How to Finish Q4 Strong and Start Q1 Right
Whether you rely on holiday sales or want to make up for profits lost during the pandemic, Q4 is your time to shine. The National Retail Association estimates that the holiday season accounts for nearly 30% of annual sales on average. No matter your industry, here are some ways to end the year strong and start the next one right.
Know Where You Stand
Before you can make an end-of-year strategy, look back on past years as a benchmark to your success. If you’ve made more than you have in the past, you can aim higher this year. If you’ve made less this year than in the past, like most businesses, then you can adjust accordingly.
The last three months of the year tend to be very busy and stressful for businesses and families. Be sure to know where your profits are today so you can plan where you want to end up on December 31.
Align Your Goals
Once you know whether you need to aim higher or lower, you can create a business plan that best suits your holiday needs. Whether it’s pushing for more sales or giving your employees extra vacation for their hard work—pivot where you need to. You and your employees can’t all be 200% of the time, especially during the busiest time of the year.
Think Like Your Customer
What do your customers say about your business? Are there any changes you can make to make it easier to do business with you? Now might be the time.
Consider:
Providing flexible payment options.
Asking for (and reading) customer feedback.
Implementing recommended improvements.
Expanding your product line.
Removing barriers to purchase.
Ready for Next Year?
Another Q4 means another year is just around the corner. Are you ready?
If you need any help getting your finances in order for the new year, or with closing out this year, reach out to one of our specialists, and we’ll be happy to assist!