Wyoming Business Tips for July

A monthly look at issues facing Wyoming business owners and entrepreneurs from the Wyoming Small Business Development Center (SBDC) Network, a collection of business assistance programs at the University of Wyoming.

By Audie Cunningham, Wyoming SBDC Network regional director (Fremont and Teton counties)

July is not when you typically start humming holiday tunes, but it is the perfect time to start thinking about your holiday sales season. Starting now will set you up for a successful sales season, reduce the stress of last-minute planning and alleviate tension within your team by creating a holiday marketing plan. A holiday marketing plan doesn't have to be extensive or complicated. The aim is to be simple and effective.

The holiday season is when a lot of small businesses, particularly retailers, see a big spike in sales. It’s also when consumers are doing a lot of research and shopping. During this time, it’s easy to miss the mark with your advertising, over or underspend on inventory, and have staffing issues. This is not the time to be floundering. You want your head in the game and a thoughtful plan in place.

On average, holiday sales represent 20 percent of annual sales across most industries, according to the National Retail Federation. In some industries, this figure rises to 30 percent or more. For more information, go to www.ondeck.com/resources/how-retailers-can-maximize-holiday-season-sales.

Items to include in your holiday marketing plan are:

-- Clearly defined budget: The budget could include inventory spending, seasonal staffing, decorations and staff benefits. You also should use the previous year’s income and expense data if you have it.

-- Sales goal: The plan should include a sales goal with actionable items to get you to that goal. If you want to improve your sales by 10 percent over last year, what are you doing differently from last year to gain that 10 percent?

-- Staffing calendar and schedule: Now is the time to start asking your staff if they will be taking time off so you can discover any gaps or issues early on.

-- Industry research: A thoughtful plan also includes research into your industry trends and what consumers want this holiday season.

-- Digital and physical advertising list: This should include your advertising and social media plans. These things can be incorporated into your budget if you are planning any paid advertisements. They also can be incorporated into the calendar to ensure you get all deadlines for advertising outlets.

Creating a holiday marketing plan can be an enjoyable process and a great way to get excited about the busy holiday sales season. There will always be last-minute adjustments, but understanding how the last-minute changes or additions fit into the plan will help you make better decisions. The Wyoming SBDC Network can help you create a marketing plan. Advisers can help you with a social media strategy, a holiday or annual budget, and market research.

If you are ready to start planning for the holiday season, schedule an appointment to meet with your Wyoming SBDC Network adviser to help you get started and keep you accountable for your schedule, plan and goals.

The Wyoming SBDC Network offers no-cost advising and technical assistance to help Wyoming entrepreneurs think about, launch, grow, reinvent or exit their business. In 2022, the Wyoming SBDC Network helped Wyoming entrepreneurs start 68 new businesses; support 2,411 jobs; and bring a capital impact of $5.3 million to the state. The Wyoming SBDC Network is hosted by UW with state funds from the Wyoming Business Council and funded, in part, through a cooperative agreement with the U.S. Small Business Administration.

To ask a question, call 1-800-348-5194, email wsbdc@uwyo.edu, or write Dept. 3922, 1000 E. University Ave., Laramie, WY 82071-3922.