Being a seasonal-business owner is never an easy role. Unlike a regular-business owner, you only have a limited time frame to earn profits and leverage your resources during the off-season to stay competitive. Issues with cash flow and expenses are also common, and stress levels can surge.
A seasonal business comes with its own unique set of problems. Here are seven ways to manage seasonal business finances, remain profitable, and stay competitive.
1. Pay Attention To New Business Opportunities
During the slow season, you must consider your company’s bottom line. With this in mind, pay attention to new business opportunities, and learn how to deal with the challenges of revenue fluctuations. You can take inventory and check if anything can be sold in bulk to another organization or business. Your main goal must be to empty your inventory as you end the season.
2. Prioritize Social Media During Your Off-Season
Your off-season must only be downtime for seasonal-business operations, not for your social media tactics. Keep your communication channels open for your customers, and share educational and engaging information through social media.
Here are some specific social engagement ideas you can consider:
- Host a weekly chat on fun topics related to your niche. You may work with influencers or another company to increase your reach.
- Share relevant news from your industry, and get the opinions of your followers. You may also retweet interesting comments; that might encourage others to join the discussions.
- Announce events or product launches you’re planning this coming season, and let your followers suggest a theme or concept. Then give rewards to those who have provided helpful contributions to your brand’s events or launch.
3. Encourage Referrals
You must also develop strategies to encourage referrals from your previous customers to survive a low season. It’s essential to build a bond with them to establish trust and loyalty in your business. Whether they’re purchasing for the first time or hiring your services, your customers would want to feel connected with the people they’re dealing with.
4. Expand To Other Areas
Your company might be in the off-season in your target location, but some areas may have a demand for your products or services. With that in mind, you can make your seasonal business competitive by expanding to other places in your region or country.
For example, if you sell popular products during the summer and spring seasons, you may experience a decrease in sales during winter and fall. However, in other countries, summer is just starting when December hits, so consider selling your services or products in those areas.
While expanding to other places can be complicated, especially if you’re too focused on local selling, it may provide your seasonal business some benefits, such as broader recognition and increased brand awareness. However, before expanding your business, check local regulations or taxation issues.
5. Be Creative
Another way to make your seasonal business more competitive is to be creative. It’s one of the ways to make your business innovative and financially healthy all year round. One of the ways to get creative is to offer free services or discounts to attract new clients. Even if you think your products are seasonal, some consumers may take advantage of your discounts or great deals and do business with you, regardless of the season.
6. Publish Content Regularly
Even if you’re running a seasonal business, it doesn’t mean that you should stop publishing content regularly. Your business operations don’t end after any particular season.
If you wish to stay relevant and competitive in the market, you have to publish content often. It can be anything you want to share with your customers. For example, you can share more tips on how your customers can benefit from your products or services. Depending on your preferences or content marketing strategy, you can publish content on your website’s blog section or in social media channels.
7. Engage With Potential Customers
Engaging with potential customers can be difficult during peak season as you might prioritize your current customers. However, regardless of the season, you must always take customer engagement seriously. If you want your seasonal business to survive and stay competitive, you should learn to engage with your potential customers effectively.
While social media platforms help increase customer engagement, remember that not all are beneficial. Every platform requires various kinds of content and has different types of audiences. So you should choose which fits your business wisely to make new connections and gain potential customers successfully.
Running a seasonal business is challenging, but with careful planning, it’s possible to maximize your earnings throughout the year. If you don’t know where to start, use the above tips to stay ahead of the competition and accomplish more than you can imagine with your seasonal business.