Whether you run an ice cream stand on the beach of sell office supplies to the government, your business is likely affected by seasonality. And as a seasonal business person, you may find yourself asking these two important questions -
- How do you make the most of your busy season?
- How do you keep the momentum moving forward in a slow market?
No one can prepare you for every possible emergency but count on these six tips for developing and sustaining a season-proof business.
Here are some tips to consider while running your seasonal business.
1. Use the Downtime Productively
Taking a vacation on off-season won’t help your business thrive. Brainstorm seasonal business ideas, stay active on social media and update your marketing collateral and website. It can also be a convenient tool for researching seasonal business trends that may encourage you to make changes to your business.
2. Manage Cash Flow Effectively
Managing your payables and receivables can help you ensure that cash flow isn’t compromised at any time. To help control the amount of cash that is going out, try to negotiate extended payment terms from suppliers to spread out the amount owed on goods that you purchased before the peak season and haven’t sold yet.
3. Develop Alternative Source of Income
You shouldn’t allow any additional streams of revenue to interrupt or take focus from your core business. If you need to make, ends meet during the rest of the year, making sure you have extra cash flow will ease the tension. Think about trading products that are essential during other seasons, if you have the means.
4. Manage the Expectations of your Employees
Employees are an essential part of your business. But when you’re running a seasonal business, seldom it merely isn’t possible to keep people on payroll twelve months of the year. Be sure to manage your employees’ expectations, making it very clear that it’s a seasonal job. If you’re able to keep a fixed unit, ensure that they have soft skills that can change to planning, preparation, and tasks that are modified in the down season.
5. Upgrade your Planning Skills
Look ahead at least six months to plan competently. To carry the company through slower periods (the shoulder season) and complete pauses (the off-season), consider stocking away cash reserves during the busy months. Look hard at every detail, from inventory to staffing, to avoid tying up cash needlessly during quiet months.
6. Get Ready Early
At the end of the seasonal business days, chances are you’re drained and ready for a break. Don’t let that stop you from getting ahead of schedule. While you may have to take down interior decorations or equipment, depending on your situation, you can keep yourself organized and leave clear instructions for the coming year.
Owning a seasonal company can be an exciting venture, but organization and innovation are essential to get the taste of success. Since your seasonal business has a few months to bring in most of your funds for the year, every effort counts. These small tips jotted down by us can help you prepare to take on whatever comes your way.
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