Wednesday, August 23, 2017

Can your business survive a major construction project or emergency? Plan now for slow seasons or unforeseen events.

Can your business survive a family medical emergency, unplanned weather event or eight months of road construction?

Hope is not a strategy
What would you do differently if you knew your business was going to bring in half of the income for the next 8 months? What would happen if a key employee suddenly became ill or moved? Do you have enough reserves to survive a major equipment break down? 

There are things that a business owner can do to prepare for planned slow-downs or emergencies. This article by ThriveHive has some great tips for marketing in a slow time. 

Here are a few others:
1. Budget and plan ahead. 
Work with your business advisor to plan out the next year. Look at different best and worst case scenarios and see what changes you can make to lower expenses or increase revenues. If you will need a line of credit to get through a major construction zone, now is the time to prepare.

2. Band together. 
Business in certain neighborhoods or districts may look at partnering up for special events to draw customers in during a slow time. For example, hosting a pop up jewelry or art show at a brew pub, or a sports team fundraiser at a restaurant.

3. Identify and support your regular customers.
Your current customers can be your best advocates in a down-turn. Think of ways you can engage your neighborhood customers - maybe a passport or reward program specifically for a time when the streets are a mess. Engage in social media to let them know your hours, parking lots and construction routes. Flash sales. Locals nights. Private parties.

The bottom line is to be proactive. Develop a budget or strategy to keep the doors open during a difficult time. Fall is a good time to plan for the next year, give us a call today if we can help.