Business Guide to Managing December Sales Revenue
December is seen by many as one of the most active seasons of the year particularly for retailers. It is also the time where you will commonly see a surge in income of your business and will probably prompt you to double your supplies, hire additional casual employees and even extend office hours. This is indeed good for your business, but how can you manage this business rush effectively?
Unique events in December
- People generally have more money to spend (which is good for your business).
- Extended hours of work
- Double payroll and employee bonuses
- More supplies are needed
- Increase probability of theft both internal and external
In order to properly manage and maximize the big opportunities during December, you should quickly setup solutions to combat possible hiccups and problems which your business would encounter.
- Be prepared for the influx of sales. Make a routine check of your store and make sure that everything is ready. Are your Point-of-Sale (POS) equipment updated and working well? Do you have enough supply of items and goods to sell? In case of shortage be ready to find a way to readily replenish supplies so that you will not lose any opportunity.
- Compute and pay salaries on time. Make sure that your payroll system works properly and that your HR will be ready to give employee salaries on time. Remember that happy employees will contribute to your business plus they might even buy some of your items. If you have an automated payroll system perhaps you can also project related costs of salaries and wages so that you can use it to project both your income and expenses during the month.
- Project cash flow and monitor actual cash flow. December is a big opportunity for your business to be profitable. To maximize that you should plan ahead and access your income and expenses real time. As you see the results begin to plan for how you can use these funds to pay your debts, expand your business, or create further opportunities.
- Secure your business. If you are engaged in retail, the best thing to do is make sure that shoplifters cannot operate on your store. The best way to do this is to have necessary precautions that will alarm your personnel when someone tries to steal an item.
Proper planning is always the key towards creating success in every opportunity. If you properly plan and maximize the good benefits of the season then your business will be assured that it will continue to be successful in the next year.
Thanks for reading and if you have additional feedback or tips please don’t hesitate to post a comment.