Halloween is becoming a bigger deal in the UK every year, so maybe you experienced a significant sales peak as the autumn nights drew in last year. Did you perform as well as you wanted to? If you don’t want your customers or your bank manager to be horrified at your performance, you’ll need to be prepared. How can you make sure that you’re ready for this Halloween in 2020?
Why Old Forecasting Tools Cause Business Planning Nightmares
If your forecasting and inventory management systems aren’t reliable, handling extra orders will be tricky – that means a boom in business will be anything but a treat. If you’re using data on Excel spreadsheets to predict how much stock you’ll need, you won’t have a ghost of a chance of succeeding. It’s easy for people to make mistakes when inputting and analysing data manually, particularly if several departments are using the same workbooks.
If the data you’re using is inaccurate, your forecasts will be wrong. Therefore, you won’t have the optimal amount of goods in stock. If you order too many, you’ll need to store or dispose of whatever you don’t sell, increasing your costs. On the other hand, if you don’t have enough, you may be unable to fulfil your orders. This will cause customer dissatisfaction and affect your reputation. You could also alienate your suppliers if you’re always asking them to rush more items to you.
How To Prevent Your Seasonal Peak Turning Into A Horror Show
Luckily, you don’t need to cast a spell in order to transform Halloween 2020 into a successful time for your company. Just follow these simple steps:
1) Implement A Better Forecasting & Inventory Management Solution
By using a high-quality demand forecasting and inventory management solution, you can minimise errors and manage your stock more effectively. This, in turn, will help you reduce costs. If you select a flexible, scalable solution, such as Reflex Planning’s cloud-based software, you’ll be able to make the most of your money and keep using it as your business grows.
2) Start Planning Now
If you upgrade your software immediately, you’ll be able to perfect your inventory management and forecasting processes before Halloween. You’ll also be more likely to remember to stock up on the little things, like sprinkles or edible glitter. Careful planning could give you the edge over your competitors, particularly if they run out of stock.
3) Keep Improving
The more data you collect and analyse using the latest software, the more accurate your forecasts will be. That means you’ll be able to improve your performance every year, making Halloween a far less scary prospect in future.
Find Out More
Seasonal events are tremendous opportunities for a wide range of businesses, but they can easily turn into expensive and embarrassing failures if not planned for carefully. Start your preparations now by booking a Reflex Planning software demonstration.