How to avoid the holiday slump
The summer holidays may be a period of increased sales for some businesses, but for many, it can be a quiet time with a heavily reduced cash flow.
Staying ahead financially, if you are the latter, can be difficult which is why you should consider the following:
Use it to your advantage
A lull in sales does not have to be a negative, you can use it to your advantage. You can use the quiet time to organise your administration and get everything in order for the New Year. Revising the books and taking care of any financial obligations that have fallen by the wayside throughout the year is perfect while you aren’t distracted by making sales.
Plan the New Year
The holiday season is the ideal time to plan for the New Year, particularly in regards to marketing strategies, increasing cash flow, the introduction of new products and/or services, and maximising customer satisfaction. Sit down with your team and map out a plan for heading into the New Year; give them projects or tasks to take ownership over, either individually or in teams.
Hiring and training
Taking care of the hiring and training during the holiday slump is a very clever strategy. It saves the new employees being thrown into the deep end and allows them to get used to the business as well as their the job role and what is expected of them.