Sunday, 22 July 2018

Information and commentary for the small business banking industry

The ups and downs of seasonal businesses

27 Oct

There are all kinds of seasonal businesses – beach hotels, fruit stalls, ski and surf shops – but what they have in common is that during the year they’ll go through both busy and quiet times. New businesses, especially, may ask for help and advice surviving the quiet times, as well as how best to manage things during the profitable periods.

Seasonal businesses are determined by a number of triggers, such as summer and winter, Christmas, school holidays and the end of the financial year. There are two main kinds: the business that closes completely during the ‘off season’, and the business that stays open all year but has quiet months.
What they should all be aiming to do is learn how to maximize their profits during the busy times, so that it’ll see them through the lean patches.

One of the best ways for business owners to be productive during the off season is to use that time to plan. This means they’re in the ideal position to hit the ground running when the season kicks off. Getting staff organized, making sure stock and inventory is up to scratch, and giving the business a facelift with a lick of paint and new signage are all good preparation tasks.

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