Small Business Saturday Blog
Six things you can do in your business right now
Thursday, June 18 at 23:30
1. Focus on your product
Even during economic downturns, people do spend. People right now are buying for three main reasons: to protect (themselves, their health and their family); to connect (lots of gifting going on at the moment while people can’t see their loved ones in person); and to distract (whether themselves, by taking on a new hobby, or by keeping their kids occupied).
There's even something called the "lipstick effect", after researchers noticed an upturn in lipstick sales during a recession because it is a cheap way to cheer yourself up. Small luxuries are selling better than ever.
Selling products is always about seduction. It's always about finding the products that your customer really, really wants to buy. But during tough times, it’s more important than ever.
Start by taking a look at your data. What are your best sellers? Then think about your products. Are you moving them on? Are you offering your customer something new? This is now the time for you to be really critical and honest about your products - is there anything you can do better?
And think about the main motivators that people have right now for buying. Can you combine connect and distract, for example, by offering gift kits that people can send to loved ones to keep them busy?
2. Manage your stock
You want to make yourself as nimble as possible with only the stock you need.
If you've had something in your business for a while and it's finally sold, you don't have to replace it. You should only be re-buying in best sellers.
Ideally, every business should have cash reserves - money to see them through difficult times, and that is really hard to do if you put all your money into stock. If stock management was critical before, it is absolutely vital now.
This is also the perfect time to go through your inventory and check your stock records are accurate, as well as review what stock you think you will realistically sell for the rest of the year. Are there any seasonal items that won’t sell and could be put away for next spring? Do you have the stock you need going into the summer and autumn selling periods?
3. Avoid knee-jerk promotions
If your sales are lower than they've been, it’s because we're in very uncertain times and nothing is worse for sales than uncertainty.
If you knee-jerk and start running discounts to get sales going again, there is a danger that you will come out of this (hopefully temporary) situation having taught your customer that you are a promotion-driven brand.
In the future, they would be trained to wait until you go on promotion rather than buying at full price. You want to avoid this at any cost.
4. Have a really honest look at your numbers
It’s time to have a really honest look at your sales forecast.
If you don't have the sales forecast, now is a great time for you to get one, because you need to understand how your cash flow will look over the next few months.
Knowledge is power. If you can map out the next few months based on a realistic and a worst case scenario, then that’s going to be a lot less uncomfortable than ignoring the problem and hoping it goes away.
5. Be proactive
Think about what you can do to improve your business. Consider all of those areas of development that you've thought about previously but never had time to put into action.
Think about using this time to get yourself fit for the future. Things like your sales forecasting and your stock control are basic business management principles that you can work on and improve, but also look at your business and be proactive about what else you can improve.
6. Stay close to your customers
It's going to be bumpy. You're going to feel demoralised - but don't retreat.
Think of selling as service. How could you help your customers? How can you meet them where they are right now? So if they're uncertain, or they're stressed, talk to them. The people who go out there and really connect with people and meet them where they are will be the ones who continue to make sales.
In summary: don't panic, focus on your products. Manage your stock. Avoid knee jerk promotions. Have a really honest look at your numbers. Have a really good look at your business and identify areas that you could work on to get ready to come out of this stronger than ever, and stay close to your customers.
If you are proactive and action focused, if you stay positive and you keep showing up, then the outcome will be so much better for you and for your business.
Future Retail Consulting, and is on a mission to help people create the life they want by growing successful product-based businesses. She helps them make money by developing a clear strategy focused on their product offering, their pricing, and their sales channels. Head over to Future Retail Consulting for your FREE road map for business success.
- Zero to hero in Nottingham8 Weeks Ago
- Monday Seller Success with eBay: That Vintage Football Shirt8 Weeks Ago
- Rock on in Southend on Sea9 Weeks Ago
- Monday Seller Success with eBay: Purrfect Cat Gifts9 Weeks Ago
- One love, one heart on Ipswich’s high street10 Weeks Ago
- Monday Seller Success with eBay: Hampers by Lauren10 Weeks Ago
- Good graces in Bristol and Bath11 Weeks Ago
- Monday Seller Success with eBay: Top Dog11 Weeks Ago
- Weigh to go in Northwich12 Weeks Ago
- Monday Seller Success with eBay: Handpicked Penrith12 Weeks Ago
- Holy cow in Westmorland13 Weeks Ago
- Monday Seller Success with eBay: The game is afoot13 Weeks Ago
- All fired up and ready to go in Gerrards Cross14 Weeks Ago
- Monday Seller Success with eBay: Meteorite Man14 Weeks Ago
- Dorset's Ice Cream Appreciation Society15 Weeks Ago
- Monday Seller Success Story with eBay: Giddy Goats Toys15 Weeks Ago
- SmallBiz100 celebrated at the Blue Tie Event16 Weeks Ago
- Why apply to be a #SmallBiz100 2022?8 Months Ago
- From field to fork – making the most of Cheshire’s local produce13 Months Ago
- Sustainable living with BLANC14 Months Ago
- Pizza power14 Months Ago
- In the good books14 Months Ago
- From babygrows to beer kits14 Months Ago
- Smile and say cheese15 Months Ago
- The perfect planner for when you didn’t plan for this16 Months Ago
- Why apply to be a #SmallBiz100 2021?19 Months Ago
- Feeling lighter than air at The Float Spa3 Years Ago
- At the cutting edge of local community3 Years Ago
- Sewing the seeds of success in Scotland3 Years Ago
- Joco's leap of faith pays off3 Years Ago
- No messing around! How Tom Foolery Coffee Company pivoted during the pandemic3 Years Ago
- How Mandira’s Kitchen has its eye on spicing up your freezer3 Years Ago
- Wild about keeping it local and healthy in Bristol3 Years Ago
- Award winning small business announced at Blue Tie celebration3 Years Ago
- Free leadership training for SME leaders delivered by leading Business Schools3 Years Ago
- Six things you can do in your business right now3 Years Ago
- How can my employees return to work safely and legally after Covid-19?3 Years Ago
- What is it really like being a #SmallBiz100? – Stamptastic spill the beans3 Years Ago
- Why apply to be a #SmallBiz100 2020?3 Years Ago
- Why embracing technology should be your New Year resolution3 Years Ago
- Starting a new business: financial tips for start ups4 Years Ago
- Top 10 security tips for small businesses storing personal data4 Years Ago
- From architect to artisan at the Dumfries Larder4 Years Ago
- Putting down new Roots in Abergele4 Years Ago
- How Amazon is helping one woman tackle taboos and period poverty4 Years Ago
- Creating a community: What it means to be a small business4 Years Ago
- Building an enabling bridge, brick by brick4 Years Ago
- Get ready to rock with Rockit4 Years Ago
- How to create an event for Small Business Saturday UK4 Years Ago
- Jampacked with passion: the local cinema that’s giving back4 Years Ago
- Celebrating the North East’s cycle stars4 Years Ago
- Don’t know what to write about? 9 ideas for your next business newsletter, blog or social media post4 Years Ago
- Take a butcher’s at the first of the #SmallBiz100 20194 Years Ago
- 7 essential growth tips that small businesses need to know4 Years Ago
- Making a great first impression: photography & small business4 Years Ago
- Strength in numbers4 Years Ago
- How to choose the right pricing strategy for your business4 Years Ago
- How taking matters into her own hands led to huge success for Revival Retro4 Years Ago
- 5 content ideas every small business needs4 Years Ago
- The Flour Pot Bakery's secret to success4 Years Ago
- How to harness the power of Instagram and drive your business forward - the GB Labels way4 Years Ago
- Making Tax Digital is here! What does it mean for your business?4 Years Ago
- How we should champion success for International Women's Day4 Years Ago
- Step aside Mystery Shopper scheme - hello new Public Procurement Review Service!4 Years Ago
- The top three causes of entrepreneur burnout and how to avoid it4 Years Ago
- Get a great digital ad for your business for just £50, and help tomorrow’s entrepreneurs learn with iDEA!4 Years Ago
- Badge Your Brilliance with iDEA4 Years Ago
- How to make your Christmas the most successful yet!5 Years Ago
- Life in the fast Laine5 Years Ago
- Small businesses shine at launch of Silver iDEA Award St James's Palace5 Years Ago
- Local and sustainable is winning formula for SmallBiz100 Hays Hampers5 Years Ago
- Red Herring Games – Case Study5 Years Ago
- Keeping Up With The Tylers: How To Move With The Times5 Years Ago
- Making our own kind of music at the Blue Tie Ball5 Years Ago
- How to guest blog (and look like you know what you’re doing)5 Years Ago
- How to market your small business on a budget5 Years Ago
- Top summer marketing tips!5 Years Ago
- Purposely: embedding purpose into the heart of your small business5 Years Ago
- A ‘Dog Day Afternoon’ for Britain’s small businesses5 Years Ago
- Five ways to make your business successful in five years!5 Years Ago
- SmallBiz100 Mooch revive the local high street5 Years Ago
- Why apply to be a SmallBiz100 2018?5 Years Ago
- SmallBiz100 Julu on design, manufacturing, and building an online business with friends5 Years Ago
- Small Business Champion Series From Rich Brady ... Setting Business Goals5 Years Ago
- SmallBiz100 Techsixtyfour on how to successfully build an online business5 Years Ago
- SmallBiz100 Frequently Asked Questions5 Years Ago
- Small Business Champion Series from Rich Brady...Putting the Family into Family Business5 Years Ago
- Exporting - not just for the big!5 Years Ago
- Can Giving Really Be Good for a Small Business? Spoiler: Yes!5 Years Ago
- Let's get organised....5 Years Ago
- Is your business leaking money?5 Years Ago
- Podcasting - The Ultimate How-To Guide - Part 25 Years Ago
- Setting BIG goals – why do it and how to go about it5 Years Ago
- International Women's Day 20185 Years Ago
- 9 tips for Business Success - it's all about love.5 Years Ago
- Demystifying LinkedIn for Small Businesses5 Years Ago
- 10 Top Money Tips for Small Businesses5 Years Ago
- Organising a Small Business Event - Tips from the Experts5 Years Ago
- 12 Top Tips for Micro-businesses5 Years Ago
- ACCA on board the Small Business Saturday Bus Tour6 Years Ago
- Is Britain Becoming a Cashless Society?6 Years Ago
- Small Business Spotlight - How Technology Can Help Small Businesses6 Years Ago
- Taking Your Business Beyond the High Street6 Years Ago
- 5 Ideas to Improve your Time Management6 Years Ago
- The Small Business Saturday Bus Tour launches across the UK for its fifth year!6 Years Ago
- Making the most of Small Business Saturday7 Years Ago
- Why I applied to Small Biz 100: Crafty Revolution tells all8 Years Ago