Preparing Your Business for Busy Seasons
The Christmas holiday season has come to an end, but it's time to prepare for Valentine's Day! With a holiday all about love and celebrating your favorite guys and gals in your life, permanent jewelry demand will increase. In my retail business, we sold a lot of heart charms and birthstones this time last year. We sold on average two birthstones per bracelet. This occurred because customers received a birthstone that represented their birthday and their partner's birthday. How do I have this information? I track my sales month by month. During the preparation for Valentine's Day, I was inspired to write a blog post on tips to prepare for the busy seasons.
Reflect on this time last year
If you've been in business for more than one year, you should know what you sold during that time. Valentine's Day is just around the corner, so let's use that as an example! Review your February 2023 calendar, and see what you sold most during that month based on the number of events you did. Use those numbers to purchase and prepare for Valentine's Day 2024. Every year, you will be able to gather more information about what sold best and prepare accordingly.
Monthly inventory
I have said this before but taking a monthly inventory of everything you have on hand is such a crucial aspect of your business. Business ownership is not without its responsibilities, and this is one of the least fun aspects. The importance of checking your inventory goes beyond chains and charms. This includes clasps, jump rings, packaging supplies, and finances. It's a regular check-in where you compare your system with what you actually have on hand. If you buy without checking, you can quickly have too much or too little of the product you need.
Buy at least 4 weeks before the holiday or busy season
If you buy early, you can avoid expensive expedited shipping, possible shipping issues, and missing out on products that are now out of stock. Giving yourself a 4 week buffer allows you to avoid expensive shipping, buy in bulk and receive the product you want. As a result, you will also be able to take promotional pictures with the product! On your stories, you can share the exciting new product you have for Valentine's Day. Building up your event's excitement will help you to attract more attendees
Have a list of suppliers you can trust for quick shipping
I can't stress this enough! It's important to have a list of suppliers you can trust to deliver your products in a timely manner. Essbe Jewelry Supply processes orders within 1-2 days, but we always strive to be quicker. Customers who need an order by a certain date are always welcome to email us before placing their order. If we can help you, we will!
The most important lesson from this blog is preparation is the key to success! By comparing your year-over-year forecast, you can prepare better for busy seasons by researching and understanding your own customers. Taking the time to understand your customers and their needs can help you to better plan for busy seasons. This will enable you to make the most of your resources and maximize your profits. Investing in preparation can help you to avoid costly mistakes and build a successful business!