Don’t Get Squeezed: Your Ultimate Financial Checklist for Black Friday & The Holidays
Written by Nidhi Yadav
The holiday rush isn’t just a frenzy of sales; it’s a massive moment for your business’s finances. After years of being on the factory floor and now helping businesses from our Canary Wharf office, I’ve seen it all. Planning ahead isn’t just smart, it’s the secret to a stress-free and profitable season.
Here’s my ultimate checklist for you:
1. Know Your Stock, Down to the Last Thread
Before the chaos begins, you need to know exactly what you’ve got and what it’s worth. I can’t tell you how many times I’ve been in a factory, from China to Portugal, helping to sort out a logistical nightmare that was actually a financial one in disguise. Doing a proper inventory valuation now means you know what you can discount, what you need to push, and what’s gathering dust. No more shoebox of receipts or guessing games!
2. Your Marketing Budget is Your Secret Weapon
You’ve got beautiful products, but Black Friday is noisy! Have you set aside enough dosh for those crucial holiday campaigns? Think of your marketing budget like a carefully crafted recipe. You need just the right amount of each ingredient, social ads, influencer partnerships, email campaigns,to make a real splash. Plan it out now so you can focus on the fun bits when the time comes.
3. Get Your Returns Policy Sorted (and Fast!)
A high-street fashion brand I used to work for learned this the hard way: every return is a hit to your cash flow. It’s a simple fact. Making sure your returns policy is clear as day and your systems are robust enough to handle the volume will save you headaches, and more importantly, money down the line. It’s about being proactive, not reactive!
4. Invest in your People, Not Just Your Products!
I’ve said it before and I’ll say it again: a business is a marathon, not a sprint. And your team is with you every step of the way! I’m a huge believer that happy teams deliver the best work. Just like when my team did a virtual treasure hunt in Manchester, getting everyone on the same page is key to a smooth operation. Consider setting aside a little something to reward your team for their hard work. It’s a financial strategy in itself, a well-supported team means fewer mistakes and happier customers.
5. Go Beyond Your Store: The Power of Platform
As a small business, getting eyeballs on your beautiful clothes can be a real challenge. While your own website is your home base, strategic partnerships with reputable platforms can drive serious traffic. Consider listing your products on marketplaces like ASOS Marketplace to connect with a fashion-forward audience already in a buying mindset. For your own e-commerce operations, platforms like Shopify are a go-to for their user-friendly design and extensive app store, which can handle the holiday traffic surge with ease. Don’t forget the power of social commerce on Instagram and TikTok, where shoppable posts and countdown stickers can direct customers right to your products.
Planning ahead is everything. Take proactive steps today to put your business in a great position for a smooth and successful end to the year. What’s the one thing you’re most stressed about this holiday season? Get in touch! I’m here to help. 😊
Get in touch today!
Visit www.pennyhills.com/contact-us or Click here to chat now and discover how we can partner with you on your journey. You deserve the expertise and dedication that Pennyhills® brings to the table. Let’s embark on this journey together.
Spread the word! 📲💬 #Pennyhills
Ready to get started?
Get in touch with Sach and the team to find out more about how Pennyhills can transform your business.