Year End Tips
The holiday shopping season is in the final stretch. We know this is one of the busiest, if not the busiest shopping season for retailers and makers. As a retail business owner, this can account for 20% of annual retail sales.
At IndieMe, we have seen and heard how busy store owners are which in turn is keeping the artists busy and scrambling to fill orders. Artists tell us over and over that this is the busiest they have been in decades if not ever. We are thrilled but we also know it can be overwhelming and exhausting. Soon we hope retailers and artists can find some time to step back, breathe, and refresh.
However, makers and retailers must begin year-end planning and be ready for the new business year. Below are some good tips to help you prepare:
STAFFING: Now is the time to think about the new year and the possible need to hire additional staff for 2022. Sit down and think about the positions you may need to meet your compani’s growth. Perhaps it is a person that specializes in marketing and social media. Maybe it is an administrative person who answers the phone and helps stock the shelves. Staff is crucial to your business’s growth and success.
FORECAST: The busy holiday season is over and the year is coming to a close, so let’s start planning. Now is a good time to look around your space and ask what are you hoping to accomplish next year? Do you need to expand? Do you need to budget a renovation or think about moving to a different space? When it is quiet, plan for the upcoming year and make any necessary changes. If a new and/or bigger space will ease some of your stress and grow your business, then think about making the investment.
TAXES: No none wants to talk about taxes but the end of the year is a great time to start organizing and collecting all the records to prepare. ONE TIP: change your business to a corporation which can save you tax dollars.
PROFITS and LOSSES: As the year comes to an end, this is a great time to evaluate your revenues and debts. Take a good look at your cash flow statement, balance sheet, and income statement, and assess your business’s performance for 2021. Look how far you have come and see what changes are necessary.
MERCHANDISING: You want the customers to continue to shop in the winter months. Create a warm and inviting atmosphere to bring them through the doors of your store. Offering hot chocolate and cookies sounds like the perfect addition. If you are a maker, think about different and better ways you can package your items. For example, design cards that tell your story and include it in every order. Buyers love to share your story when they are speaking to customers.
“By failing to prepare, you are preparing to fail.”
Be prepared and create a plan for your business in 2022. Reflect on all the good and the bad this year, learn from it, and make the necessary changes so you can continue to grow and thrive.
