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As the seasons change, so too do business operations. Spring is the time that clocks in most parts of the U.S. and Canada go on daylight savings time. For many farmers, it’s a time for planting and other work around their property. As Leo Tolstoy said in Anna Karenina, “Spring is the time of plans and projects.” What does it mean for your business?
Spring cleaning
Just about every year I post a blog on Spring cleaning for your business. Spring can be a great time to eliminate clutter and other matters that have built up over the winter months. Some key areas for cleaning are:
Your client/customer base
Your inventory (see Spring sales below)
Your debt
Find ideas for Spring cleaning in last year’s blog.
Spring sales
While your merchandise may be on your shelves—in stores or online—year round, some items are typically featured in Spring sales. Gelato lists 11 bestsellers for 2024, including sports gear and fitness attire, Spring home decorations, gardening-themed products, and travel accessories. Pay attention to the key Spring event: Mother’s Day, which is May12th this year.
Maybe you’re sitting with excess inventory. Here are some ideas to help dispose of unwanted items:
Use inventory management software to identify the good sellers versus the poor ones. If items haven’t sold in 6 to 12 months, it’s probably wise to get them off the shelves.
Hold a “Spring Cleaning” sale to unload slow movers.
Use a liquidator to get rid of inventory in bulk. Here’s a list of 18 websites to consider.
Donate items you no longer want to stock. For example, the National Association for the Exchange of Industrial Resources (NAEIR) can get unsold merchandise to schools, churches, and other non-profits. Check IRS rules for claiming a tax deduction for donations of inventory.
Looking ahead. Planning inventory for the near future is challenging given the current economic conditions—will interest rates go up or down, with consumer demand rise or fall, will there be supply chain disruptions due to Red Sea shipping troubles, etc.? Bank of America made some forecasts about inventory in 2024, but mostly these are what ifs.
Spring into new technologies
If you haven’t already done so, now may be the time to look into new technologies for your business. The Washington Post listed the top tech trends for 2024. This list may prompt you to adopt AI or other new technologies, or perhaps offer new tech products for sale.
Final thought
As Gloria Estefan said: “There are so many difficult things we’re living through in the world today, so many horrible events, but we cannot let them stop us. No matter what happens, I feel you must move forward with optimism and not get totally sideswiped.”
In my opinion, Spring is a time for that optimism.
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