It’s been a year of challenges for many small businesses, particularly retailers. With the biggest retail day of the year just around the corner, small business owners are looking forward to the opportunity to bring in some of their best profits of the year. Black Friday kicks off the holiday shopping season, and consumers are more than eager to get into the holiday spirit this year. Many shoppers plan ahead all year long to take advantage of big holiday sales and get a jump on the season. Now is the time to put together your plan of attack for Black Friday, Cyber Monday, and the holiday shopping season.
At Boulay’s Accounting Clarity department, we offer small business accounting services to help you maximize your earning potential during the holidays. We’ve put together this advice to help you get ready for the holiday retail season this year. Connect with one of our advisors to find out how we can help you plan ahead for holiday retail success.
Start With a Plan
The key to making the most out of your retail shopping season is to begin with careful planning. Black Friday profits aren’t just about trying to increase your sales across the board. A strategic understanding of what your shoppers are looking for is a good starting point, but you’ll also need to make sure your inventory is ready ahead of the big day. Plan sales and discount packages to lure shoppers in and introduce merchandise you want your customers to try.
Here are a few more strategies to consider:
1. Plan Your Hours Wisely
You don’t need to open at the crack of dawn like many big-box retail stores. As a small retailer, your business is better served by offering your customers quality products and reliable shopping hours. However, it may be worth it to extend your hours during peak shopping periods to give your customers a chance to stop by after work while they’re out doing their holiday shopping.
2. Offer Gift Card Promotions
Gift cards are as hot as they’ve ever been, especially with more customers shopping online than ever before this year. One way smaller retailers have been able to compete with many big-box retailers this year is to offer special promotions on gift cards and online shopping.
3. Don’t Under-price Your Merchandise.
Big box stores often go low on their pricing to bring in customers with doorbusters. But that kind of pricing isn’t sustainable in the long haul, instead of undervaluing your products, focus on what makes your business special and promote it. Shoppers are willing to go the extra mile if they know they’re getting something special. Be sure to plan your inventory so you don’t overstock on poor sellers and make sure you have plenty of your hottest items. An inventory tracking program is the best way to stay on top of your stock.
Call Our Minnesota and Florida-Based Outsourced Accounting Services
If you’re a small business owner looking for ways to get more out of the coming holiday season, accounting outsourcing can help you stay ahead of the game. Our Accounting Clarity services at Boulay include a wide range of outsourced accounting services including controller services, bookkeeping, and CFO services. To get started on your Black Friday and Cyber Monday plan, call to connect with us at 952.893.9320 or contact us on the web.
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