Ending the Year on a Positive Note

Retailers across the country have reported sales losses this holiday season – ranging from 5.5 to 8 percent lower than last year. As reported by CNBC, it took “massive discounts, longer store hours and promotional giveaways to even get shoppers to the mall this season. Still that last minute rush could not save stores from double-digit sales declines across virtually every category.”

Many small business owners have found themselves with much larger-than-normal inventory surplus as we head into the new year. Which begs the question, is there anything we can do?

You may recall that earlier this month I posted, “‘Tis the Season for Repurposing Excess Inventory,” in which I shared several strategies for breathing new life into slow-moving inventory. Perhaps you implemented some (or even all) of those ideas, and still find yourself sitting upon mountains of merchandise.

You still have options.

• Consider listing these items in multiple venues – specifically in online sites such as Amazon.com’s Marketplace, or auction sites such as Ebay or Bid4Assets.
• Free classifieds at Craig’s List offer you the opportunity to drive traffic to your own website, or listings at other venues. You can also renew the listings once they expire.
• Consider donating a portion of your inventory to a worthy charity such as the Salvation Army. One-hundred percent of the proceeds from their Family Stores benefit the Salvation Army’s Adult Rehabilitation Centers, making them self-supporting. These stores offer furniture, clothing and home items to the community at bargain prices, and also provide a place for participants in the program a place to work — helping them to build self-esteem and gain valuable work experience. You can learn more about how to dontate, and even schedule a pickup of your items by visiting their website.

If you do decide to donate items to charity, you’ll want to make sure you follow the best practices for doing so, in order to make sure your donation is documented properly. Avoid an IRS audit by insuring you are following the best practices.

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