Over the course of the last 5 years as an entrepreneur I have successfully launched, managed, and sold off several businesses. Each organization started has added some value to my understanding of the business world today. My philosophy has been that 9 things out of 10 that I try will fail, but that golden one is always worth the battle. In my experience that has proven to be the case and my successful businesses still operate today under the management of those whom I have sold off to. The latest project is Initial Underwriting Group, a corporation comprised of two concepts: 1) business credit building and 2) business loan underwriting.
It’s important to remember that all businesses have downtime. There are periods when business is slow no matter how much you advertise. Your business may be operating seasonally, such as concession stands at sporting events or neighborhood ice cream trucks. It may also indirectly operate seasonally, by manufacturing a product that is only bought and used during a particular time of the year. For example, building materials may not be in high demand during winter, or antifreeze during summer. And still, there are times when even businesses that are viable year-round slow their pace. It is essential to plan for downtime, predicted or not, so that your company can survive financially while preparing for good business when it comes again.
Use the downtime to reorganize the business, clean up (either figuratively or physically,) and generally, get things in order. Jacqueline Edwards, Business Development Specialist for BusinessPipeline.com suggests several ways to tune up a business during downtime. These include checking annual goals, finding ways to cut costs, updating databases, refining marketing and business development strategies and rejuvenating yourself by taking a vacation or simply relaxing.
If your business is truly seasonal, however, and shuts down for planned downtime, there are things you can do to help ensure your business will be ready to go again when the season is right. Use the downtime to plan the next year's cash flow, find better financing and readjust the level of employment you need for your business. Marketing, even during downtime, can make sure your business is successful when you start up again. For example, billboards or other advertisements that better help people associate a certain season or time period with your business, can help ensure that customers are waiting for you (even literally) when you open your doors again.
At StrongBusinessCredit, we remind our clients that the true entrepreneur finds benefits in the slow season and works with business mentors and other professionals to prepare for the busy season.
http://www.24-7pressrelease.com/press-release/no-loans-when-you-need-them-96395.php Ilya BodnerSmall Business Owner
Initial Underwriting Group
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