Is your business prepared for the seasonal rush? We are rapidly heading into the flurry of holiday demand. Careful preparation holds the key to success.
Seasonal activities mean a whole slew of extra demands on your business, whether stocking up on inventory, managing your current employees, hiring extra staff or effectively managing your cash flow, the period of extra demand holds the promise of great opportunity for your company as long as it is handled effectively.
1. Are you holding the right amount in inventory?
The recent economic roller coaster has made it much harder to plan correctly for the busy seasonal rush, but putting the right checks and balances in place throughout the year will help ensure you are ready for the increased demand on your business. Inventory control means not having to play a guessing game, but being aware of what is selling and what is stuck on the shelf. Your inventory investment is vital all year around, but especially during the holiday season. Make sure you are capitalizing on sales through an excellent inventory management system.
2. Have you trained your employees to cope with the extra responsibility?
This sounds obvious, but adequate advance preparation can make the difference between an excellent company bonding experience and chaos. The challenges your employees may have to embrace include:
- Helping out in areas not normally considered part of their job description
- Providing excellent customer service, above and beyond the regular sales periods
- Coping with difficult customers making unreasonable demands
- Aiding seasonal employees who are thrown into a new environment and need to learn quickly
3. Have you managed your cash flow to cope with the extra expenditure?
Your cash flow has to be managed throughout the year in preparation for the extra demands the seasonal rush can place upon your company.
- Increased inventory ordered in advance of the rush
- Additional temporary staff
- Extra demands for transportation and deliveries
Making sure you have the required funds to cope with the extra demand seasonal ordering will place upon your business is vital to your success during peak sales activity periods.
As we say many times, using your working capital to maximum advantage is what ultimately makes your business a success. Consider utilizing an accounts receivable financing company to help regulate your payments and keep you on track for the busy times of the year.
As we prepare for Thanksgiving, everyone at Bay View Funding would like to express thanks and appreciation for our loyal customers. We very much look forward to serving both established and new customers over the next year!