Black Friday, Business-Savvy Edition

Posted by Craig Schwipps on November 24, 2016
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Business Acumen for Black Friday

I don’t know what we’re yelling about!” -Brick Tamland

There are two very different, and very strong reactions I’ve found when people hear the words “Black Friday.” One reaction is to get excited and giddy for the thrill of the hunt! The shopping experience of a lifetime where great bargains can be found for hours and you have the chance to secure that one present that little Clyde has been wanting all year. The second reaction is feeling the madness and dread of the holiday season crash upon you like a wave after eating too much turkey as you witness people bite, scream and act as though we are living in a zombie apocalypse.

Why does Black Friday cause such a strong reaction? Because it’s a day where masses go out and spend a lot of money. Organizations have just as strong reactions to Black Friday as you do. Even with sales and discounts, this is a day where many businesses will see a huge spike in their revenue. They’ve been strategically planning for it. But Black Friday is also an opportunity to look at the impact of business acumen training. Perhaps you’re waiting in a Black Friday line right now as you read this. Think about these ideas as you browse around (or fight for your life) today.

If your business is centered around retail, have your employees been given the proper business acumen training that will not only allow them to survive on this day, but THRIVE on this day? It’s well and good if you know all about your products and how to operate a register. But with this much foot traffic, it’s a golden opportunity to increase repeat customers by showing how fantastic your organization is. And the employees that show outstanding customer service this day are the ones that have a thorough understanding of how the company operates, and feel secure in their role and function within the organization. These are the employees that are not there only for the increased pay, but for the satisfaction and desire to see the company succeed.

If your organization is involved in another enterprise, have you considered how this day impacts your own business and you personally? I’m not just talking about the impact to your wallet (though that is important). How many of your own team members are out and about shopping on this day? How will your office be affected financially and operationally if it is closed today? How will you capitalize coming back on Monday after a holiday week? Are there any strategies you see stores employing during this “holiday” you can take back with you and spark an idea in your organization? These are the types of questions you and your team members will dwell on when you have proper financial understanding of your organization and know where it needs to go.

I wish you well on your buying journey, but wish you even more success on your business journey. Business acumen training is the answer to create growth, identify drivers that impact profitability and build employees’ understanding of where they can contribute best. Get the edge for 2017 and start thinking of ways to turn Black Friday into a stepping stone to better business in your organization.

 

 

Topics: Business Acumen