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Accounting Experts: Simple Ways to Help Your Business Survive Winter

Posted Jan 30th, 2019 in Media, General, Insurance Tips, Commercial Insurance, Did You Know?, In the News

Unfortunately, the winter months can impact your bottom line, as customers aren’t going out as much and spending their money. Rest assured, we’ve shared ways to ensure your business survives the winter lull.

Simple Ways to Help Your Business Survive Winter, Youngs Insurance, Ontario

If your business experiences a dip in sales during the winter months, we think you’ll find the following tips beneficial and potentially help you survive the snowy season.

1 |  Manage Your Cash Flow

It’s important to account for bad days just as you would for the good ones!  When you prepare your yearly budget and goals, ensure you consider the high and low points in revenue and set aside enough cash to keep your operations alive during the slower periods.  Managing your budget is vital to long-term success.

2 | Prepare for the High Season

When business is slow, it’s a good time to prepare for the busy time ahead.  To ensure you are ready, make sure inventory is stocked, employees are trained, equipment is repaired, and goods are manufactured. 

3 | Develop Relationships

Engaging with customers or clients year-round is always a good idea.  Develop a mailing list and create a monthly e-mail newsletter because this will help to keep your business at the front of their minds during the winter months. If it’s available to you, you could potentially sell your product through your e-mail newsletter.   

4 | Off-Season Discounts

When times are slow in the winter, it’s important to have some money coming in.  Offer discounts and coupons during the off-season so that customers have the incentive to buy.  For example, if you sell patio furniture, you can give customers a discount and offer spring delivery.   

5 | Lower Costs

Managing cash is important but so is managing costs.  During your slow season, you should aim to reduce your expenses as much as possible.  For example, instead of investing heavily in paid marketing you could try social media, as this can be at a significantly lower cost, if not free.

Operating a business comes with many challenges but there are ways to ensure you can survive the winter lull!  We hope these tips have been helpful! 

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