We all moan that Christmas decorations go up earlier and earlier each year, but the holiday season is now officially underway.
Despite the holiday season, customers aren’t necessarily going to be knocking down your door to spend. However there are some surefire ways SMB owners can maximise retail activity.
Tim Reed, CEO of MYOB, said being prepared is crucial as activity reaches fever pitch in the lead up to Christmas.
“Putting time aside to work on your business strategy can really help drive sales success. Effective planning now can mean the difference between flourishing and flimsy Christmas sales. There’s more competition for the shopper dollar during this time so plan a range of tactics for attracting them,” Reed said.
“The demands of the silly season, coupled with the commitment of running a business, can be overwhelming. Remember to focus on why you love your work and not lose sight of the reasons you’re in business.”
Here are MYOB’s key steps to sales success in the holiday season:
Examine the last 12 months
Look at what worked and what didn’t over the past 12 months. Consider whether your staffing levels matched the workload, and whether you’ll be sufficiently staffed for Christmas.
Consider a customer retention plan
A customer retention plan is a great way to develop and maintain productive relationships and grow referral sales, and add stability to your business. If you have key clients, make time to call them before the end of the year to thank them for their patronage this year – this could result in locking in orders for next year.
Activate a customer acquisition strategy
A customer acquisition strategy is a powerful way to determine who your existing customers are, and who your target customers are. It can help you understand the customers you want to attract and retain, what they want, how much they’re willing to pay, what they’re tried, and their expectations about your brand or service.
Evaluate your product/service
Look at how your market offering is helping you reach your goals, what elements are more profitable than others, and what changes you can make.
Perform a cash flow flowchart
Forecasting cash flow makes business life easier, enabling you to track your performance against predictions, map how it might fare during tough economic times or boom times, and even model the effects of a strategic shift.