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Updated: August 3rd, 2023
The holiday season is one of the most important times of the year for retail businesses, which is why it’s never too early to start planning ahead. According to recent research from Salesforce, 42% more shoppers worldwide and 37% more in the US said they plan to start buying gifts earlier to score better deals.
Getting organized this summer gives you a better chance of maximizing holiday sales and delighting customers—while minimizing your stress levels and workload. If you’re looking ahead to the holidays, here are eight steps you can take now to prepare:
If you have big inventory orders to purchase and need some financial wiggle room, consider applying for inventory financing. You can pay for your materials and supplies upfront, saving your cash flow for inventory labor and storage costs, regular operational expenses, and holiday marketing.
Here are three solutions to consider for financing holiday inventory:
Before you apply for financing, it’s a good idea to:
Ordering inventory can be tricky; you need to order enough to meet customer demand, but not so much that you’re sitting on dead stock. That’s where your business’s records come in handy. Here are some strategies you can use to figure out exactly how much inventory you need:
Your vendors play a critical role in your holiday season success. That’s why it’s smart to get on the same page before you’re crunched for time. Organize a catch-up call with your suppliers to order inventory, go over schedules and potential setbacks, and make requests. Maybe you need to negotiate a discount on a big order, for example, or ask for certain products on an accelerated timeline.
Just remember: suppliers are busy, too. The more considerate you can be with your requests, the more respect and courtesy you’re likely to get in return.
Now is also a crucial opportunity to change suppliers if necessary. You might want to consolidate vendors to save money or replace an existing relationship if it’s not working out.
Effective holiday marketing can help you attract new customers and bring in extra sales for months leading up to the holidays. Start by reflecting on your marketing goals and plans for the season. Jumpstart your brainstorming and vision by asking yourself these questions:
Once you clarify your goals and capabilities, you can develop a plan and outline a realistic budget. The tried-and-true holiday marketing strategies—email campaigns and promotions, paid social advertising, and content marketing—are always a good place to start, but you can also explore partnerships with other businesses, influencer marketing, and giving campaigns.
In general, don’t be afraid to start creating campaigns early, like the end of this summer. With shoppers more eager (and price-wary than ever), it’s a good idea to get ahead of the game.
If you need to hire seasonal workers during the holidays, summer is the perfect time to get your ducks in a row. You might need additional warehouse workers, delivery crew, retail staff, marketing consultants, or inventory consultants.
Consult your staff list from the past few holiday seasons, then review any employee feedback you have about what went well during the holiday crunch—and what didn’t. From there, create a list of roles you need to hire for, then either start posting job ads or reach out to former seasonal employees to gauge their interest in returning.
It’s also crucial to review your compensation plan for seasonal employees to make sure it’s competitive and adjusted for inflation. Thoughtful, equitable compensation can help you attract excellent talent. You may also want to update your training program for seasonal workers and hold a meeting with managers to get on the same page before hiring.
Auditing your equipment and technology before heading into a hectic season can help prevent errors and minimize financial losses. Here are a few places to start:
Summer is a great time to re-familiarize yourself with your customers—not just who they are, but what their shopping patterns, challenges, and goals are this holiday season. Connecting with your customers ahead of the holidays gives you insight into what they need and how you can best deliver it. Here are some strategies:
Expanded digital options are no longer just nice to have—they’re a necessity for small businesses. Consumers expect ease and convenience when they engage with retail businesses, especially during the hectic holiday season.
Remove any potential roadblocks for your customers by streamlining your digital tools and channels now. Here’s how:
If you’ve read this far, you’re already one step ahead when it comes to holiday prep, but the more support you can have, the better. If you need a financial boost—to hire seasonal hands, update your technology, or purchase inventory—consider getting a loan from Funding Circle.
Our business term loans have fast turnaround times and flexible repayment periods, so you can get the funds you need without adding extra stress to your plate. Learn more about our options or apply today in just minutes.
Paige Smith is a content marketing writer who specializes in writing about the intersection of business, finance, and tech. Paige regularly writes for a number of B2B industry leaders, including fintech companies, small business lenders, and business credit resource sites.