February 13, 2018 | business ideas | No Comments
In business, you have ups and downs. Those months of high revenues and big successes, and those stretches of low or zero revenues and no new customers. And, while these ups and downs can be a big point of frustration for small business owners, the highs and lows should be expected and anticipated. So, without further ado, here is how you can plan for the slow months that will affect your small business.
Create a Small Fallback of Financial Revenues to Get Your Business Through Low Months
This is a good idea regardless of whether you anticipate slow months or not. It never hurts to stockpile and stash a little extra cash to cushion a small business. You never know when the proverbial bottom might fall out from your revenues, so anticipate the worst with a little fallback until your finances pick back up. How long a stockpile will last is up to you—but it’s a good idea to plan at least 3 months in advance to cover month-to-month expenses.
If you opt to hire out for help with your business, run a search for Boston staffing agencies. You can find real, reliable, affordable help for the better months.
Make Your Business a Seasonal One
When your small business has been around for more than a couple of years, you can pretty much gauge when your slow months will begin and end. For instance, if you sell ice cream, milkshakes, and other frozen treats, you can assume that business will slow down when the weather cools off. So, consider making your business a seasonal one. After you’ve got a good grasp of your highs and lows revenue-wise, plan your open and close seasons to better suit your business niche.
Don’t Live Beyond Your Means and Needs
Finance management is a HUGE part of business success. You have to be responsible with your cashflow, because most of it will flow back into the upkeep of your business. Ergo, especially in slow months, don’t spend your revenues on things that you don’t need. It sounds like a no-brainer, but you would be surprised how many small businesses tank because the owner thought their business was more successful than it actually was.
Small businesses are especially prone to highs and lows, financial-wise, because they are local and often niche-based. Therefore, take the aforementioned advice to heart to anticipate and prepare for the ups and downs of running a small business. Eventually, after you’ve dealt with the successes and failures, you’ll be able to make easier financial decisions about those slow months.