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In life, we all experience highs and lows. Likewise, business is no exception. There will be high sales period and slow sales period. Both period are crucial because they help to maintain balance in business. Entrepreneurs usually don’t have problems dealing with high sales period. After all, nobody gets tired making more money. However things usually change when slow sales period comes in. The way you handle your slow sales period is very important and will determine if you are going to be profitable or not. Seasonal fluctuation on business can affect your profitability especially if you don’t know how to handle low sales period. So do you own business and you are wondering what you should do to survive the slow sales period? If yes then today you have just landed at the right place because in this article, we are going to give you 5 proven tips for surviving a slow sales period.

1. Understand how your seasonality work

Your business will only survive during the slow sales period if you understand how your seasonality works. You need to take your time and conduct extensive research both on your business and the industry in general and gather enough information. When conducting your research, you need to know when high season starts and how much profits you will make during that period. Likewise, you also need to know when the low sales period starts and the earnings you will make. By having facts at hand, it will be very easy for you come up with strategies that will help you survive during slow sales seasons. To get correct information regarding your business seasonality, ensure that you gather data for 2-3 years to confirm season trend. If your business is still at infancy stage, you can refer to industry trend.

2. Plan ahead of time

Early planning is very important in business. It will not only prepares you for the challenge that lies ahead but it will also allow you to stay way above your competitors. You need to ask yourself; what can I do during slow sales period to ensure that my business stays competitive? Based on the nature of your business, there are many things that you can come up to ensure that you survive during this period. This include cutting down on your operational costs, reducing your labour force as well as saving money to cushion your business during slow sales period. The biggest mistake that most businesses do is making unrealistic plans that don’t work. The plans that you make should be based on the nature of your business. They need also need to be realistic. Consult widely both with your workforce as well as with other stakeholders who impact directly on your business so as to come up with solid plans that will help your business stay afloat during slow sales period. Financial experts recommend that you should determine how much you will need to earn each month during the slow sales period then divide that amount with your business cash flow during high sales period and automate deductions to guarantee that you are covered.

3. Ensure that internal and external factors work in your favour

Internal and external factors as set of behaviours, strategies and policies that occurs both within and outside the wall of the business. The way you handle this factors will determine if you are going to survive during your slow sales period. Internal factors are classified either as strength or weakness. For instance, if your employees are performing at their best during high sales period, customer will be very happy and will share positive word of mouth to other customers, factor that will boost your sales. On the other hand, if the management comes up with polices that affects the performance of employees negatively, it will affect customer satisfaction. This will lead to negative word of mouth which will lead to decrease in sales in the long run. On the other hand external factors can be classified either as opportunities or threats. For instance technology has created many opportunities to businesses and has also threatened many. Both internal and external factors will determine your business success during slow sales period. It is therefore very important to ensure that those factors are actually working on your favor so as to survive during slow sales season.

4. Offer discounts and coupons

When tough times come, you must be willing to lose. One very important strategy that you need to implement is to offer discounts and coupons in order to stay competitive. Some customers usually have a tendency of buying products or services during low seasons. By selling your products or services at good price, you will be able to tap on this customers. Just make sure that you don’t lower the prices of your products or services to a point where you are making loss. The discounts should be lucrative enough to help you stay competitive on the industry but should also help you stay afloat. Use both social media and other marketing platforms to advertise your new offer so as to boost the volume of sales. Consumers have a tendency of buying products or services on impulse if the offer is lucrative.

5. Consider having a pop up sale

This is a very good strategy that can help you survive during a slow sales period. The idea of pop up sales is actually to get your clients to come to your business frequently. Unlike other marketing strategies, pop up sales actually does not involves advertising of discounts or coupons to attract customers. It is a strategy that only allows customers to know if you are offering great sales only if they check into your store. If you start a pop up in Melbourne a month before, your customers are more likely to come to your store more often just to check if there are is a sale. If your own an online business, you can announce random sales on your website and give out promotional codes. It is inexpensive but very effective way of marketing your product or services.

In conclusion, the way you handle the slow sales period of your business will determines if you are going to stay in business for long or not. Don’t wait for the off season in order to act, start planning early.

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