Updated: Dec 30, 2022
As a Quilt shop owner, have you started planning for Black Friday and Cyber Monday yet?
Are you scared of the Holiday season?
Well, the holiday season can be the best part of the year for your business, but it can also make your life miserable in the months that follow . . . if you're not prepared.
So, today I'm giving you some tips to help you take advantage of the holiday season and avoid misery after the holidays.
Now the fall season, with all of its pumpkins, gets us really excited for winter, or rather the winter holidays. And even before Black Friday kicks off the shopping season, we're in the shopping mood. These months are some of the best months for retail and quilt shops, but this can also lead to misery once we turn that corner into the new year.
So how can you take advantage of Black Friday and avoid the misery that usually follows the holidays?
How Quilt Shops Can Prep for Black Friday & Cyber Monday
1 - Use a Cash Management System
I highly recommend the Profit first cash management system. It's like using grandma's cash envelopes - just modernized and adapted for business. It sits in front of the bookkeeping and ensures we are spending the right amount on the right things at the right time, in real-time, eliminating the guesswork and taking away some financial stress.
2 - Use the Drip Account
Profit First has us open multiple bank accounts or envelopes, and one of those accounts may be the Drip account. The Drip account works like an IV, giving monthly small but consistent cash drips into your business.
This account is there to help ensure you have the cash needed to sustain your business through those slow months after the holiday rush, removing some financial stress on the business.
3 - Use the Inventory Account
Because we depend on inventory, we often have a lot of cash tied up in inventory.
I regularly find that quilt shops have too much inventory. You can probably think of a few bolts or fabric or notions that have been sitting on your shelves for many months or maybe even years. . . . You may want to consider putting those on clearance.
Using the inventory account, you can control your spending and your inventory, forcing you to be frugal, efficient, and innovative with what you already have on the shelf. The inventory account only allows you to buy what you need, freeing up some cash to pay for things like taxes and payroll.
The Profit First system has made my quilt shop and many of my client's shops profitable. Do you want to know how? . . . Because we have control of our money - which gives us that financial freedom.
With a little bit of planning, any quilt shop can make Black Friday and Cyber Monday a success. By using this system, you'll be able to make the most of Black Friday and Cyber Monday—and ensure that your customers have a great experience too!
I'd love to hear your thoughts on this, so please leave a comment below.