MEDIA |
August 2023
Preparing For The Fourth Quarter
David Brown
If you’re ever watching a football team in the final quarter as they attack an opponent’s goal line, you know they’ve been here before, and not just on the field. That team will have drilled the scenario in advance and outlined all the play options they have for a given set of circumstances. Your business is no different. A good coach always thinks ahead. Your December selling season is your most critical of the year, but the planning and workload starts well in advance, and extends back prior to the commencement of December. This is your crucial time of year, with most of your profits about to happen. In this article, we’ll look at what you need to do for the best results.
PLAN YOUR INVENTORY.
One of the most critical aspects of preparing for the season is ensuring you have the right product levels. Remember, you can achieve the same result selling 1000 items one time each or 1 item 1000 times over. Realistically the 80/20 rules will kick in and a small percentage of your product will be responsible for most of your turn. Make sure you have a constant supply of these items. It’s also essential to consider the lead times for ordering stock, particularly if you’re importing products from overseas. You need to ensure you have enough time to order and receive the inventory before the busy period begins.
“Your December selling season is your most critical of the year, but the planning and workload starts well in advance, and extends back prior to the commencement of December.”
HIRE ADDITIONAL STAFF.
The increased demand during the Christmas selling season means you may need to hire additional staff to ensure you can provide excellent customer service and manage the workload effectively. You should consider the roles you need to fill, and the expertise you need. Also identify your key staff, and make sure you have them scheduled for the busiest periods. Now is a good time to prepare your schedule for the season, as it will allow your staff to plan any time away and provide a solid core to your business. If you need to hire additional staff, it’s essential to start the recruitment process early to ensure you have enough time to find the right people and train them adequately. You may also need to consider short-term staffing requirements and how you can integrate temporary staff into the roles they are able to handle.
YOUR MARKETING STARTS NOW.
Your marketing campaign will be crucial to attracting customers during the season. You need to consider the channels you’ll use to reach your target audience, such as social media, email marketing, and in-store promotions. You don’t want to be thinking about your message when things get busy, so organize your schedule and content now, with time to spare. It’s essential to ensure your website and e-commerce platform are ready for the final quarter as well. You need to ensure they can handle the increased traffic and that the user experience is smooth and easy to navigate. Make sure your message online is consistent with your store message and your other marketing channels.
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IMPLEMENT A QUICK BUDGET REVIEW.
Your anticipated sales will go hand in hand with your inventory requirements. Your budget may have been set several months ago so it’s now timely to review it. Are sales still on track with expectations? What product lines are proving to be the big winners?
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PREPARE YOUR STORE.
It’s often the small stuff that can let you down. There’s nothing more frustrating than trying to find the replacement for a blown display lightbulb when you have a store full of people! Make sure stationery requirements and other consumables are fully restocked to get you through this final quarter. Think about your merchandising and consider the placement of products, signage, and lighting to create a welcoming and easy-to-navigate shopping experience for your customers.
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