Ways to Manage a Seasonal Business
If you have a seasonal business it’s often difficult to stretch the profits you made during the height of your sales throughout the rest of the year. Having the right strategy though can help make the business run smoothly in the off-season. Whether you’re gearing up for your holiday season peak or slowing down after your summertime rush, here are some techniques to keep your business in the black all year round.
Minimize your expenses in the off-season
If your business shuts down completely during your non-peak seasons it’s unlikely you’ll need to worry about many overhead expenses consuming your profits. If you’re open for business year round the easiest and most obvious way to stay profitable when sales are slow is to cut back on expenses.
- Reduce business hours and days to lower staffing requirements.
- Negotiate vendor contracts and recurring services
- Cut back on marketing and advertising
Seek out business opportunities with longer seasons
Inventory left over after a selling season still has value. Consider selling off un-needed items now rather than warehousing them. Another business might be able to benefit from your leftover supplies.
Another off-season option is providing consulting services to businesses in your industry whose peak times may be slightly different from yours. Expertise and advice are worth more than you might think.
Experiment with new products
Switching up your product line in the off-season could entice customers to visit your store during times of the year when they’d normally pass right by. Experimenting with other types of products allows a business to boost sales that normally would be flat.
