Navigating the slow season as a small business owner can be tough. If you’re struggling to keep your head afloat or simply need to realign your focus, make sure you think about these three factors:
Be Patient & Overcome Fear
Starting a small business could be compared to entering the stock market; there is an element of uncertainty but if you stay educated and up-to-date with market trends, you’ll be okay – and if you don’t have the stomach for it, perhaps it’s time to think of a Plan B. It’s uncommon for a small business to take off overnight; it can take years of hard work, with plenty of failures amidst a smaller number of successes. It’s a common misconception that the road to success is smooth; truth is there are going to be too many bumps, twists and turns to count. Be patient, surround yourself with experts, and control your fear.
Improve Time Management
If you asked every small business owner what they wish they had more of, I’d be willing to bet the majority would say ‘time’. Time management is extremely important when undertaking major endeavours. It’s vital for you and your team to have good time management skills; while business is slow, investigate ways your team can start working smarter.
Manage Your Cash Flow
When purse strings are tight, it’s important to have solid plans in place to manage cash flow and expenses. This isn’t always related to your spending in off-peak; a key mistake is spending too freely when the money is coming in. Map out outgoing costs throughout the year to keep track of spending and look at diversifying your offering by finding alternative revenue streams to make up for income fluctuations.