How Your Business Can Prepare For A Slow Season

October 8, 2019
42 Views

Depending on the industry you operate in, your business may see spikes in profitability at certain times throughout the year.

If this is the case, you’re likely also experiencing slow months in between, which can lead to cash flow concerns for your operation.

Rather than accepting these periods of slowness as is, consider the following four strategies to boost cash flow and set your business up for success all year round. 

Offer promotions

One of the most obvious ways to prep for the slower months is to think about promotions. Do you have any leftover inventory that you can offer at a discount for an off-season special? Are you willing and able to host a giveaway? Is there a particular sales event that you could host, such as a one-day sale or a deal of the day? Can you bundle a freebie with purchases over a certain dollar amount? 

Think long and hard about what you can offer to get more people through the doors. What is relevant to your customers this time of year? Give it some thought, and consider testing different types of promotions to see what is most effective.

Focus on low-budget, high impact marketing and advertising

During the slow season, you may have to decrease your marketing spend — but that doesn’t mean you have to give it up all together. There are numerous ways to get the word out about your business on a shoestring budget. 

Social media, blogging, email marketing and in-person events are all viable ways to promote your business without breaking the bank. You can invest in these mediums and offer value with little harm done to your bottom line. Consider teaming up with other local businesses on these initiatives by co-hosting a joint event, or an Instagram giveaway. This can introduce new patrons to your business, and potentially result in a boost in sales. 

Another low-budget, high-impact marketing idea you should consider implementing is a loyalty or referral program. Maybe you own an ice cream shop, and can offer a punch card to encourage folks to keep coming back. This can be one of the most effective ways to bring in more traffic and retain your existing customers. 

Use the seasonal lull as a time to make big improvements 

If things are slow, take advantage of the slow down to make the big improvements to your business that you’ve been putting off. Sometimes the slow season provides a great opportunity to start that remodel or expand into other products or services.

In the end, you may feel hopeless about profits right now, but that doesn’t mean you can’t think about the future. Run some surveys before the downtime starts to find out what your customers want. Then, use the slow season as a time to make things happen.

Consider small business financing as a strategy

A small business loan might be the best solution to help keep you afloat while you wait for things to pick back up. Look into your business financing options, and consider what makes the most sense for your operation. Maybe you are simply in need of a flexible form of funding to hold you over for a few months, or maybe you’re in search of a larger amount of capital so you can invest in a growth opportunity.

Loading…

You may be interested

Why NSITF Managing Director, three Executive directors, others were suspended over infractions
Entertainment
1 views
Entertainment
1 views

Why NSITF Managing Director, three Executive directors, others were suspended over infractions

admin - July 5, 2020

More facts on the infractions and high-level disregard to accountability and extant rules allegedly committed by the top management of…

Equities investors lose N257.1bn as market decline by 1.98%
Entertainment
1 views
Entertainment
1 views

Equities investors lose N257.1bn as market decline by 1.98%

admin - July 5, 2020

Equities market shed 1.98 per cent of its value last week, owing to profit-taking amidst weak oil price as well…

Post-COVID-19: Brian Tracy, Other Experts To Speak At GOTNI Global Leadership Masterclass
News
News

Post-COVID-19: Brian Tracy, Other Experts To Speak At GOTNI Global Leadership Masterclass

admin - July 5, 2020

The GOTNI Leadership Centre is hosting leadership experts at the GOTNI Global Leadership Masterclass from the 29th to the 30th…

Leave a Comment

Your email address will not be published.