By Kelly Gregorio
Now
that things have calmed down you can get a jumpstart on the season
ahead, numerically speaking.
While in the busier months you likely “kept on top” of your numbers, now is the time to really study them. Take your accounting into your own hands, study your sales and make predictions for your next busy season.
Throughout
the course of a year, a lot of business will experience highs and
lulls. Some months might be bursting with customers and sales, while
others feel close to bone dry. As time has progressed you’ve
probably even been able to anticipate when the wave will hit, and
consequently, when the tide will recede.
When
the slower months are upon you, chances are you’re exhausted. In
desperate need for recovery, you might even take a little
vacation, but don’t fall asleep on that lounge chair for too long!
There is plenty to get done during your business’s slow season
too. Follow these three tips and better prepare yourself for next
season in the processes.
Get noticed
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Business downtime is a marketing opportunity |
While
business was booming, your to-do list was likely growing. Plenty of
things get pushed to the back burner during your busiest stretch, and
marketing might have been one of them. Take advantage of your
quieter days and jump on that social media bandwagon you’ve
probably been neglecting.
Sure
you’re on Facebook, but have you and your team made a Vine video
yet? And ok, you might be on Twitter, but when was the last time you
hosted a tweet up?
Now is the time to engage with your digital reach; post insightful
blogs or share some fun photos. Your storefront or site may be slow,
but that in no way has to coincide with the amount of people that are
thinking, talking and interacting with your brand.
Get organized
![]() |
Improving efficiency during downtime pays dividends later |
While in the busier months you likely “kept on top” of your numbers, now is the time to really study them. Take your accounting into your own hands, study your sales and make predictions for your next busy season.
You
might also be concerned with cash flow now that business is not as
booming. Consider tightening the terms of your invoices to keep
funds flowing. Asking for a portion of payment upfront, rewarding
early payments with a discount and penalizing those that come in late
will keep some much needed working capital at your fingertips.
Get ready
Now
is the time to clean house, make those renovations you’ve been
meaning to get around to and replace any equipment that did not make
it though your past season. Consider capitalizing on a discount by
stocking up. Many suppliers will cut the cost of your staple
inventory if you choose to buy in bulk.
Now
is also a good time to reevaluate your staff. Make cuts where
necessary and make room to welcome some new talent.
Hire based on the needs that became apparent during your last season
(marketing, customer service, etc.) Your slow season is the perfect
time to implement some educational training on both duties and
company culture alike.
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Restructuring human resources during business downtime allows ample time for training |
As
mentioned, cash flow may be an issue this time of year, so keep your
options open. Fundraisers like crowdsourcing or lump sums like a
merchant cash advance can get you the working capital you need now as
a way to prepare you and your business for its booming future.
Happy
slower season!
What other activities should entrepreneurs undergo when business slows down?
What other activities should entrepreneurs undergo when business slows down?
About
the author:
Kelly
Gregorio writes about small business trends and tips while working at
AdvantageCapital Funds,
a
company that provides businesses working capital.
You can connect with her through the comments section of her daily
business blog here.
* Images: 1. Morguefile; royalty and attribution free 2. Lusi; RGBStock, royalty free 3. Deborah New; CC BY-SA 3.0