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High Profile Magazine

Breaking Down Your Business Year

The summer is a great time of the year, and as long as the weather holds up, it can be energising to have so much sunlight and good weather. The last week of July and the first week of August are subsequently a quiet period in many sections of the business world, as people take vacations and factories close down for a short while.

Whilst the hospitality sector is usually booming at this time of the year, some businesses may not get a lot of trade at this time of the year. Planning ahead for quiet trading periods is an important part of being successful in business. As a business owner, you need to know when to push hard and when to pull back.

When you are predicting a lack of demand for your business’s services or products, then you should be looking at different aspects of your business. From an offense point of view, I would be looking at where you can generate new orders, so are there any special offers you can run? Are there are new opportunities you can chase?

From a defensive approach, you need to think about where you can save costs or delay spend. Encourage your staff to maybe take their annual leave, or perhaps to work from home. Look at running a reduced service so as to keep your operational costs low. If the summer is not a peak period for you, think about reducing some of your marketing spend for a short while.

Breaking down your full year into shorter periods is a smart way of managing your whole year. Like a racing driver going around the track, you may need to speed up and slow down based on what’s ahead of you.

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