As a business owner, Black Friday can seem like a daunting event that is highly competitive. Although this may be true, we believe that this also creates a unique opportunity to gain new customers and incentivise current loyal customers in your database. Due to COVID-19 and its economic impacts, we understand that every margin has been cut to the bone but at Cash Flow Capital we believe that every business can take full advantage of this event. Here are some quick tips to consider while you prepare for Black Friday:
1 – Buy in bulk – this helps to secure lower costs for your stock for Black Friday and the upcoming festive seasons in 2020. This allows you as a business owner to provide bigger and better specials for your customer base while making a good profit.
2- Inform your customers and followers – Use your social media and email channels to inform your current customers and followers on social media about any specials you may run during this exciting time. It has been proven that 60% of global purchasing takes place online as majority of people would like to avoid stampedes and with COVID-19 and the new health and safety regulations, this will likely increase online sales during this period.
3- Train your staff- provide training for your staff on the day. In store purchases will need to be as pleasant and convenient as possible as shoppers will most likely be time sensitive on the day
4- Make sure all your logistic partners can handle the increase in demand and make sure to get your pre orders in before suppliers run out of stock.
Whether you need quick funding for extra inventory, covering unforeseen expenses or payroll – Cash Flow Capital can assist. Be prepared for Black Friday and gain quick working capital within 72 hours. Apply today to find out what you qualify for.