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Seasonal Slowdown

You might want to read this…

There are options available for the business owner that experiences seasonal slowdowns. Even if your particular niche is not impacted during the holidays, your business may be negatively impacted at other times during the year. Not sure? Take a look at sales figures by month for your last two years and you’ll get an idea of what we mean.

First, look at your cost of doing business (operations) and see if you are making enough on a daily basis to cover those operating costs. If not, perhaps this would be a good time to close shop for a week or two and take a well-deserved vacation. Other options would be to pare down your hours of operation and close early or open late a couple of days a week.

Also, consider marketing now. Let your customers know that after the holidays you will be open and give them a reason to shop at your locale. If your core client base does not shop after the holidays, it may be time to explore other markets or demographics.

When asked, “When is the best time to make money?” most business people would answer “Now!” and yet many business owners don’t run their businesses that way. Don’t make the mistake of thinking there is nothing you can do about “slow times”. Although many consumers tend to go overboard with shopping over the holidays there are still people spending money after the holidays. Your job is to get them into your business. Small Business Saturday, Black Friday, Cyber Monday, and Boxing Day are all great days for retail, but the key to longevity is steady consistent customer flow. Also, be creative and use Small Business Saturday for your business, even if you aren’t a brick and mortar location. Make sure that your customers know when you are open and if there are any changes in your hours. Be as proactive as possible and make it easy for your customers to buy from you.

Taken in part from a 2012 article by Douglas Cannon, Tarrant SBDC Business Advisor