Before you know it summer will be winding down, and that means the long stretch of slower, colder months. Don’t let that freeze up your revenue. Now’s your chance to have your business booming all year-round in ways you would have never imagined. Here are four tips on how to succeed as a seasonal business.
Keep in Touch With Customers
Don’t forget about your customers. You should do this by staying active on all of your business’ social media accounts. You want to maintain visibility so when the season comes your customers will reach out to you first. This helps you turn one-time customers into repeat clients because they remember you.
Another tactic to stay connected is to start a weekly or monthly newsletter showing deals on the services and products your business provides. You can do this by asking for email addresses on check out or by making it a part of your paperwork process. That way, you can stay in touch by sharing benefits to using your business over others. This will help your customers keep you top-of-mind all year long.
Manage Cash Flow Responsibly
Managing a seasonal business’ inconsistent revenue and cash flow during the off-season can be tricky. The first thing you need to do is identify where your business stands financially at the end of the season. This will help you get a better understanding of what your profit, revenue, and savings are.
Once you have a good idea of your liquidity, it’s important to create and stick to a budget. Being aware of spending helps you use your money wisely, which ultimately helps your bottom line. Getting a second opinion from a financial advisor is a good idea, because they can help you develop a financial plan that‘s tailored to your unique business needs and keeps you accountable.
Prepare for the Next Season
Your business’ off-season is the perfect time to get ahead of schedule. You might be tempted to use this time as a long vacation, but this will only set you behind top competitors. Take initiative, stay active, and be involved. You should use this time to brainstorm ideas on how to grow your business. Do some intensive research on seasonal business trends, new marketing strategies, and competitor’s websites.
Depending on your business, you should consider building your inventory and earning new customers. Acquiring equipment can fulfill those needs and help your business expand. Good news; financing doesn’t have to make a dent in your business’ budget or your wallet. Financing companies like Beacon Funding work with you to help you achieve your business goals with a quick and easy process.
Beacon offers the flexible financing that your business needs to be successful, including skip or step payments. These plans are made for businesses that make revenue on a less-than-typical schedule. The Skip Payment plan allows you to skip payments during the slower months. This helps alleviate some of the stress that comes with managing your cash flow and irregular revenue. The other financing option, Step Payment allows you to choose a higher or lower upfront payment. This allows you to have more flexibility in how you make your payments. You can either pay less upfront increasing your payments month-to-month or pay more upfront decreasing your payments month-to-month. The best part about this is that you can decide based on your business’ revenue trends.
Get Your Side Hustle On
Consider diversifying what your business offers. This might mean expanding on your product selection or offering similar services depending on the season. For example, if you are a pumper business you could venture into the portable toilet industry. This makes for a busy spring and summer servicing outdoor festivals and events. Or if you run a lawn care business, consider providing a snow plowing service. This will keep you busy and generating revenue in the slow winter months.
You’re hungry for business during your busy season, right? So you should feel confident carrying that momentum all year long. With these helpful tips you will be on the road to success during your business’ off-season. Keep building relationships with your customers, create and stick to a budget, get new equipment with flexible financing, and venture into a new market. You better get going and start making every season your busy season!