The start of a new year always brings excitement and anticipation of new opportunities. Unfortunately, many UK businesses face a quiet January, and after a busy end to 2017, this can be disheartening and even damaging to your business. By planning for January now, you can avoid a post-Christmas slump.
What’s on offer?
Nothing encourages custom like a sale, discount or special offer, that’s why many businesses choose to run a January sale. If you are overstocked on products that you bought in specifically for the festive period, then a good way of getting rid of the stock without making a huge loss is by discounting it. If you can’t afford to discount your goods or services, then you may opt to offer a discount when the customer spends over a certain amount, this is a good way of encouraging customers to spend a little more.
Appeal to resolutions
OK, so this tip isn’t suitable for every business out there, but if your business works alongside any of the common New Year’s resolutions, then you should take advantage of the opportunity. Many people resolve to get fit, quite smoking, go on a diet, save money or get a new job, if your products or services can help people to do any of these things then January can be very lucrative for your business.
You’ve probably spent a lot of time and money promoting your business over the past few months, with Black Friday, Cyber Monday and Christmas being huge sales opportunities, but promoting your business in January doesn’t have to cost a fortune. Take advantage of free or inexpensive forms of promotion like social media or email marketing. The benefit of email marketing, other than its low cost, is that you can personalise offers. Use previous sales data for the customer to offer discounts that they’ll be interested in.
Planning is a vital component of success no matter what time of year it is. However, if you’re facing a quiet January and you have some overdue accounts, collecting these debts can be enough to steady your cash flow and help you survive a post-festive slump. If you’ve been struggling with late payments or evasive customers this year, then a quieter month gives you the chance to review your policies, procedures and terms and conditions. Build relationships with your clients and negotiate favourable payment terms with suppliers, this will set you up to be in a more financially stable position in the coming year.
At Commercial Domestic Investigations, we understand how important it is to make the most of every month. Late payments and overdue accounts can be particularly damaging to your business, especially in the quieter months. If you are wasting your resources chasing payments instead of making sales, your business can quickly stall. Contact Commercial Domestic Investigations to find out how we can help your business in 2018. Call us on 08444 159200, use our contact form or email email@example.com.