How Your Business Can Finish The Year Strong
It's a few days to December and a little over a month to the end of the year. Typically, businesses slow down and revenue shrinks during this time of the year, but what if your business could end the year on a high note and set a positive tone for the new year? Here are five ways to make that happen:
1. Keep an eye on your finances.
If you've been watching your profit margin closely, paying attention to your budget and documenting every business expense, this is not the time to become slack. With gifts to buy and a vacation to pay for, personal expenses tend to increase at the end of the year. Resist the temptation to borrow money from your business and keep up the diligent accounting that has helped keep your business afloat so far.
2. Don't stop marketing.
Just because the year is ending doesn't mean that there are not people who need your product or service and are willing to pay for it (regardless of how many bags of rice they have to buy or how much their Christmas vacation will cost). But if these people don't know that your business exists, how will they become your customers? Visibility is enough reason to sustain your marketing efforts throughout December. And you don't necessarily have to do anything new, just double down on the strategies that worked for you earlier in the year.
3. Avoid the discount bandwagon.
Businesses typically slash prices to attract more customers at the end of the year. But for (honest) discounts to pay off, the volume of sales often has to increase exponentially to make up for deductions. Instead of waiting for the uncertain benefits of discounts, your business can attract new customers by offering real value ideal for the season. For example, you can collaborate with other businesses to offer customers incentives such as movie tickets, tickets to end-of-year events and special restaurant offers.
4. Approach potential employees.
Finishing the year strong also means starting the new year well, and now is a good time to spot future employees that will move your business forward from the beginning of next year. Seek out the kind of people you'll like to hire and open conversations with them immediately.
5. Show your gratitude.
It's December, the season for giving. What better time is there for your business to show customers some deserved appreciation? Send them personalised greeting cards or gift hampers to let them know how much they mean to you. It's a practical way to secure their loyalty and keep your business relevant to them ahead of the new year.
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