Spring clean your business ahead of year-end
Submitted by: Gerda Heyman
Year-end is a defining time for many companies – one that puts business ambitions to the test. While pressure mounts to end the year strong, the lead-up from September is an exceptional opportunity to bulk up and bolster sales in exchange for great year-end numbers. It is the ideal time to reflect, adjust, and plan. Peel back the business and return to basics. What were your goals for the year? How far have you come? What can you do to get back on track, or is it time to pivot?
Set goals
Any good plan starts with research. Study your numbers from last year and ask all the questions: What worked last year? What sold well? Was there an increase in customer queries or website visits? Unpack your business processes and identify the bottlenecks and chokepoints that interrupt customer journeys. Find out which channels and customer interactions led to the most successful outcomes.
Also, look at wider industry numbers for 2022 and 2023 to date to forecast how the months ahead are likely to pan out. What did your competitors get up to last year? Find the opportunities and visualise what you want to get out of the final quarter. Build your strategy from there and measure all ideas against your end goal. It’s important to stay the course and end the year the way you intended.
Map out key dates and plan your marketing around them. Remember, in December most people go on holiday. Make sure to reach your target customers before they switch off for the festive season. Concentrate your efforts in October and November before the country starts to slow down.
Spring clean
In keeping with the traditions of the season, September is a great time to spring-clean your business. Unpack and examine how your office operates. Get rid of the clutter and dead weight. Find out what your staff needs to work more efficiently, and ask your clients what you can improve.
Consider investing in technology to digitise and streamline your operations, from project management and customer management to finance automation. A good CRM helps to track efforts across all sales and marketing functions and optimise coversions which improves results. Now’s the time to set your business up to run as efficiently as possible. You’ll thank yourself later.
Clean up your brand assets and customer touchpoints to make sure everything is working as it should. These include any retail outlets or stockists plus your website, social channels, newsletters, databases, directory listings, and affiliate networks.
Websites are a very powerful marketing and sales tool. Review your business processes and administrative tasks – is there anything that can be automated on the website to make the business run smoother? Make sure all your products and services are comprehensively listed online, with the option to purchase. Check that all incoming links to your website are working properly so you’re not losing customers along the way.
Start marketing
While potentially very lucrative with bumper events like Black Friday and Cyber Monday, year-end is also a hugely competitive time with marketers competing aggressively for consumer attention.
Heading into the final months of the year, test your audiences and messaging to find out what works where in advance. Create enticing deals, limited-time offers, or bespoke discounts based on your sales track record to lead your marketing push. Discounts are a quickfire way to ensure sales, so it’s a good idea to establish parameters that work within your business goals.
Reach out to your leads and customers with an end-of-year message. It’s a good opportunity to touch base and ask how you can better support their business as well as discuss any new products, services, or updates on your side. Personalised messages or bespoke offers tend to lead to better results. Bring a tailored proposal to each of your current customers.
Finally, if you are ramping up your marketing efforts, ensure you can handle an increase in enquiries.
Stock up
Take stock of your inventory and bulk up early. Supply chain issues are common as businesses across the board move to stock up before the year-end rush. It’s important to plan ahead and ensure your inventory matches your ambitions. Materials not used can always spill over into the new year, provided it has not expired.
Let us help you get it done
Partner with Genfin to charge your year-end preparations with working capital that does not jeopardise cash flow. Our flexible finance solutions empower your business to get ahead of the rush and take advantage of big opportunities.
Opportunity Bridge Loan
Apply for up to R5 million with a 90-day repayment grace period.
Large Business Loan
Apply for up to R5 million paid over 12 to 24 months.
Small Business Loan
Apply for up to R500,000 paid over 6 to 12 months.
Visit www.genfin.co.za for more information.
Genfin is a proudly South African company built by entrepreneurs for entrepreneurs. We understand the challenges of building, running, and growing a business. Our country’s entrepreneurs are an indispensable source of economic growth and job creation but remain limited by a lack of funding. That’s why we’re passionate about supporting SMEs and mid-corporates with accessible capital and generous terms. We don't require collateral or a business plan. We don't believe in hidden fees or early settlement penalties. We believe in growth. Our alternative lending solutions give businesses more options, more flexibility, and more opportunities to unlock sustainable growth. Genfin is backed by the Genfin Holdings Group, a leading business lending conglomerate in South Africa and the United Kingdom. Our strategic funding partners include RMB and Sanlam Investments.
