Curated from Entrepreneur.com
While some small businesses remain relatively steady throughout the year, others struggle to stay afloat during their slow months. Weather, economic and seasonal shifts can affect a number of businesses. Companies thriving on summer tourism struggle in the winter, just as restaurants can see slower numbers around the holiday season. Car manufacturing plants, some retail stores, and construction companies specializing in residential housing may also experience slow periods during winter. Here are a few tips on how to keep a small business or startup going during difficult seasons.
1. Do Economic Research
Keeping track of how an industry is faring economically is a major way to keep up with any seasonal issues. Researching how competitors are managing during slow periods and consulting companies that can help boost sales or performance can make a big impact. Keeping in touch with banks and investing partners can also be very beneficial in gaining insight into how the industry is performing overall.
“The best way to stay afloat at hard times is to have healthy, open relationships with your bank and your money partners, using clear communication during the good times and the bad.”
2. Consult Experienced Professionals
Don’t be afraid to seek advice of other industry professionals in well-developed businesses. Ask about their processes for handling slow seasons and what they do to if things start to feel hopeless. Develop a plan based on their suggestions that will be the most effective for the company during these times.
“When things are looking up, it’s easy to hope and plan for continued success. However, staying positive should never mean staying ignorant.”
3. Make a Plan
Making plans and setting goals for slow months is just as important as it is for well-performing months. Be financially conscious and set aside funds to keep on hand during difficult periods to account for different situations. It is also important to take time during slower months to evaluate the business, make some new marketing suggestions, review employees, and prepare for future projects.
“Take that extra free time to evaluate business performance, plan for the future or revisit your branding -- you know, the things you can barely find time for during those hectic busy seasons.”
4. Remain Calm
Slow times can lead to stress and overthinking ways to keep things positive. Remaining calm and taking time to breathe will help in alleviating any worries associated with difficult months. Overthinking quick ways to make money, such as big sales and downsizing could end up hurting the business in the long run.
“Stay the carefully crafted course, and the rough waters will seem less scary.”
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