By Mykayla Goodwin on 15 Nov 2019
With October in the rearview mirror and December quickly approaching, it’s easy (and tempting) to mentally flag certain business activities or investments as “Q1” or “next year” projects. Between the hustle and bustle of the holidays and all of the end-of-year things you need to check off the to-do list for your business – it’s a busy time of year.
In between managing the day-to-day business, it’s important to plan for the future and make the investments you need to continue driving sales and winning customers.
Here are three reasons why you should partner with OrderMyGear today for your eCommerce initiatives for the new year:
New year, new you – plus a new calendar of events and activities, new budgets, new professional and organizational goals, and more. While January brings a fresh start, it can quickly become overwhelming because of the number of things you’re suddenly facing in the year ahead.
So, why not get ahead of the game?
Investing in the right technology and processes now ensures you’ll be ready to offer the best customer experience and attract new business – a win-win for you and your customers.
The convenience of eCommerce coupled with an increase in options and low switching costs has customers buying new products from new companies in new ways. eCommerce technology is not only redefining customer expectations, it’s also redefining how companies market and sell their products. Despite its popularity with customers, many companies have not yet adopted digital sales channels, creating a significant opportunity for those that have.
Offering your customers custom online stores for easy group sales is a great way to capitalize on the growth of eCommerce as well as differentiate from competitors. The best way to get started is to start small and with a learning mindset. The end of the year can be an ideal time to experiment with new concepts as you start placing your bets for the upcoming year.
For example, you could launch one or two online stores as a “pilot” to gauge your customers’ appetite for certain types of products, brand preferences, or sensitivity to price points. Starting small with a few stores is also a great way to gather early feedback so that you can make adjustments to your stores or overall strategy before launching additional storefronts after the new year kicks off.
Timing is everything, especially when it comes to making investments for your businesses and launching new services for your customers. The end of the year can be a great time to review your profit and loss (P&L) statement to determine if last-minute purchases make sense. Perhaps there is unspent budget available or you exceeded annual revenue goals and have additional cash flow.
Thanks to Section 179 of the tax code, organizations can reduce their tax liability by expensing certain types of “property” purchased during the year instead of depreciating it over several years. Accelerating deductions under Section 179 can be especially incentivizing because it allows you to invest in revenue-generating assets- like software- without compromising your cash flow.
It’s important to note that simply receiving an invoice is not enough to qualify for the deduction – you must purchase and start using the “property” before December 31st. Check out the official Section 179 website for additional details about the types of items that are eligible and to monitor updates.
By strategically planning the timing of purchases like software, you can reduce your tax bill and free up funds to reinvest in the business. End-of-year purchases can help your hard-earned dollar go further and set your business up for a productive and profitable year.
Disclaimer: This is for general informational purposes only. Be sure to speak to your accountant, CPA, or a licensed tax professional to determine the best option(s) for your business.
Investing in software and technology for your business today instead of waiting for the new calendar year has significant benefits, and early preparation allows you to start the new year strong.
OrderMyGear is an e-commerce platform delivering clients the ability to create unique online stores with personalized apparel and gear for corporations, teams, and schools. Our solutions give businesses the advantage of cutting-edge technology to efficiently sell customized merchandise online. Through our integrations and partnerships with all major sporting brands and apparel designers, along with our custom website builder, we simplify the collection, customization, and distribution of products to the end consumer.
For more information, visit the OrderMyGear website here.
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