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How to end the year like a retail pro

It’s obviously getting to the end of the year and you are probably thinking of the best way to end the year. Well, these are things every retailer should be doing in ending the year while also looking forward to a better retail year ahead.

Appreciate customers

I totally agree that retailing is a two way affair between the customer and the retailer. In both cases, everyone is benefitting but you still need to appreciate your customers for purchasing from you. They had so many options yet they decided to invest their money into your business by purchasing from you. It is thus the time to say a big thank you to them. Appreciation can be done in so many ways; via sms, e-mail, phone calls, social media posts and most importantly, giving gifts to customers when they purchase during this season. Gifts like candies, chocolates and pastries are gifts customers will love. This might seem so small but trust me, customers will be extremely impressed that you appreciate them.

Sales, reductions, discounts

If you’ve been following my previous posts, you would have realized that sales, reductions and discounts are very important in retailing especially in this season. Running sales, reducing product prices or giving out discounts on items does not only favor the customers but the retailer as well. You might know this, but it is very much in your favor. Why? This gives you the opportunity to clear all your items and pave way for new items in the next year. Monies that hadn’t been made because of unpurchased items the whole year can be gained when you run these reduction strategies.

Make your report

What is a business without an end of year report? Unless we are running a business with no focus or goal. The year has ended, it is time to generate your report to ascertain if you are running a progressive or regressive business. Generating a report is much easier if you use an electronic bookkeeping system that manages your sales, stock and customer database. Your report will determine your profit, losses, challenges and improvements. When compared with previous reports, you can then conclude if you are making head in business or you are losing money.

Appreciate employees

Appreciation is very necessary even to employees. While appreciating customers, remember to appreciate your employees as well. Without them, your business wouldn’t be active. They are like the front fighters of the business because they are in constant communication with customers. Although they are paid their salaries, they still deserve some form of appreciation at the end of the year to encourage and boost their morale to work even harder the next year. Apart from appreciating them during end of year meetings with a rehearsed speech, you can also organize a party for them, give them gifts and some days off to spend with their families.

Finally, start planning for next year. What new ideas do you have for your business next year? Anything new you would like to try in the coming year? What is the vision and profit target for the next year and how do you plan to achieve the targets? These are a few questions to ask yourself as we end this year. Merry Christmas and a happy new year.

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