Get ready now for end of year trade.
While there’s a higher-than-normal level of uncertainty this year, if you’re a retailer the best time is now to start planning your run into the end of year. Here some areas for consideration for any industry based on what customers are coming to us for funding right now.
Review your stock levels
Ensure you have adequate stock levels to avoid delays during the busy Christmas period. Take advantage of supplier discounts now and save – Cheaper pricing helps drive your competitive advantage. Promote sales early which will encourage early shopping. Ensure you have product availability to support this and avoid delivery delays for suppliers and Australia Post.
Point of sale – renovate or revamp
Ensure your retail space (both physical and online) is up to scratch – do you need additional funds for renovation or just some updated decorating? Is your online portal up for the task, efficient and using a suitable ecommerce technology platform?
Consider extra advertising
Need funds for an additional marketing campaign, in-store signage, promotional materials, printed catalogues or media advertising? Increase the size of your audience with an additional advertising blast.
Cash flow buffer
Need easily accessible cash now in readiness to cover any unexpected expenses – extra staff or an increase in trading hours or even a contingency plan for a disruption to normal trade.
Business Fuel – Making Money Happen.