Can Your Business Survive a Slow Season?

It is essential for small business owners to know this truth: there are always slow seasons in business. There are two keys to dealing with slow seasons. First, determine whether you are prepared to survive a slow season. Second, knowing what to do to make it through a slow season. 

When Do Businesses Experience Slow Seasons?

January and February are generally the slowest months for retail businesses as customers recover from their holiday spending and focus on post-holiday spending recuperation. Online sellers experience seasonal highs in November and December, with now traditional events like Black Friday and Cyber Monday, along with the frenzy of holiday shopping. However, those businesses experience slower sales during the post-holiday months and the summer months. Obviously, there are highly seasonal businesses like skiing, for example. Other businesses will have their own seasonal sales patterns to deal with, and it is important for them to determine how to deal with and survive a slow season. 

Can Your Business Survive a Slow Season?

Use these tips to know if you can survive a slow season and how to prepare for a slow season: 

1. It is essential to know what seasonality influences your industry and your business so that you can prepare in advance. That will include knowing the timing and duration of the slow season. 
2. Organize your finances. Examine your sales trends, given your annual sales forecast. Examine your expense trends and utilize a cash flow forecast to determine how much money you will have to work with during the slow season. Examine your expenses to see where you can cut costs without impairing your sales, brand image, or customer experience. 
3. Get rid of excess inventory. 
4. Determine if you will need financing to cover ongoing expenses or to purchase needed inventory. 
5. Update and strengthen your marketing plan. Make every effort to stimulate sales against a softening trend. 
6. Brainstorm off-season revenue streams. 
7. Check in with your customers to ensure their continued loyalty. 
8. Invest in business improvements. 
9. Diversify your product or service lines.  
10. Consider changing your business hours. 
11. Have a “rainy day” fund secured to prepare for the slow season.

Survive a Slow Season by Doing These Things

First, communicate thoroughly with your employees so they know the conditions you face. Use their (and customers’) input and criticism as opportunities to improve. Second, partner with other businesses that offer complementary but not competitive products. Utilize promotional tactics such as loyalty offers, discounts, and specials. Third, ramp up your social media presence and digital marketing tools. Fourth, use this time to make business updates and upgrades. Fifth, use this time to plan so that as the busy season returns, you are well-prepared for the upturn. Sixth, use this time for extra employee training. Seventh, test new strategies. Seventh, learn more about your customers. Eighth, find ways to save money without hurting effective business operations. Simply know that with proper preparation and effective actions, your business can survive a slow season.

Seek Professional Business Coaching Assistance 

Contact Blue Diamond Consultants, doing business nationwide. Our coaching services are based on extensive experience through previous success for home service provider businesses. Ready to take your home service business to the next level? Let us help you grow and utilize your potential.