According to most small business owners we have talked to recently, the nations economic crisis and bailout of Wall Street has made an impact on projections for the short term but hasn’t influenced the holiday buying season as much as you might think. 75% of customers surveyed have said they expect holiday sales to be better than the previous year, while 25% are expecting sales to be about the same as last year.
A lot of people are still reeling from the past two weeks of economic flux, and are taking a wait and see attitude towards retail inventories. However due to tigher supplies with vendors and consumers taking earlier bites out of Christmas spending our advice is don’t wait too long.
The real question is why?
Why is it that entrepreneurs are saying things will be OK and the columnists, economists and analysts are all saying different?
If you are in a small business you take the responsibility for your operations. You call the shots, the products and how you market. When you see something coming you either make a shift or you take it head on and turn things into opportunities. This is what makes you successful, not necessarily your 401(k) accounts.
Those retailers that told me they expected the holidays to be better was because of certain things they have done to move their business forward. These people have added new products or services (like gift wrapping or gift baskets) and/or have opened up an online store. In every case there is a reason they expect their business to be up. We know that the federal government is not going to bail us out if we make poor decisions. Bottom line, our success or lack of it depends on how good we are at figuring out our own business. Fortunately, we are better at that than anyone else.
Nashville Wraps as a business indicator
Our year to date and even this past September’s sales were up by about 7% until the last week when the nation’s economy hit the fan, but we think that too will play out due to the resolve of American small business.
To us it says that people are buying and are anticipating using and selling what they buy. If you read our Import Troubles Blog, you will also know the importance of buying certain products now.
Another reason Nashville Wraps is doing well in this economy is that we are a market mover. We create the vast majority of products we sell. Many of you may not know, but in our main facility we have 30,000 sq ft dedicated to nothing but product development, design, and marketing. Most of our competitors do not have 30,000 sq ft in their entire business. Additionally, we employ a team of 24 artists, designers, product managers, marketing and purchasing staff to insure that we are on trend, at price and in touch with all our markets. It is nothing short of what you do in your business on a smaller scale.
So hang in there… be smart, be creative, and turn on the marketing! Even the Grinch turned into a sort of Santa and Whoville had Christmas after all.
Robby Meadows, Nashville Wraps