There are times we expect that our business should be in constant Summer mode, but when Fall or even Winter arrives businesses starts to get hit hard in the financials, then we ask why? Remember that with any business there are seasons, and some of these seasons last longer than others. The only thing is to take the example of nature. They don’t have the ability to read calendars or know what day of the week thereon, but for some odd reason they know when to store up for those frigid days to come, they obtain the instinct to prepare.
In business, this should be the same concept also being placed. We need to be prepared for our Falls and Winters. Follow these steps below, and you will be more than successful in your time of drought.
1. Be frugal – Don’t allow anyone or anything to take much from your business, what I mean is cut overtime if it’s not necessary. With inventory don’t over-order or stay in debt with your vendors to keep money in your pocket, as you might need products and find that you don’t have the credit because of your debt.
2. Research Cost and Margins – Watch for vendor sales, and ask for discounts, make sure your prices to your clients is beneficial for you, don’t undersell yourself, and can’t make a profit!
3. Keep efficiency at its highest – Review your employees and find your slackers, and your winners promote your winners or provide incentives. This usually encourages the slacker to work harder.
Owner and CEO | Octomaven