<img height="1" width="1" style="display:none" src="https://www.facebook.com/tr?id=349935452247528&amp;ev=PageView&amp;noscript=1">
Find out where you can get a Taste of TAB... our global events blast is on!
Search
word-map-thumb

The Alternative Board Blog

Balance Your Business Goals with Seasonal Fluctuations

Jul. 3, 2024 | Posted by Lee Polevoi
Balance Your Business Goals with Seasonal Fluctuations Narration
3:56

 

A seasonal business differs from other businesses in that everything depends upon effective sales and attention to customer demands at particular times of the year. However, as with any other business endeavor, to achieve specified goals, it’s vital to plan ahead, rather than being caught off-guard by changes in the marketplace or other seasonal fluctuations.

As we’ve noted before, identifying goals for a seasonal business aren’t dramatically different from the goals of more conventional, year-round businesses. The key in all cases is to:

  • Resolve any business issue getting the way of long-range growth.
  • Look for ways to get a step ahead of the competition.
  • Explore goals to achieve in the next few years.

By adhering to a workable strategy, you can help “ensure the business plan occupies a meaningful place within the organization, rather than ending up as yet another document left forgotten on a shelf.”

 

Here are tips for balancing your business goals with seasonal fluctuations:

 

Hone your forecasting skills.

Any business owner whose company has a track record of sales over the years probably has a strong sense of how well they fare during different times of the year. More conventional businesses consider forecasting a key element in the planning process, and this applies to seasonal businesses, too. These action steps can keep this activity top-of-mind throughout the organization:

  • Create monthly forecasts for sales, expenditures and long-range cash-flow.
  • Scrutinize forecasts at least once-a-month to adjust to changes in the marketplace.
  • Establish a budget that reins in unnecessary expenditures.

 

These steps will help you look back on “past trends and data to anticipate and prepare for the months ahead,” notes Acumen Connections.

 

Pay close attention to marketing strategies.

Regardless of business or industry, the goal of marketing is to capture customer interest. For seasonal businesses, the off-season marks a time when you can assess the value of your current sales channels and think about establishing new and different ways to reach customers.

Find prospective customers via email marketing campaigns, social media platforms, and targeted advertising. But don’t relax your efforts to keep sales going. Remember, what’s “off-season” in one location might be “in-season” somewhere else.

 

Look at new ways to enhance the customer experience.

For seasonal businesses, like any other endeavor, creating a favorable customer experience is a crucially important objective. Oppenheimer & Co. Inc. recommends leveraging strategies “such as mobile ordering, online reservations, and self-service kiosks to streamline operations and reduce wait times.” Focus as well on maintaining a staff that provides “friendly and efficient service” and keeps customers “aware of new seasonal products and promotions.”

 

Take proactive steps during the off-season.

A seasonal business has an edge over other businesses in that there is an off-season in which to plan ahead and adjust to new marketplace conditions. During this time, you can revise your sales forecasts and establish a new budget (as needed), based on recent sales activities.

The off-season is also a good time to take a fresh look at your seasonal business website. If the site is clunky or not user-friendly, take the opportunity to give it an overhaul. Doing so at this time when “traffic levels are relatively low” means you “won’t have to worry about any potential issues with tons of visitors on your site,” notes WebFX.

Seasonal enterprises face certain challenges different from more traditional businesses. What all these businesses share is the need to incorporate strategic goals into everyday operations and ensure that the customer experience remains at the very top of their list of priorities.

 

Read our 19 Reasons You Need a Business Owner Advisory Board

DOWNLOAD

Written by Lee Polevoi

Related posts

The Most Common Ethics Mistakes Made by Business Leaders
Mar. 20, 2024 | Posted by Lee Polevoi
Most business leaders regard themselves as ethical individuals, particularly when it comes to running a business that values integrity above all else. At the same time, even the most conscientious...
Business Success: Why Having an Accountability Partner is Key
Mar. 11, 2024 | Posted by Fernando Herran
In my time working with business owners, I’ve found out that in general, a common theme is facing challenges and key decision-making alone. On the other hand, I have also found entrepreneurs who have...
Find a Balance Between Agility and Planning
Feb. 21, 2024 | Posted by Lee Polevoi
For many CEOs and business owners, there’s a delicate balancing act between maintaining an agile approach to leadership and adhering to the goals of a business plan. Agility encompasses the need to...
Unlearning Conformity: How to Overhaul Old Business Paradigms
Feb. 14, 2024 | Posted by The Alternative Board
Industry is evolving at a record pace, particularly in the post-pandemic era. While COVID lockdowns and shutdowns temporarily changed the way businesses operated and employees engaged, today’s...
How to Be an Agile Leader
Feb. 7, 2024 | Posted by Lee Polevoi
It’s altogether likely that business conditions in 2024 will be at least as tumultuous and unpredictable as they were in 2023. For that reason alone, it’s important to begin the process by which...
Top 3 Strategic Musts for the Coming Year
Jan. 11, 2024 | Posted by The Alternative Board
The first quarter of the year always seems to have business owners dreaming a little bigger, reaching a little higher, and planning innovative ways to improve their organizations in the ensuing...