Edge Retail Academy Blog

After Holiday Tips

  • OBJECTIVES & STRATEGIC PLANNING – It’s time to set your bold 2018 objectives.
    • Take time out of the store to review what worked last year and what didn’t.
    • Review your ‘2017 Holiday’ journal.  What did you do, when and how did you do it, how did it work?
    • Review what your opposition did and what impact it had on your business?
    • Review your Staff performance.  Who gets to stay …
    • Review your Vendor performance.
  • FINANCIAL – Chances are you will have more money in your bank account after the holidays so you need to make sure you spend it wisely.
    • Set aside enough money for sales tax, federal and state income tax.
    • Set aside funds for vendor payables that will come due in January.
    • Pay off debt – credit cards, and interest-bearing loans.
    • Start an emergency fund for 2018 worth 3 times your monthly expenses.
    • Invest your money:
      • Max out your 401K
        • Under 50, $18,000
        • Over 50, $24,000
      • IRS limits
        • Under 50, $5,500
        • Over 50, $6,500
    • Take a distribution or bonus from the company after the first 4 above have been accomplished

Leave a Reply

Your email address will not be published. Required fields are marked *