Even after a highly successful stretch, a slow season can come along and make your year-to-date profits seem obsolete. The dreaded slow season, which varies by type of business and location, is often a business owner’s worst nightmare, but it doesn’t have to be.
Here are five simple ways to help your business thrive during a slow season.
1. Switch it up
Diversify your inventory, your menu, or the products and services you offer. Give your customers a reason to spend with you by offering something new and exciting – something they just can’t pass up. While it is important to be consistent in what you offer, introducing something new to the mix may keep existing customers coming back or introduce your business to a new realm of potential clientele.
2. Run a Seasonal Promotion
By running a special deal or promotion during the off-season, you can rope in customers with a sense of urgency. If people know they have only a limited time to take advantage of a deal, they will be more likely to purchase it.
Just as you are, customers are likely trying to save money during this time. Give them a way to do that!
3. Offer Annual Programs
Annual programs create year-round income that withstands the slow season. The program you offer may require customers to pay once a year, or once a month for a year. Once a customer signs up, you’ll have their business all year long.
4. Cut Costs
This one probably sounds too obvious, but there may be ways you haven’t thought of to trim your budget during a slow season. For starters, temporarily shortening your hours to only the busiest time of day can help you cut operational costs, such as electricity and staff pay. Even if you do not shorten your hours, it may be a good idea to schedule fewer employees at one time. If there are less customers around, there is probably less work to do.
Every business has different costs, so perform a thorough examination of your budget to see where you can reasonably make cuts.
5. Use Your Time Wisely
Sometimes, the most profitable thing to do during a slow season is to spend your time preparing for the busy season. If efforts to boost your sales when business is slow prove futile, don’t continue wasting time and money on things that are not worth it. Use this time to refresh, reorganize and come up with new ideas to make your next busy season your most profitable period yet.
If you’re still dreading the slow season, a business coach at ActionCOACH Tampa Bay can help put you at ease. Call us today to learn what we can do keep your business not just living, but flourishing.