How to take advantage of the festivities to make a killing
Being assertive as an entrepreneur is an asset that can lead to great success. Times and seasons change regardless of the profession or area of operation. Knowing these seasons and taking advantage of them can mean a lot for a business.
As the year nears the end, several opportunities are available to the average entrepreneur. The following are some of the ways that can be adopted to boost business.
1. Take advantage of the influx of shoppers
Most people have been saving up all year round to spend during the festive season. Why not take this advantage and stock even more items for your shoppers?
Make sure that you have literally everything that a shopper would need. For example, if you are in the clothing industry, stock a variety of designs, sizes and price ranges. Be sure to research and establish the shopping preferences for your customers.
2. Give discounts
You might have noticed that most prominent brands run discount campaigns during the end of year’s festive season.
Jump on that band wagon keeping in mind that such periods are always about more customers, discounted selling prices and more sales.
However, it is essential to take great caution as you do this so that you do not run into losses. Use this simple formula when deciding on your discounting trend.
a) Have a goal, do not give discounts aimlessly, the target could be increased sales or brand awareness.
b) Offer fewer but more significant discounts. This will ensure that more customers are pulled to your shop due to the larger cuts that they may end up buying other items that might not be on your discounting schedule.
c) Sell items in bundle forms and at discounted prices. You can combine three or so related items and sell them as one package. This creates a sense of value for the customers offering the bundle at a discounted price might guarantee even more sales.
d) Tailor-make the discount prices for loyal customers instead of entirely focusing on the acquisition of new customers. Their increased satisfaction will mean more business for you than most of the one-off customers that came because of the discounts.
e) Know what items to discount. Different items have different sale rates, be sure to establish what level of discount each item needs to match the goals that you set for them. Consider your cost of production, the opportunity cost, and the sales margin as you make this decision.
As much as you own your business and are vouching for customers this festive season, it is an ideal time for your shopping too. Take advantage of the discounts and the sales campaigns to restock.
Chances are that wholesalers, and most suppliers are discounting. Some shipping companies sometimes even offer free shipping for selected items during holiday seasons.
4. Take time off to rest and to debrief
As many people take their time off and take the holidays, it is advisable to take things slow too as an entrepreneur. You do not have to close the business down for this, take time to rethink and refocus for the coming year.
Do audits, follow-up on pending issues and generally work on reinventing your business.
Brainstorm on new frontiers you could take your business to and come up with structures on how you can move your business further.
For most establishments, it is time for the end of the year parties, take time to enjoy and rest and more importantly analyze the past year and re-strategize for the coming year.