Seasonality, or how the time of year affects your business and sales, is an important factor when planning company goals throughout the year. Avoid the summer drought or dead of winter with these tips that’ll keep you in the peak of spring and flow of fall year after year. Here’s how you can thrive during the off-season:
1. Know the Highs and Lows of Your Industry
The most successful business owners know when their sales soar and fall. Take note of when your sales are at their best and when they tend to be shaky. This can help you adjust your finances, debt to income ratio, and future product orders.
2. Explore New Income Sources
Host events at your business to draw traffic during slower months. This gets more eyes on your products and services, providing you more opportunities for customers to make a purchase.
3. Hire Seasonal Employees
It can be easier to beat seasonality by hiring seasonal employees to work the busiest months in the year. When it starts to slow down, you can let them go without stressing over high labor costs.
4. Review Your Inventory
Do you have seasonal items that you can potentially sell during non-peak periods? It can pay off to find new ways to make your products relevant year-round. You also can clearance items to help keep your business in the black.
5. Manage Your Cash Flow
Make efforts to keep extraneous expenditures low during the off-season. This allows you to have a cash reserve in case you don’t meet your sales goals.
6. Round Up Customer Reviews
Share your positive reviews with new and existing customers to promote your business. This is another great way to bring more people in the door, especially after the busy season is over.
7. Talk to Your Bank
While not always advised, talking to your bank is an option. Sometimes a small line of credit, or other funding, can help you get through tough times without digging a hole.
Remember these tips the next time you’re in a pinch and need to fight seasonality in your business. They can help you make sure your business stays on top during peak- and off-seasons.