Managing Cash Flow as a Small Business
Managing Cash Flow as a Small Business No matter the size of your business, you need a plan for cash management. Staying on top of
With the rush of the holidays coming to an end, shoppers tend to hold on to their wallets a little tighter in January. On top of this, you may see returns from gift purchases. If you want to avoid a sales slump in January, here are some different approaches to consider.
If foot traffic in your business has slowed down in January, take advantage of the downtime to review. Ask yourself what strategies, events, and approaches worked best last year for your business. Is there an event that you can easily repeat? What were your most popular products? Analyze social media posts to see what content your customers engaged with.
Only have a few left of an item? Let your customers know! Utilize in-store signage, educate your employees, or craft a social media post. A low supply can create a sense of urgency for your customers to make the purchase soon instead of down the road.
Looking to increase engagement with your customers? Think of a contest that your business could hold. A contest can get more eyes on your business, but you should carefully consider what rules it will have and what the cost to your business will be. Be sure you review, understand, and follow the random drawing regulations for your state, as they vary. Stumped on what contest you should run? Here are some ideas.
Invite your most loyal customers to your business for a special evening (or livestream). This event can be structured differently depending on who your ideal customer is. For example, if your customers have kids, invite them in for a fun family day that could include costumed characters and crafts. Below are some other ideas for VIP events based on what your business is:
Partnerships can be a powerful thing for businesses. Get to know the neighboring businesses and local charities in your community and see if there is a chance for aligning something. An example could be receiving a discount for customers who donate to a food drive for a local food pantry.
Being a business owner often requires you to keep a pulse on what’s trending in pop culture. One way to capitalize on trends in January is to look at top gifts for the last season and see if you can market any accessory products. January is also a time where lifestyle changes are at the forefront of people’s minds. Listen to your customers and see what products or services you can offer that would help them, such as self-help books, athletic wear, or fitness trackers.
In many areas, January brings ice, sleet, and snow. This weather may deter your customers from venturing out to visit your location. Here are some approaches to attract customers when the temperatures start to dip.
Your employees are typically your customer’s main point of contact with the business. Keep things cheery by offering perks like flexible scheduling. If you are looking for ways to attract new hires and keep their businesses staffed, we can look at group benefit plan options for medical, dental, vision, and more.
Think all of the celebrating is behind us in January? Think again. All it takes is a quick search to find out what day in January is National Law Enforcement Day, National Houseplant Appreciation Day, National Sticker Day, or one of the many other holidays that could make sense for your business to celebrate.
Use the slow days in your business to put together a networking plan for your business. Research trade shows, markets, festivals, parades, and Chamber of Commerce events.
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This article is for general informational purposes only and is not to be relied upon or used for any particular purpose. Cross Insurance shall not be held responsible in any way for, and specifically disclaims any liability arising out of or in any way connected to, reliance on or use of any of the information contained in this article. The information contained or referenced in this article is not intended to constitute and should not be considered legal, insurance, accounting or other professional advice, nor shall it serve as a substitute for the recipient obtaining such advice. The views expressed in this article are that of its author and do not necessarily represent the views of Cross Financial Corp. and its subsidiaries and affiliates (“Cross Insurance”) or Cross Insurance’s management or shareholders.
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