Keys To A Strong 4th Quarter Finish
Before you know it, the holidays will be here and we’ll be ringing in the New Year. But before then, you have 90 days (give or take) to prepare your business for a strong and profitable 4th quarter finish. Shoppers typically tend to wait until after Thanksgiving to kick off the holiday shopping spree, but Forbes reports that by Halloween, just about 40% of shoppers have already started to search the web with the intent to buy!
Relax…there’s still time to put together an effective marketing and sales strategy for the 4th quarter to attract new customers and sales – but there’s no time to waste! So, here are (3) quick and simple strategies to help your small business put a little extra green in your pocket before the end of the year.
Reward Loyal Customers
Determine the top 20% of your social media followers and email subscribers that drive the most traffic to your business. Research their demographics, locations, and interests and create a specific marketing campaign around that. This can be a special sale, or other promo offer exclusive to that audience that could boost sales in the 4th quarter.
Automate as Much as Possible
Keeping on top of your customers buying habits and interactions isn’t easy. That’s why automating responses based on actions, such as making a purchase, calling customer service or engaging with a social media post is so important. Automating email responses keeps your company top of mind and engages customers. The more quality responses they receive from you, the more likely they are to keep coming back.
The key to any successful quarter (for any small business) is not only raking up new sales – that’s a no brainer! But it’s also knowing where you can cut costs or identifying areas where you’re spending needlessly. Inventory where you spend most of your time and seek out ways to cut that time down.
Payroll is an excellent example. Most companies pay employees twice per month and get charged a fee on each pay cycle. Fingercheck, for example, charges one fee regardless of pay cycles so you’re saving money instantly. Also, switching payroll providers (as scary as that sounds) is easiest toward the end of the year.
Why do you ask? Well, changing payroll providers in the New Year lets you operate on a clean slate. There are no carryovers from the previous year to file or rectify so your switching at the end of the year is as smooth as a baby’s….well you get the idea! And if you have hourly employees, using a time clock software that allows you the flexibility to track hours, automate rules for breaks and shift changes is also a great way to save time and money.
So consider these ideas to make a strong, final push of the business calendar year!