3 Ways Bad Credit Businesses can Prepare for a Profitable Black Friday
Black Friday is the Friday after Thanksgiving, and is the official kick-off of the Holiday shopping season. Holiday shopping makes up a critical percentage of the annul revenues of many small business owners, especially those in retail. Without the boosted holiday sales on and around black Friday, many small businesses struggle to make up their sales quotas, so it is important that they be ready to handle increased amounts of business. When a business has bad credit as well, the importance of maximizing revenue is even more pressing, as losses of anticipated cash flow can worsen financial issues.
View your business through the eyes of a new consumer. During Black Friday and the entire holiday shopping season, many consumers will take the time to check out a different store or business than they normally would in search of the perfect gifts for their loved ones. This is the time to take a fresh look at your business and see it through the eyes of a new customer. Is there anything that you would change? Is there something new you would like to see? Take a proactive stance on your marketing and window display tactics, as during this season it is much more likely that you will see new business attracted by holiday sales or even interesting decorations.
Provide individualized service to your customers. It’s not just about selecting gifts and purchasing them. Consumers are excited to be a part of the entire holiday shopping experience as a whole. The decorations, the music, the specialized items, and the holiday attire worn by particularly festive employees all add to the good cheer that customers look forward to during holiday shopping season. In the midst of the hustle and bustle, your employees may feel harried and forget that consumers want to feel special during this time. Training your employees to handle higher volume through a seminar or team meeting in the weeks before black Friday will help your team remain calm and cheerful, and assist in creating conversions.
Make sure your website is ready for holiday traffic. According to research conducted by comScore, an Internet analytics firm, consumers in the US spent a record $1.042 billion online during Black Friday of November of 2012. This was a 26% increase over the same day in November of 2011. While generally a lighter day for online shopping (and a heavier day for turkey eating ), Thanksgiving Day of 2012 achieved a strong 32% increase to $633 million. With the increasing prevalence of online commerce, as well as the predilection many consumers are showing for mobile shopping on tablets and smartphones, taking the time to fine tune your website before you experience higher traffic is a prudent move.
The real key to managing increased holiday traffic is ensuring that you and your employees are able to stick to a clear cut set of procedures and guidelines that will ensure maximum efficiency in dealing with client requests. When your personal credit issues are also a factor in your business’s operation, it is never too early to begin planning ahead, as you revenues and your ability to grow your business in the future depend on your ability to create a reliable stream of incoming sales.
Photo Credit to John Bald on Flickr.