An estimated $526 billion is spent in the US economy during leisure trips and vacation. Many businesses are dependent on the seasonal nature of vacations and work to creatively enhance business profits even during the low seasons. Seasonality is a common consideration for summer or winter businesses, but a season could also be prompted by changes within a niche. Seasonal or not, a quick operations size-up can prepare your business for changes in consumer spending and shifting trends. A couple minor considerations now may make a monumental difference to the business profits.
Invest in employees. Utilize business down time for employee training. Employees can be more efficient and effective right when it’s necessary. Employee retention becomes especially critical to save on training. A prepared staff will create a happy customer.
Mind the budget. Plot the income over the course of the year and stick to the budget. Save money during a high season. It is easy to increase spending when income is high, but it is most important to be strict to be prepared. Likewise, manage all expenses within the budget. If you notice a shift in income, be prepared to quickly adjust spending.
Create off-season excitement. Consider offering special deals during times of low demand, or participate in events that target to your customer base. Work with other businesses to attract attention.
Look for niche markets or expanding product and service offerings. When considering expansion, make sure the addition of duties will enhance and not limit employees and existing customers. Your customers have specific needs, year-round. Find a way to serve those needs in a way that fits with your current business. Additionally, always consider ways to maintain evolving demands and be in a cutting-edge position ready to serve.
Maintain customer contact. No matter how grand your business, that feeling of awesomeness may quickly leave your customers if they haven’t seen or heard from you in a while. Maintaining constant contact will enhance customer loyalty, and even increase anticipation for utilizing your business. Contact could be e-marketing, visual encounters, or any other encounter with your business.
Promote data analysis of your business operations. Know both the strongest and weakest aspects of the business. This is critical for making decisions and preparing for the high-demand seasons.
All businesses have seasons. Some are predictable with the changing of the weather or shifting holidays, but a business’s seasonality could also be due to evolving technology, cultural favorites, or any other random variable. As with changes in the weather, all seasons are difficult to predict. A prepared business can foresee the approaching change and initiate ways to not only survive but grow.