No doubt, one of the most challenging aspects of being a small business owner is handling a fluctuating income. Month to month is not always consistent, which makes budgeting and preparation a chore. While some small businesses may be heading to a more lucrative season as winter approaches, others may be in for a dry spell. Whatever the case, check out our 5 tips for handling slow business months so your business will persevere through a more lucrative future.
- Research typical cycles in your business type. Perhaps even before starting your business, check out what is typical for other similar businesses. Knowing in advance can help keep you in the loop ahead of time and avoid surprises.
- Look ahead, plan ahead. Know what’s going to happen a good six months out if at all possible. This includes everything from income to need for employees. Make sure you have enough cash stores to get you through tougher times.
- Consider having a side income in place. Maybe you need to work part-time elsewhere during the off-season. Maybe you have another seasonal side business you create that does thrive in the opposite season of your primary business. Either way, having a plan B for finances can be beneficial to get businesses through slow business months.
- Amp up promotions. Find a way to reach customers and offer services for a discount during slower months. Get creative and find ways your business can be incorporated into their lives and be beneficial to them even when they may not actively be thinking of needing it.
- Consider seasonal employees. While good help is hard to find, many good employees are happy to be seasonal. Maybe some are teachers are are looking for another income to help get them through the summer, while others are parents and would rather not work the summer months at all. Make good contacts and stay in touch by letting these employees know they are valuable, but if your business is truly seasonal, having employees to reflect your busy times will be much more cost effective in the long run.
As we head into the holiday months of Thanksgiving through New Years, we send our warmest wishes and best of luck to our fellow small businesses. Whatever season you’re headed towards, Denver Virtual Offices wish you success in your endeavors, and will be happy to help any way we can moving forward!