10 tips for strong sales growth 

Recent projections from the National Retail Federation forecast that as the economy continues to recover, retail sales will grow over 10% this year to more than $4.44 trillion.

Businesses need to be ready to take advantage of this economic upswing. Supply chain slowdowns, shortages in equipment and technology, and other obstacles may still be in the way of businesses serving their customers. Use these tips to stay ahead of the competition:

Make it easy for customers to buy from you. Ask yourself if your company has a sufficient number of payment options to allow customers to quickly and easily buy from you in the coming months. If not, consider expanding your options to include contactless payment cards mobile solutions, such as Google Pay® or Apple Pay®; or peer-to-peer solutions, such as PayPal®, or Venmo®.

If your future plans involve purchases or expansion, determine as soon as possible if you’ll need financial support. You may require financing to purchase inventory or materials for upcoming projects, or you may learn of an upcoming promotional or partnership opportunity for your business. A business line of credit can help you have the necessary cash on hand to seize opportunities and manage expenses.

Hiring may be tight for many businesses this year, so start planning now for upcoming needs. Think about whether you may need additional team members to support increases in business volume or hours, what roles you need to staff, and what skills you may want. To build the best team, you might want to post job listings — and even start to interview early. It’s also a good idea to update your training and onboarding materials, so new hires will be informed of your current workplace policies and safety protocols.

Making qualified business purchases before year end can help you offset the taxes you’ll owe. If your business has plans for new machinery, equipment, or supplies, purchasing them earlier than usual could ensure that availability doesn’t get in the way of them becoming 2021 expenses. Talk with your vendors and suppliers about any upcoming deals or offers so you can try to be ready to buy at the right time.

Evaluate your current technology solutions and consider whether they will meet your future needs. Moving manual, paper-based tasks to digital ones can make your business more efficient and improve customer service. For example, online order taking offers convenience for your customers and helps track which items are most in demand. Or an automated payroll solution can make it easier for employees to keep track of hours and time-off requests, and may help you improve accuracy and tax compliance.

Take a look at how your brand is represented online to make sure you’re ready to drive customers, to your website to encourage them to buy. Post regularly on social media to not only create awareness with current and prospective customers but to increase website traffic as well. Review your website data to see if there are any patterns in what people are looking for or the pages they’re viewing, and use the keywords they look for in your copy, URLs, headlines, and tags to improve your search ranking.

Evaluate your promotions from previous years to see which types of marketing and sales efforts work best with your customers. For example, do they respond well to buy one/get one (BOGO) offers, percentage-off promotions, or limited-time sales? Build on what has performed well in the past to create a calendar of promotions to encourage customers to return throughout the season.

Take advantage of current momentum and craft a plan to turn new customers into year-round buyers. Create a strategy to stay connected with first-time buyers via email and other channels to continue the relationship. For example, some businesses may find customers like a loyalty program that offers points or rewards for returning shoppers, while others may find success with a regular email newsletter that gives subscribers early access to new products and inventory.

If you aren’t already, consider using a business credit card to easily track the money your company lays out for business expenses. Not only does this make tax prep easier, it also helps you to easily see where your money goes so that you can make informed decisions and streamline expenses when it makes sense. Certain credit cards also allow businesses to earn rewards, which can be reinvested back into your business.

A reopening economy may have prompted you to pursue government funding, grants, or other financing that will require certain action on your part. Check with your accountant or financial advisor to determine what you may need to do by the end of December. If possible, square away paperwork and administrative tasks early, so you can give full focus to selling and customer needs during the busy end-of-the-year period. For example, if your business received a Paycheck Protection Program (PPP) loan, you may be eligible to apply for forgiveness if you meet the requirements and have the appropriate documentation.