Start early to make the most out of the season.
Many seasoned business owners will tell you that "the earlier the better" is a great rule when it comes to planning for the holidays. This is especially important if you're planning to turn a passion project into a full-blown venture. As everyone knows, the Christmas season in the Philippines starts in September, so make sure your SME is optimized to deal with the holiday rush as early as that time.
Here are five things to remember when preparing for the busiest (and most profitable) time of the year:
Plan your inventory
Decide on what products and offers you will have and make sure that you'll have enough supply to meet the expected demand. Forecasting isn't an exact science, but if you understand your customers' spending habits and thought processes, you'll be able to estimate how much stock you need to build before and have on hand during the holiday season.
Plan your marketing moves
Most businesses ramp up their marketing initiatives in time for the holidays, so you'll need extra effort to stand out from the crowd. Take a little time to sit down and plan how you're going to market your business in the months leading up to and during the holiday season. This is especially important if you rely on social media to spread the word about your business.
Plan your delivery strategy
If you run an online business, anticipate how challenging it will be booking riders to make deliveries during the holidays. Make sure you take this into account when planning for those months. This can include partnering with a delivery app, working out reasonable delivery schedules, and letting your customers know what to expect when it comes to deliveries during peak hours.
Plan your customer service levels
While the holidays are an excellent time for many businesses, a higher number of transactions also means higher chances of making mistakes. Your staff may already be well-trained, but it's a good idea to refresh their customer service training so they'll be better equipped to deal with unforeseen situations when the orders start pouring in. If you're running things yourself, take time to identify the most common slip-ups and plan how you can best address these in advance.
Plan your additional funding
Consider scaling up operations to meet your projected demand. One way to do this is to avail of a Citi Personal Loan. Application is easy and can be accomplished online in as fast as 5 minutes. What's more, all you need to apply are your ITR and a valid ID. The best part is that payment terms are flexible, allowing you to concentrate on the important part-making money doing something you love.
Achieve the things you want out of life - go after your goals and dreams. Start now. If you want it, make it yours with Citi Personal Loans.