A Bad Credit Business Guide to Holiday Financing and Revenues
The coming of Black Friday abruptly signals the beginning of the holiday marketing season in a frenzy of consumer spending and bargain hunting. It is a time when many small business owners are unable to take a break because of the frenetic pace of sales, which is a good thing, as huge percentages of annual revenues are made up in the weeks of heightened consumer activity. What the season has the potential to mean for business owners who have bad credit is a relief from the pressures of their cash flow constraints as they make up reserves that can help them through the winter and allow them to work on improving and expanding their business. During the next few weeks, small business owners are going to be riding their businesses full speed ahead, and need to have solid financing plans in place in order to keep the wheels turning as fast as they can go.
Make sure that you have enough inventory. If you anticipate a rise in demand for your product, then make sure you have the capacity to meet that demand through increases in the inventory that you have on deck. Be aware of the fact that your suppliers may have increased demands placed on them from your competition, so you should put in orders now if you feel that there is a chance you will run out of stock. You can purchase additional inventory now either through your existing cash flows, or by obtaining bad credit business loan alternatives in order to round out your available budget.
Spend the time to brief your employees for increased capacity. Take the time to call a sales meeting in order to go over techniques with your team. It is a huge problem to have many interested customers come in and a team that does not know how to deal with the increased demand. Making sure that all of your staff are ready to face holiday crowds will ensure that you don’t lose sales due to unsatisfactory customer service.
Set a revenue goal for yourself. One of the biggest aspects of financial management is setting achievable goals for revenue creation, and then doing what you need to in order to ensure that they are reached. Small businesses should look at sales data from years before in order to establish a benchmark, and then brainstorm ways to best their previous sales. Using market research to vet potential strategies will give you better assurance that your investments will be able to create a positive ROI.
Keep your options open in the event you need a cash infusion. If your small business has only a small amount of capital with which to pursue projects or handle emergency expenses, then creating a backup plan in the event that you need more is a prudent move before the holidays. Investigate the quickest and most reliable capital sources available to you, and then have them on hand in the event that you need to hire temporary sales workers, finance repairs, or purchase emergency inventory when you run out due to demand.
Photo Credit to Bart Fields on Flickr