With all the celebrating that surrounds New Years festivities, as a small business owner, it’s very important to secure a few moments and take a good look back at the previous year in sales as well as plan for future business. And really, it’s more than sales that you’re examining; it’s how you went about promoting your business.
So, before you sweep up the confetti and lock the door on another year gone by consider the following as you plan for the year to come.
- Review sales promotions that worked. Look at how many advertisements you ran in your local newspapers, radio spots that you may have sponsored, or online banners you may have linked to local community web sites. And then check your sales that corresponded to those ads. If there’s a direct correlation from ads to sales – great. If not, consider if it was merchandise, time of year, or a combination of the two and plan how you are going to tackle this differently in the new year.
- Notice what special events were successful. Same for unique promotional events that you held this year. Did you feature a specific line of merchandise, hold a trunk show for a specific holiday, such as Valentine’s Day, or try something completely new? Check the numbers and see if the hours put in, the additional staff required, and the money invested in promotions paid off.
- Look closely at winning merchandise. It’s always great to try something new; especially if it’s something you know is on the cutting edge for your business. But did your audience buy into the trend? And try to discern if you need to dip your toe into the latest and greatest, or stick to tried-and-true products, or provide a combination of both.
- Did social media sizzle or flop? Like it or not, social media is here to stay. Moms are constantly posting on Facebook, and the younger generation tunes into YouTube and view pictures on Instagram more than ever before. If you haven’t updated your web presence with a store web site, now is the time to create one. And if you need assistance in getting up to speed, now is also the perfect time to put some hours into a site. With plenty of templates out there and even more experts willing to lend a hand, it’s never been easier to become web savvy.
So, spread some New Years excitement as you enter 2016 with a brighter marketing perspective. We’re already counting on ways to assist you with your refinancing needs for the year to come. Call Biz2Credit at (800) 200-5678 or visit www.biz2credit.com.