Q: Why is it important for franchisees to plan for the end-of-year holiday business season?
One of the most unfortunate situations for any business is not being able to meet demand due to low supply. Given the months of November and December remain one of the busiest times of year for franchises, it is important to review last year’s inventory and plan well in advance.
Demand cannot always be accurately anticipated, due to new trends, products and services, but if you have a deep understanding of your business, local market and competition, you should have no excuse for lack of supply. By reviewing the previous year’s sales and combining the data with this year’s figures so far, you should be able to forecast the necessary supply levels.
Similarly, you may need to reflect upon staffing levels. Alert employees if they will need to work more or less hours during the holiday season. If you need to bring in more staff, start looking before the best talent is snatched up.
Q: What business measures should franchisees consider specifically for the holiday season?
The winter holidays are the biggest spending months for Canadians, but while many are prepared to spend more, others are actively on the lookout for discounts. With that in mind, there is an opportunity through careful pricing to both please current customers and attract new ones.