Manage 4th Qtr Sales and Profits - How To
4th Qtr Sales and Profits - Manage through your Business Journal.
Journal writing is an opportunity for business owners to review their companies status and make notes on where they are, they want to go and how.
Currently that discussion with themselves and any partners includes a question posed in a Women In Business Facebook group – “what is your biggest challenge right now?”
The general response for small business owners was:
- Cost of living – people are scared
- Stay small or grow
- Retaining good labor
Small manufacturers are challenged by:
- Inflation – cost of materials
- Shipping costs
- Getting consistent orders
And Start-up are challenged by:
- Getting known
- Finding time for their business and a full-time job
- Reaching their audience with the constant changes in social media algorithms.
If any of those responses sound familiar, it’s because you are not alone.
Big businesses are being challenged as well. They are experiencing:
- The need for more employees to handle customer volume
- 43% of restaurant owners have reduced inventory and supplies to stay afloat from inflation and commodity pricing
- Consumer demand projected to be lower this holiday season due to price increases.
What Can You Do?
- Carefully track your 4th Quarter sales and only order for the items in demand
- Create custom menus and online catalogues for the 4th Quarter. This should reduce your inventory needs and help customers focus on your targeted items.
- Cut back on your hours to reduce your employee expenses
- Offer every customer a discount coupon, 1st look at 2023 merchandise/services for January(or other treat) as a Thank You for their business.
- Be creative with your food and décor to make their visit to your store or website an experience.
- Track your sales and cash flow. Make sure you are reserving enough cash to pay for your next month’s expenses.
The hardest part for small business owners in December is the desire to spend too much money on Christmas. One family I know changed their approach to giving to their Children and each other.
Each child gave their parents a list of 5 items they would like to have. After they listed those items they prioritized them 1-5 and turned in their list. The parents explained to each child that it wasn’t just about money, it was about giving quality gifts not quantity.
The parents looked at all the lists, explored pricing for them and then purchased one nice gift and two small ones for each child. From those, one went in their stocking with an orange. The other two were wrapped and under the tree.
They got up Christmas morning, attacked the donuts they had made together the night before, then opened the presents under tree the amongst donuts and hot chocolate. They have kept that tradition since, spent less and enjoyed the day more. Maybe some version of this would work for your family and keep guilty feelings and envy from being the driving force for the Holiday. And keep your business within the confines of it’s budget.
And remember – record all these items in your Journal. Journal Writing is the best habit you can create for yourself and your business. It gives you the data:
- to make decisions
- ideas for solving challenges
- the real information on how you ran your business in the past for future reference.
We tend to remember what pleases us, ut we need to recognize the challenges as well. And how you overcame those challenges.