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The holiday rush is upon us! Consumers all over Canada have started their holiday shopping. That means that retailers all over Canada need to ensure their shelves are fully stocked. Are you currently in inventory ordering mode? It’s wise, of course, to ensure that all of your most popular items are in good supply. What are some important steps to take to stock up on inventory for the holiday rush?
Create a calendar with key dates.
The holiday season isn’t all about one holiday, of course. Our American friends, for example, will be celebrating Thanksgiving at the end of the month. As you know, Black Friday and Cyber Monday immediately follow. Although Canadians celebrated Thanksgiving a month ago, we do acknowledge the two aforementioned and hugely popular shopping dates. On Inventory-Planner.com, Jill Liliedahl reminds us of the other key dates to order inventory for.
They include the start and end of Hanukkah, Christmas, Kwanzaa, Boxing Day, New Year’s Eve and New Year’s Day. She also highlights lesser known occasions like Giving Tuesday, Green Monday and Free Shipping Day. Stocking up on inventory and promoting sales in preparation for these days will be an effective way to grow your sales in the weeks to come.
Don’t leave your inventory levels up to guesswork.
Making precise calculations are vital. You don’t want to order too many of one item and not enough of another. It’s important that you do some forecasting based on research. What items were popular sellers at this time last year? Which ones didn’t sell very well? On Nextdoor.com, Samantha Novick advises store owners to look at their historical data.
“You don’t want surplus inventory eating up valuable space in the back room or warehouse, but you also don’t want to disappoint customers by running out of product prematurely,” she writes, “Use forecasting to get a reasonable estimate of demand…What were sales like last year? Did you run out of inventory? When did the sales start accelerating? How long did they last?”
Apply for a merchant cash advance.
Many business owners attempt to secure business loans from banks in order to afford their large inventory orders for the holidays. Unfortunately, many of them are met with denied applications. As a result, they find it difficult to stock their shelves to satisfy holiday shoppers. Applying for a merchant cash advance solves that problem.
“Trade your future income for cash today with a merchant cash advance,” encourages Novick, “A merchant cash advance gives you a loan now that you’ll repay using a portion of your daily sales. When cash is low, but you know major sales are around the corner, a merchant cash advance can help you stock up on inventory ahead of time.”
Synergy Merchants’ unique merchant cash advance program enables all types of business owners to get their hands on much-needed extra working capital. Regardless of your credit history or length of time in business, you can be approved in less than 24 hours! For more information, please don’t hesitate to call Synergy Merchants at 1-877-718-2026 or email us at firstname.lastname@example.org. You can also apply online for a free, no obligation quote!