Plan your holiday sales in summer - your competition is!

Many industries are already well into the planning and buying cycles for seasonal inventory; for others, now is prime time to think carefully about how you will manage your resources (time, money, people, space, inventory) for the upcoming retail sales season.

Ensuring there is a cycle of targeted planning and activity taking place throughout the year will help you take advantage of these seasonal peaks. It is critical for businesses to establish and maintain an ongoing marketing and planning calendar to make sure they are not surprised by critical issues like cash flow. There are several key steps to implement to maximize the opportunities for your business.

Keep everything up to date

Remove and refresh sale items and promotional content from websites once sales are over – nothing is more frustrating to customers than out-of-date web promotions. Nothing says your business is “irrelevant” to your customers more than out-of-date promotions or last season inventory offerings.

Review last year’s figures

Examine what worked well and identify causes for peaks in sales activity. This will help you understand what seasonal peaks are likely in the year ahead to take advantage of based on last year’s success.

Keep stocked up for those critical times

Analyze items in the inventory that sold better than others for specific events or times of the year and ensure there is enough stock in place in the upcoming year to meet this demand again.

Break down into quarterly plans

Having quarterly plans reduces the possibility of retailers overestimating on the amount of stock needed for a quarter, as well as ensuring popular items are available at the right time – it also, helps identify cash flow challenges you can anticipate and resolve.

Planning is key to ensure sales opportunities are maximized and the bestselling inventory from the year is ready and available – knowing what items are most profitable in addition to which sell through best is critical. Selling lots of items that lose money is not a winning strategy.

To ensure you have stock available for shipping when it’s required, use your calendar, and count back from each event to when you need to:

• Identify what inventory you will need (60 days prior)

• List key inventory (45 days prior)

• Have 100 percent of inventory listed (30 days prior)

• Have sold/dispositioned half seasonal inventory (15 days prior)

NOTE: If suppliers are relying on international shipping, check in 150 days in advance to get confirmation they will have the stock you plan to be selling.

Follow these suggestions as you contemplate the readiness of your own business:

Preparation

• Create the list of vendors to be used

• Check status of or apply for customer status with vendors

• Contact each to inquire about seasonal purchases, get order and shipping schedules

• Get a list of price points, Free On Board, volume discounts, off invoice allowances, rebates, prompt payment discounts and dating programs

• When the vendor says they don’t offer those, insist they do and demand the information

Prepare Orders

• Put above vendor info on an excel worksheet for scheduling and order development

• Contact the sales department for each vendor and ask for order recommendations, velocity reports and promotion schedules

• Create an order calendar for each vendor using info from sales

• Go back to the excel worksheet and run the numbers for each vendor, with landed costs.

• Determine Economic Order Quantities for each vendor/ merchandise category

• Develop a pro forma order for each vendor and send to the sales rep for confirmation of availability and current pricing

• Use the order confirmations to set up an order and receiving schedule and receiving report for each shipment Finance

• Use pro forma orders to arrange invoicing dates, dating programs and vendor credit

• Discuss additional needs with lender

For more Petrick, see page 9

• Place orders

Marketing

• Use the receiving schedule to develop the marketing schedule

• Lead times vary by category and customer base, poor neighborhoods time promotions for the first of the month, etc.

• Work with outreach channels, prepare and proof collateral

• Make arrangements/order buy for direct mail, blow ins, web based and (Point of Purchase) POP

Receiving/Stocking/Follow up

• Use the receiving schedule and purchase orders to check in incoming shipments, document overages, shortages, misships and damages

• Use the receiving schedule to create a stocking schedule to advise stockers when and where to display the seasonal merchandise/POP

• Document and liquidate or donate residual inventory, use documentation as a basis for next year’s orders

• Survey customers for insight into consumer satisfaction with the seasonal program

The competition is keen. Make sure you are prepared to take advantage of your strengths and cultivate your customers throughout the year – they and you will benefit.

This article was prepared by Jerry Petrick, certified business adviser, MBA, with the Business Development Center in Kelso. Jerry provides no-cost, confidential business advisory services by appointment. He can be reached via email jerry.petrick@wsbdc.org

Shout Outs!

It was a beautiful July day to celebrate community leader and volunteer of the year Arleen Hubble. Thank you to Sen. Jeff Wilson, his wife, Trish, and his mother Judy, for honoring Arleen with a beautiful plaque that will be at Lake Sacajawea for her and others to enjoy.

A fundraiser to help Lower Columbia College students overcome financial burdens and finish their degrees surpassed its goal by about $4,300.

This year, The Daily News’ Students in Need fundraiser ran from March 19 to May 28 and raised $39,372.56. The grand, eight-year total for the drive is $291,922.89. This year instead of processing payments and receipts, donations were sent directly to the LCC Foundation.

Unlike other scholarships, the fund can be used not only for tuition and books, but also for test fees, emergencies in areas like housing, heating costs, childcare expenses and transportation.

PeaceHealth St. John Medical Center was awarded an ‘A’ in the spring 2023 Leapfrog Hospital Safety Grade, a distinction recognizing Peace-Health St. John’s achievements in protecting patients from harm and providing safer health care.

The Leapfrog Group, an independent national watchdog organization, assigns a letter grade, A-F, to general hospitals across the country based on over 30 national performance measures reflecting errors, accidents, injuries and infections, as well as systems hospitals have in place to prevent harm.

Coming Up

Squirrel Fest Aug. 19, R.A. Long Park at Civic Circle https://lvsquirrelfest.com

Longview Centennial Gala 5:30-11pm Sept. 8 at Grant’s at the Monticello Hotel. Lighted drone show, dessert, dancing. www.longview100.org

Longview Early Edition Rotary Harvest Classic 5K-10K Walk/Run Oct. 7 www.rotaryharvestclassic.org

Share your brief business news with us for possible publication –email ksisson@kelsolongviewchamber.org

Calendar August

1 Ribbon Cutting Cowlitz 911 11am, 2790 Ocean Beach Hwy., Longview

3 Ambassadors Meeting

7:30am, Canterbury Park

Ribbon Cutting Neater Maids Inc. 11am, Chamber Office

15 Ribbon Cutting Guy Rathbun Post 25 The American Legion 10:30am, 301 Allen St., Kelso

Business After Hours

5:30-7:30pm, Cowlitz Indian Tribe

17 Ribbon Cutting Capital Business Machines 11am, Chamber Office

24 Ribbon Cutting Uncaged Cycles 10:30am, 537 14th Ave., Longview

Ribbon Cutting Tyree Oil 1pm, 1358 S. 13th Ave., Kelso

Your Chamber Connection Radio Show, Wednesdays, 6pm KEDO 1270 AM or 99.9 FM

Looking Ahead

SEPTEMBER

8 Boot Camp Series begins and continues Sept. 15, 22 and 29

7:30am, American Workforce Group

12 Business After Hours Northwest Enforcement, 5:30pm

22 Quarterly Membership Luncheon Port Report, 11:30am, Elks Lodge No. 1482 900 Ash St., Kelso

For a complete list of Chamber and Community events, check out our website.

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