How to Take Advantage of the Off-Season to Grow Your Business
Periodic slow downs and lulls in revenue are normal in any business, but clearly seasonal industries have one key advantage: they can prepare for it. The keys to successfully navigating seasonal fluctuations are planning ahead and making use of the lull in activity to put systems in place that will help your grow your business. Here are five tips for coming out of the off-season bigger and stronger than before:
- Keep in touch with customers.
Don’t fall off your customers’ radar! Use some of that free time to market – or just stay in touch with your customers. By maintaining a relationship with them in the off-season, they’ll be primed and ready to do business with you in the high season.
- Do a ‘year-end’ review.
Companies often hold their year-end reviews to follow the Gregorian calendar – but this doesn’t always make sense for seasonal businesses. For you, it may make more sense to arrange this review at the end of the high season.
Work with your team to understand how well you have done at meeting your business goals during the busy period. Find out where you fell short and put a plan in motion to fix it, whether that’s training employees or solving cash flow problems.
- Look for alternative revenue streams.
If you can’t be flexible with your assets, then it may be time to create new ways of generating revenue. Perhaps you’re a summer ice cream shop that can’t get out of a lease in the winter – consider expanding your offerings as a dessert shop or coffeehouse during this period.
- Develop your sales and staffing plans.
The off-season is a great time to plan for the following year. You’ll have a better idea of the revenue generated and how much money you need to put away to carry the business through the low seasons.
- Take a vacation.
Thou shalt take vacation! There’s no sense in working yourself to death, so take the time to appreciate your accomplishments and spend time with the people who are important to you.
Need help making the most of your off-season? Get in touch with us today (289-466-5210) – we don’t charge to chat!