I spent 19 years in the large scale department store retail business, and I know how important the holidays can be. Is your business highly reliant on holiday revenue?? Are you having your best holiday season ever? If not here are a few things you can do about it for next year!
Don’t rely on last minute promotional gimmicks – Your holiday promotions should be an ongoing part of a well thought through 12 month marketing plan, largely based on making a promise and delivering on it with systematic consistency. The world is a different place now – the internet has created extreme transparency, where consumers have access to all kinds of information. There is no substitute for a good authentic product, well delivered. Build value into everything you do and communicate it effectively.
Benchmark your opportunities now – Pay attention, while in the moment, to what can improve next year. I know the demands are very high during a peak season, but find a way to develop a ritual of recording things that worked well, things that didn’t, things you should start doing, keep doing and stop doing. Make sure your whole team is contributing. Then, turn around and take serious action on these items in the New Year. This is usually what’s missing.
Invest in a Business Coach – Take some of those holiday profits from this year and re invest them into a professional, that can help guide you and hold you to account for implementing these and other important strategies. Think of it like this…If you knew that I could provide you with a machine that would pay for itself in the next 12 months out of the incremental cash flow it created, and would continue to make you a profit every year as long as you owned your business, how long would it take you to make that decision? That’s what a good coaching program should do for you!
If cash flow is holding you back from taking your business to the next level consider new innovative options for a flexible short term business loan to boost working capital.
Enjoy the rest of the holiday season, and keep on improving!
Clint Best is a business coach and the founder of Kaizen Business Coaching in Kelowna, BC. Clint has been guiding forward thinking business owners through change and growth since 2002.