Managing Seasonal Businesses – Here are 7 great tips to start with

Managing Seasonal Businesses – Here are 7 great tips to start with

Seasonal businesses are very tricky to handle as maintaining the profitability of the company in the offseason does require some serious efforts. There are plenty of things to consider in a seasonal business as there is no one-way solution for every predicament. Following are some tips to manage your seasonal business in a more sustainable manner;
1.    Forecast business cycles in your industry
In order to be more successful in your business you need to forecast the different stages of business cycle in your industry. You must be clearly able to distinguish between a peak season, a slow season and an off season in your business. This can be done by assessing the sales data of the past 3 or four years. If the company is young then industry figures will prove to be helpful.
2.    Plan ahead of a dry season and then the peak season
The forecasting in the previous step will allow you  plan for the dry or peak season ahead of time. If the dry season is coming up then go for the activities that are planned for that season like how to manage finances from your other sources of income. If the peak season is coming up then a lot of activities are to be done like hiring back the seasonal workers, getting the production running and various similar  activities.
3.    Develop alternative routes for income
As discussed in the above heading, it is important that there must be some side income to support your business practices in the offseason. However, this must be kept in mind that these activities are secondary and must not be preferred over the primary business activities.
4.    Well timed promotions
The promotional activities of your seasonal business must be well timed and based on the season. You should not go for any promotional activities in the off season in order to capitalize the silence period of your competitors. However, it should be timed in such a manner that your business can draw the most out of it.
5.    Keep in touch
This activity should be focused in the off season because it will keep refreshing the identity of your business in the minds of the customers.  Taking part in trade exhibitions and sponsoring various events in the local community are the best ways to keep in touch with your customers.
6.    Managing the seasonal workers
Managing the seasonal workers is a key point of emphasis for planning your seasonal business. Seasonal workers need to be managed in an appropriate manner because they are not consistently attached with your company.
7.    Choose a partner for funding
It is recommended that you should find a partner for funding that supports your grasp on market in the off season. This will add value to your business and its value in the community as well. Such a partner can assist with all the experience of the market and industry and will guide your company in the times of various capital investments.

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