Preparing a small business for Black FridayNovember 2015 / Share
For retailers, Black Friday and the surrounding Thanksgiving holiday weekend are the most important time of the year. With so many customers out and about looking for deals, a business can make or break its entire year based off its production during that time. In 2014, U.S. shoppers spent more than $9 billion in stores on Black Friday , Marketing Land reported. That doesn't even include sales done the following days, referred to as Small Business Saturday and Cyber Monday.
While most of the late-November attention goes to large chain stores, small and medium-sized businesses can thrive then as well. Creating a plan ahead of time will help a company prepare for the onslaught of customers it may receive when holiday shopping kicks into high gear. From knowing the items customers are looking for to recognizing the latest shopping trends, Black Friday preparation has important ramifications for a business.
Having a presence is needed
Some stores have opted to back out of the Black Friday fight, letting others duke it out for a customer's attention as they look to appeal to shoppers on different days. While that may seem beneficial to some smaller businesses that can't compete with the advertising and marketing campaigns of chain stores, the truth is that by waiting, a company could lose out completely.
In FatWallet's 2015 Black Friday Survey, nearly 40 percent of customers stated they expected to find the best deals on merchandise in the 24 hours after Thanksgiving. An additional 20 percent stated they would look for great values on Cyber Monday and the week following the holiday. Meanwhile, just 13 percent of customers stated they were anticipating the best deals to come in December sales.
Even if a business is afraid it will be overshadowed come Black Friday, having some sort of sale is still worth it. Given how many customers go shopping during that time of year, making a concerted effort to bring in as many shoppers as possible could be valuable in the long run for a small business.
Prepare a staff
Making sure a business is ready for a rise in customers is about more than just having merchandise in stock or a good advertising campaign. A company's staff must also be well prepared. From helping potential buyers locate the items they need, to re-stocking the shelves to managing the checkout lines, a company has to be well prepared in terms of personnel to survive the holiday season.
Business News Daily stated that ensuring a small business is properly staffed is the key to surviving the Black Friday weekend . Review sales from previous years to determine if hiring additional, seasonal employees will be needed for that weekend. A short-term boost to the staff could result in tremendous sales and long-term success for the entire business.
Vectra Bank can help a small business plan and prepare its finances for the busy holiday season as well. Contact a banking professional today.
The information provided is presented for general informational purposes only and does not constitute tax, legal, business or investment advice.