Home business of different kinds are launched during holidays, when people are obviously in buying mood. For small business, holidays are often very busy period of the year with huge processing orders, keeping up to customer demands while holiday shoppers keep trooping their doorstep.
Other business with seasonal products may find certain holiday periods to be the slowest business season for their products; a time of the year when customers are hard to come their way for the usual shopping.
Whatever be the case, there are always opportunities for improvement on the existing business process; using slowest business periods to position the business for greater profitability and efficiency in the long run.
Using Slowest Time for Improvement
Focusing on improving your business during slower periods or holidays is a form of planning ahead for efficient rush hour. Proven strategies may include;
- Improving on infrastructures, research and development and testing some sale campaign with your marketing department;
- Identifying various draw backs in your internal capabilities/processes, and then focusing on systematizing, simplifying and automating where necessary;
- Efficient human resource management is best implemented during your slowest periods. Providing necessary job training and staff development preparing them for busy periods;
- Staying connected with your customers is best during this period, in festive time, show your customers that spirit of festivity love, by launching that email campaign appreciating their patronage and how you may serve them better next season;
- Cutting spending and encourage customers to pay their invoices whose accounts are overdue and offer discounts if you can, to encourage prompt payments.
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Sacha Ferrandi, Founder of Source Capital Funding Inc. Summarized it all this way;
“If you need to survive the lows of a holiday season, get some renovations completed. Especially for companies that are looking to expand, the holiday season is a perfect time to send people to work at home and finish those renovations that you have been planning. Don’t forget to add a few cool perks like a full kitchen or company bar for your employees. These updates will not only promote retention, but will also stick out to any visitors. Furthermore, any changes you make is great content for newsletters and other industry publications that can promote your products/service in the New Year.
“Also, if your industry is slow during the holiday season, it is a great opportunity for a targeted email campaign that promotes engagement and celebrates your clients. Targeted email campaigns work wonders during an off-season. Don’t try to sell too hard, especially if your industry is slow. Take this time to thank everyone for their support and softly promote any upcoming changes or special company offerings. This email could stay at the top of your potential clients’ minds when their budget is renewed the following month. Don’t forget to send a follow-up email campaign that is more sales-focused early in the New Year!”
As industries offer products or services, businesses certainly will have financial ups and downs. There will be times when sales are booming, and droughts, when business is slow. What really matters is the ability for management to handle such situations when they arise.
However, a recent study of small businesses found that they could grow during a financial downturn by adopting a multiple-strategy approach in which they simultaneously pursue an innovative differentiation and product or service-customization strategy, working closely with customers to develop products and services tailored to their needs; addressing new market trends as they arose. With efficient cash management and business practices in place, businesses can survive downturn while maximize their growth.
Do You Need Accounting Help?
Consistent up to date and cleaning of accounting records for sound business decision making, may be posing some difficulties when you are preoccupied with other business functions. Is it time to consider independent professionals because of certain technical complications that could occur along the line? It could also be daunting, time-consuming procedures. Not recording correctly and poor monitoring can cause complications and confusion.
At Fritznoble , we assist our clients on the best available options that suit their businesses...Reach out/ Outsource With Us… If Accounting works are bothering you, then it’s time you outsourced your accounting and bookkeeping requirements, this will help you concentrate more on core competencies of your business; with a team of professionals to help.
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