Depending on the location and type of business you own, you probably experience a slow season. This is especially true if you live in an area where the weather (or tourist traffic) fluctuates drastically.
For example, in the retail industry, the holiday shopping season draws the largest profit and keeps many small businesses afloat during the summer. Just as a harsh winter would slow down a construction business, a blazing summer season slows activity for a ski resort.
The key is preparation and at times, innovation. While seasons, weather and economy changes, the ability of a small business to adapt increases the chances of survival beyond SBA statistics that state only half survive at least five years. Here are several ideas you can use to drum up business and even prepare for your busy season.
Social Media Marketing
When business starts to slow down, take this time to focus on ramping up social media strategies that won’t impact your bottom line so much. You won’t see much damage to your bank accounts when utilizing these platforms as they are free. On the other hand, you may choose this time to invest more into marketing if you have the funding to do so. Need some guidance on the basics of a good marketing plan? Check out this link.
Establish an E-newsletter
Many companies avoid newsletters because they think it has been washed away with the rise of Instagram and Twitter. You can’t have too many touchpoints when it comes to interacting with potential clients. According to Invesp, email is 40 times more successful at acquiring new clients than Facebook or Twitter. If you are a small business debating on increasing email marketing efforts, don’t overlook it, as it can be very beneficial. E-Newsletters help to enhance your company’s reputation and improve lead generation. During the slow months this can keep your customers in the know and keep them looking forward to upcoming announcements, deals. Keep the subject catchy and the content as informative and fun as possible.
Follow your customers
If customers won’t be frequenting your business too often in the slow season, then take your business to them! Check out marketing opportunities for industry events which align with yours. Take your business and launch pop-up stores/booths at events like local festivals, BBQ’s or concerts to showcase your products. This is a fun way to interact with customers and to increase brand awareness and raise revenue streams. Need some pop-up shop inspiration? Check this out.
Reward your customers
Customers are at the heart of a business in any industry. According to data from the U.S. Small Business Administration (SBA) on client retention surveys, 68 percent of clients leave because they perceive the business does not care for them. Incorporating a loyalty program or offering incentives to those that come to your store or buy online is a great way to boost sales.
Rewarding your customers for shopping with you is one of the best ways to keep them coming in consistently. Think about ways to create a rewards program that allows them to rack up points for discounts and chances to snag free products/services. Interested in other ways to show your customers more love?
Plan for a busy season
Take advantage of the downtime you might experience and think of it as a prime time to prep your business for the upcoming busy season to follow. Many of our clients call us at the end of summer to get funding for inventory in preparation for the busy holiday season so they can market any new products ahead of time. Small business loans or credit lines can be a vital resource during this time, Reliant Funding has great offers to help your small business with just about anything you need.
Cover your cash flow needs
Insufficient operating funds is one of the most common challenging for small businesses, but it doesn’t have to be. Finding a flexible funding solution to help fill in those gaps is a integral part of a long-term growth plan for businesses that have found success. One of our long-standing clients Kim Cabeceiras knows this all too well. She leveraged our funding multiple times to transform and rebuild operations at her retail store, Community Thrift and Treasure.
We love to see small businesses expand, improve and prosper with our funding. We work with many financial partners to create a variety of customizable financing options. Many of our clients use us as a renewable source of working capital whenever the need arises.
Based on the needs and finances of the business, we will work together to find a number and plan that works best. If you have questions about our programs, we are always here to help.