Business Slow Season

Use the slow season to help your business grow and get the financing you need to stay afloat.

If you work in a summer seasonal business, you may be nearing the end of your busy season. You must keep your expenses paid and work on growing your company for the next year. Here are some ways you can prepare for your slow season to keep your business afloat and be ready for an even better year to come.

Calculate Revenue

Unless your business completely shuts down when summer is over, you are likely to have some work even if it is much slower. You need to figure out just how much revenue will be coming in as you wrap up summer work and prepare for winter work. 

At this time, it is also a good idea to think about ways you can increase your revenue during the slow season. For a landscaping company, you can promote fall foliage or add snow plowing as an off-season service. Be conservative in estimating the income you will generate for adding a new service.

Cut Expenses

Since you will be bringing in less revenue, you want to reduce your expenses as much as possible. If you have been renting equipment, return it until you need it next year. If you plan to replace old equipment with an upgrade next season, sell now so you do not have payments over the winter. 

Maybe now would be a good time to refinance a commercial mortgage or equipment loan to cut your monthly payments if you know money will be tight. You do not want to wait until you are behind on payments if you know it will be a struggle.

This is also a good time to reduce your staff. Give your workers plenty of notice that they will need to supplement their income until the company gets busy again.

Get a Loan

A small business loan can carry you through until your next busy season. You can use the money to pay monthly expenses until your income is high enough to make all the payments. 

While you want to be careful about taking on extra debt you cannot afford, a business loan can be a good way to keep your business going during the off-season as long as you know your income will increase to pay it off later. Compare lenders and find terms that fit your budget and business plan. Alternative lenders will usually work with you for easy financing and flexibility.

A small business loan can carry you through until your next busy season. You can use the money to pay monthly expenses until your income is high enough to make all the payments.

Attract New Customers

When you are in the middle of your busy season, you do not have time to market. Your slow season is the time to get new business for the coming year. You might even want to consider locking new customers as well as your existing customers in at your current rate with a contract before prices go up. It is a good way to determine how much business you will have next year. 

You also have more time to look at new methods of marketing. Maybe your website needs updated or you want to learn how to use Instagram or Pinterest for your business.

Review Your Business Plan

Take some time to re-evaluate where your business is going. Look over your business plan – or create one if you do not have it. Think about how you want to grow your company, whether it is by gaining new customers or expanding your services.

You will need a business plan along with other documentation if you want to get a business loan through a bank or traditional financial institution. However, alternative lending sources often make it easier to qualify for a loan with only basic information. Requirements are usually more lenient, which allows you to qualify for funds much quicker. 

Even though you are ready for a break after your hectic busy season, it is important to take advantage of the time to improve your company and prepare for next year. Use it to work on your marketing and financial aspects of the business so you can continue to thrive.

Fast Track Lenders make it easy to get the funds you need in just a few days. You can fill out an online application and be approved with funds in your account in less than a week. Contact us for that small business loan to help your business survive the slow season.

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