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As of today, there are only 100 days left until Christmas. Although we haven’t yet reached the end of summer, it’s important that business owners start looking ahead to December. Festive promotions will start arriving in stores in a matter of weeks, so it’s vital that your company stays ahead of the curve.
An important part of Christmas planning is effective stock management. If you don’t have the right goods to sell, your finances could struggle this winter.
Analyse sales history
When preparing to order Christmas stock, it’s important not to base your decisions on guesswork. Analyse sales data from previous years to see what has flown off the shelves and what hasn’t worked so well. If you have a product that continuously sells out, make sure you increase the amount that you order in time for Christmas!
Develop promotions early
It may seem too early, but planning your Christmas promotions ahead of time gives you more time to purchase the necessary stock. If you decide now on the offers you’re going to run, you can take advantage of cheaper prices. Towards Christmas, popular stock items may run out, or suppliers may increase prices due to demand. Purchasing early will help you to save money, and allow your business to run smoothly.
Analyse existing stock
When it comes to Christmas, people look for gifts of all shapes and sizes. This means that stock you currently hold could be sold as a present, with just a slight change of marketing tactics. Think about the promotions you want to run and see whether any of your current stock would be a good fit. If you’re struggling to sell a product at the minute, why not hold it back until December, and advertise as part of a promotion?
Source flexible funding
Even if you implement cost saving strategies now, you still may find it difficult to afford the stock you need to boost festive sales. Business owners who need to access funding quickly to purchase stock can turn to flexible finance options, such as cash advances.
A business cash advance from Quick Capital is a flexible way to access the funding you need in as little as 72 hours. Repayments are simple and linked to your credit and debit card turnover, meaning you only pay back as you earn. With no expensive monthly payments to cover, it’s a simple way to purchase the stock you need. To find out how much money you could raise, get in touch today!