The turbulent year of 2021 is nearing its end, and the negative impacts of the 2020 lockdown are slowly fading away. However, there are still a lot of businesses that are looking for traction to get back on their previous profit tracks. Businesses around the world wish to maximise their profits before the year ends and the holiday season sets in. With some right planning and minimal stress, businesses can turn themselves around and report a highly successful fourth quarter with these three simple tips.
Comparison with the Previous Years’ Data
One report by American Express explicitly suggested comparing the current stock sales numbers with the previous year’s numbers will reveal invaluable information. Compare what you are doing this year with what you did last year. Going over previous data nudges entrepreneurs towards the right direction and the most effective strategy to avoid the mistakes of the past. Using historical data of the past allows businesses to predict the successes of the current fiscal based on repeat behaviours. It also helps them structure a precise plan. For instance, if you are unable to reach the expected sales numbers, offering appealing discounts on the slow-moving lines might provide it with the necessary boost. Moreover, preparing for the Black Friday sale and retargeting customers before the holidays might prove helpful.
Generating Memorable Local Experiences
The pandemic had severely bottlenecked the global supply chains. Fortunately, the systems are slowly coming back to their former glory. However, the imminent increased demand due to the holiday shopping and the Black Friday sales are already putting doubts about sustaining the promised orders. Even though the customers are likely to start shopping a few weeks earlier, the chances of supplying every order in the best possible time are slim. In such a dire scenario, businesses should focus on selling experiences as well. An apt example for the same would be the ’57 Chocolate, an artisanal bean-to-bar chocolate company. Their luxurious chocolate tasting events held online on Zoom elevated their chocolate’s status from a mere product to a must-have experience. As a result, their local offerings spiked.
Don’t Be Too Hard on Yourself
2021 has been a tumultuous year for everyone. From rising above a global pandemic to figuring out a way to bring in more profits, every business is facing a tremendous amount of pressure. Moreover, the underperforming businesses will be under more pressure than everyone else. Workloads have also increased. Businesses are struggling to meet their targets, and customer demand is rising with a decrease in staffing services. In such a dire situation, it is impossible for everyone to keep up with the pressures. Demanding situations such as the year-end with low sales extensively decrease the morale, and it further exacerbates the situation. Hence, keep calm and address the situation in small increments. Don’t put too much pressure on yourself, and keep working hard towards your goals. Proper planning will prove indispensable in the coming months.