Given the past year, the pandemic, and with many businesses turning towards the digital and online space, we can almost guarantee that the holidays and online shopping will look much different this year.
Not only do we have to consider the holidays, but we also have to keep in mind things like Black Friday and Cyber Monday.
This means that your small business needs to be prepared!
Here are twelve ways to prepare your small business for the holidays:
1. Analyze past sales/data Use this information to: + Identify Areas of Improvement + Determine Inventory + Create Seasonal Offers/Discounts + Set Revenue Goals
By conducting past sales analysis, you have a much better chance at doing things like correctly predicting materials needed for inventory as well as having the ability to curate more personalized offers to customers in order to convert them and increase sales.
In addition, when you analyze the history of your sales, you might start to see a pattern or a trend correlated with repeat or loyal customers, which again, can be beneficial to you so that you can curate personalized offers and specials specifically for them.
2. Set realistic goals
Keep in mind that these don’t necessarily have to be goals in revenue or profits.
For example: + Increase in Customer Retention + Increase in Customer Engagement
+ Increase in Brand Awareness
+ Increase in Website and Social Media Traffic + Able to Donate to a Charity
3. Budget and secure capital
The holidays may mean an increase in inventory which means an increase in how much you must spend to acquire said materials for inventory. Therefore, you want to begin to budget and forecast necessary capital and profitability or return on investment of said materials.
+ Analyze Past Sales Data + Forecast Materials + Budget for Materials + Begin to Plan/Schedule
4. Update Website
Your website is a ‘living thing'. What this means is that it will constantly need to updated. There might be changes and improvements within your business and this should be reflected on your website. In addition, it's always a good idea to have a browse through your own website and ensure that all buttons and links are functioning properly.
Ways to do this: + Ensure that it's Mobile-Friendly + Update Descriptions + Update Prices + Update Forms/Subscriptions + Ensure Contact Info is Current + Ensure Socials are Current + Ensure Links/Buttons Function Properly
5. Update Technology
In addition to your website, consider other technology within your business that can use an upgrade or improvement.