For many, the most stressful thing about cash flow is the ‘not knowing’. If this describes you, especially if business slows down during the holidays, spend some time getting reacquainted with the details of your finances.
Grow Your Business by Taking a Pulse on Your Finances
What is your cash flow usually like this time of year?
- Historically low: If things slow down,as they do for many service businesses during the holidays, use this time to dig up hidden gems and opportunities. Search your customer database for inactive customers or one-time customers; grab their email address and send them a special offer or an introductory offer if the service you offer is recurring.
- Historically high: If you offer a service that keeps you busy through the holiday season, think about how you can push that momentum into the New Year. If you get many new customers during this time, consider running a New Year promotion to enroll your customers into monthly subscriptions with a recurring billing setup.
- Historically flat: Maybe things stay steady through the holidays but you’d like to up the ante and boost sales through the season. Consider grabbing a booth at a local festival or event and bring your mobile credit card reader to sell merchandise or gift cards on the go, or schedule appointments with prospective customers.
You may feel like you don’t have much control over the impact the holiday season has on your business, but taking an honest look at past years and making a proactive plan will give you an opportunity to make the most of the coming year.
A common challenge for business owners:
Feeling confident about cash flow is one of the biggest concerns of entrepreneurs. If you’re using this time of year to gain insight into your business and get a jump on the next year, you might find these resources helpful.
Free Business Guide to Holiday and New Year Success
This short guide will help you give your business a boost through the holidays and into the New Year:
- Get ready for the holiday season
- Be proactive about your cash flow
- Communicate your plan to your customers, friends, and family
- Set yourself up for success in the New Year
Download your guide today! (No email needed).