Fourth Quarter Entrepreneur Skills-What areas should you focus on improving as the holidays approach?

Inside the Emporia Main Street office, we often talk about “coaching” skills and improvement. A lot is asked of today’s entrepreneurs, and understanding the skills that small businesses need to practice can enable better business results. The following are five basic focal points to help you grow through the holiday season.

1. Community Engagement and Networking: Active participation in community events and collaboration with local organizations are essential. Entrepreneurs should engage with local festivals, parades, and Emporia Main Street initiatives to increase visibility and build relationships. Networking with other local businesses can lead to partnerships, cross-promotions, and a stronger support system.

• Action Steps– Make a list of upcoming activities and a plan for your business to get involved in each specific activity. Create a list of local competitors or those that share similar customers that you can form a cooperative relationship with, and plan joint activities.

2. Digital Marketing and E-commerce Proficiency: Mastery of digital marketing channels is crucial in today’s market. Entrepreneurs need skills in social media management, email marketing, search engine optimization (SEO), and online advertising to reach a broader audience. Establishing an e-commerce platform allows businesses to sell products online, catering to customers who prefer online shopping, especially during the holiday season.

• Action Steps– Have Emporia Main Street or another trusted source conduct an assessment of your digital presence. Develop a 4th quarter outreach plan that targets the individuals in the region most likely to utilize your goods and services.

3. Exceptional Customer Service and Experience Design: Providing outstanding customer service creates loyal customers and generates positive word-of-mouth. Entrepreneurs should focus on personalized interactions, prompt service, and resolving issues effectively. Additionally, designing an inviting store layout and ambiance enhances the overall customer experience.

• Action Steps- Have an outside group “shop” your business (like the Emporia Main Street Hype Team) to gain an outside perspective of your customer service and design elements. Engage Destination Business habits through learning modules CLICK HERE.

4. Financial Planning and Inventory Management: Effective financial management ensures sustainability. Entrepreneurs must develop skills in budgeting, forecasting, and managing cash flow, particularly during the peak holiday season. Efficient inventory management is also critical to meet customer demand without overstocking, which ties up capital.

• Action Steps- Calculate your inventory ratio for individual products and segments within your inventory. Use your inventory and targets to communicate focus points to your staff, and adjust via reorders or up-stocking for the season as trends present themselves.

5. Adaptability and Innovative Problem-Solving: The business landscape can change rapidly due to economic shifts, consumer trends, or unexpected events. Entrepreneurs need the ability to adapt strategies quickly, embrace new technologies, and find creative solutions to challenges. This includes exploring new business models like pop-up shops, curbside pickups, or virtual events.

• Action Steps- This is the most difficult element to coach, but small businesses need to be able to pivot to take advantage of opportunities or mitigate threats. Use your staff and Emporia Main Street to talk through changes in the market. Note things like weather, consumer attitudes, events, and more to adjust to alterations in the marketplace by developing evolving action plans.

These five areas can help you create some additional competitive advantages over the holiday season. Neglecting any of these areas can put your business at a disadvantage. If you need any help in these areas, please contact Emporia Main Street.