Perhaps you’re still caught up with meeting year-end deadlines, combined with all the parties here and there. It’s definitely the busiest month of the year. However, if for anything, you should also be looking at getting ready for the first quarter of 2015. How are your preparations doing?
First Quarter Sales Are Normally Low
If you’ve been doing business for several years, you might know this already. First quarter sales are usually low with the consumerism spirit wading down. If your first quarter is anemic, don’t fret yet don’t settle. Try to come up with marketing ideas that can help increase your sales a little bit more than your usual level.
For one, check your inventory and the turnaround rate. Make sure that you have sufficient stocks for fast-moving items and low stocks on slow-moving ones. Also, to boost productivity, work out aged accounts receivable. Since business is quite slow, busy yourself with collecting receivables.
First Quarter is the Pace-Setter
A business that’s going slowly but surely is safe to last for a couple of years. But you shouldn’t just go on a steady pace but on a progressive one. Although first quarters usually don’t have much activity, find ways to make your current first quarter better than the previous ones. In doing so, your current year is surely going to look brighter and more promising, with momentum picking up early on.
First Quarter is Time for Changes
If 2014 hasn’t been a great year for your business, surely there are some things you need changed for the New Year. Change is always good, if you come to think about it, as long as change is geared towards business improvement.
One, review your strategy. Your past strategy may no longer work for you now that you’re looking into expanding your business. Rework your marketing efforts towards the new direction you’ve set. If you’ve been too ambitious in the past, slow down a bit and design a more conservative strategy to protect your interests.
Two, review your workforce. After all the merrymaking during the holidays, it’s time to evaluate your employees how well they fared the past year. See if any of them needs to be trained, reprimanded, promoted or fired.
Three, review your processes. Redesign processes to make them more efficient, easier to follow and promote a safer work environment.