As a business owner Black Friday is an opportunity that you just can’t pass up on.
There are loads of deals on technology, office supplies, tools and so much more! If your business is in need of a purchase, you should definitely wait until the biggest sale day of the year.
Here’s 4 ways you can take advantage of Black Friday without spending money for the sake of it:
Best Black Friday Tips For Business Owners
1. If Your Business Needs It Right Now: Grab The Deal!
If you spend a few minutes thinking about your business, there will likely be a few things that come to mind that you could purchase and it would have an immediate impact on your business.
Perhaps it’s a mobile card reader, business cards, a new laptop…
Making a purchase on these things will never be a regret! Search online and try to find the best deal available right now and grab the item now.
If it looks like a special deal, and will benefit your business right now, then go for it!
2. Don’t Rush In On Things That You May Need!
You’ll lose money if you impulse buy and your business doesn’t really need it.
If you’re in two minds over buying something for your business, weigh up when you might need it for in the future.
Consider future sale dates: New Years Day sales, January sale, Amazon Prime Day in the summer.
There will always be another day of sales, so don’t rush into a purchase under pressure.
If you don’t need it right now, then hold off and don’t live with the regret or wasted money.
3. Track Items For 6 Months After Black Friday
We posted a blog this week that showed evidence that products that fail to sell well at Black Friday almost always get a bigger discount within the following 6 months.
Make a note of the items you were unsure of, and didn’t take the plunge on this Black Friday. Record what price there were too!
Then spend some time (once a week or once a fortnight) to have a search online to see if the product has been reduced further.
Statistics show that they probably will have! And there’s nothing better than feeling like you’ve got an even bigger discount than what you could have got a few months ago.
4. Use Your Financial Data To Work Out The ‘Good Deals’ From ‘The Bad’
This tip works particularly well if there is an essential item that you buy regularly for your business.
If one of these items is discounted on Black Friday, or any other sale, you can compare the sale price to the average spend your business usually makes on that item in a given period of time.
For example… if you buy office paper in bulk for your business, you will be able to work through your expenses and calculate what your average spend is on office paper.
If it works out to be cheaper at the sale price, you can work out how much you could save if you bought a years supply now, rather than make multiple payments throughout the year.
Being able to compare the average cost across a year, can help you to save some money by buying it all on one day at a discounted price!
To do this, you’ll need to ensure that you have a real time view of your finances, which Xero and our bookkeeping service can help you make steps towards achieving.
Take a look at our services on our website for more information, or fill out the form below and someone will be in touch.
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