'Crazy' times at Christmas can help your small retail business growth success 'snowball', or melt like snow in the hot summer sun.
In the lead up to and after Christmas, many small business retailers experience large increases in the number of shoppers that visit their store, both online and offline. Yet sadly for some retailers, this doesn't always equate to making more profit.
For some retailers, if they don't plan and budget wisely, they can end up losing money - instead of reeling it in at this time of year.
Business Growth Coach Casey Gollan from www.caseygollan.com.au has seen this many times over the years and issues this timely warning.
"With a lot of shoppers coming into your store, make sure you're taking steps to make this Christmas season a profitable one"
He lists these 5 common mistakes that small business retailers make at this time of year, each with a remedy to help your business.
5 Common Christmas Mistakes And How To Avoid Them.
1. Over Staffing. Set staffing to make a profit. Put on two staff members to do 3 staff members work.
2. Not getting customer details. Capture your customers’ details so that you can market to them year round.
3. Having Stressed Staff. Develop ways to keep your staff positive and enthusiastic.
4. No Sales & Expense budgets. Set budgets daily and weekly so that you can guide your business into profit. Careful analysis of your POS system and P&L's will help
5. Spending too much of your Christmas sales. With an increase in sales, your cashflow should be good. But don't spend it yet. You'll have suppliers to pay back in 30 to 60 days, so put money aside to pay them.
With these 5 tips in mind, your small retail business could have a good growth and some nice profits this Christmas.
Copyright © 2005 by Casey Gollan. All Rights Reserved
Business Coaching expert Casey Gollan helps grow businesses by $1 million to $10 million in 1 to 3 years. Since 1996 his coaching programs have added over $375 million to small businesses. Go to his Melbourne Business Coaching website and watch a free business growth video series.