If your business is seasonal in nature, the “off-season” can be financially draining for businesses. Surviving the months of the “off-season” can be the difference between “make” or “break” for many seasonal businesses. However, it doesn’t have to be that way! There are ways that your seasonal business can survive off of their seasonal money during their “off-season” months by leaning down their budget and counting their pennies.
The following are 4 tips to help make your budget stretch and keep the money that you earn during “peak season” fueling your business 12 months a year:
Manage Your Off-Season Expenses: You must come to understand your off-season expenses and know how much cash flow you need to cover those expenses during your “peak season”. Understand that every dollar leaving your pocket during a “slow” period is a dollar that you don’t have to spend later when you may need it even more. Once you understand your slow-season expenses, look to limit them as much as possible to keep your business afloat. Be sure to try to up sales whenever possible during your slow season as well. Whatever you can do to get more cash flow in is worth your effort!
Plan & Strategize During “Off-Season” Times: Sitting down and strategizing during your “off-season” weeks or months is a great use of your time. Come up with great plans to help increase your income when your “peak season” returns. The more sales and profit you have during your “peak season”, the less you will have to struggle to stay afloat when the slower times of the year come around again.
Diversify Your Business: Consider expanding your business into other areas that allow your business to earn more income during your “off-season”. Earning more money in your “off-season” makes it easier for you to ensure that your business stays healthy in the long run.
Search for Business Opportunities with Longer Peak Seasons: Continue to be creative and try to expand your business into more seasons each year. If you can make more cash in the slower season, you will have an easier job keeping your company afloat year around.
These are a few tips to help your business succeed during your “off-season” times. Some careful thinking, planning, and budgeting can help you go a long way when it comes to balancing your cash flow and keeping your “seasonal business” thriving year around.
For more information about how to help your seasonal business into more season and to ensure that you have the cash flow you need to stay in business, please feel free to contact us for further assistance. We are always here and happy to help!