Blog - how to improve your business

Beware The Heat Wave Then The Storm

12 August 2014

What to do when business is good and when business is bad.

Hopefully you’ve had chance to go outside and catch some rays in the glorious sunshine this summer. However, we’ve also had our fair share of dramatic storms.

The same weather patterns are true for business. While the heat wave times of booming business are great, are you prepared to deal with the storms? We look at what you should do to ensure your business stays successful through the good times and the bad.

storm

What to do in the storms when business is lean:

Reach out to Old Contacts

You’ll have more time on your hands, so use this as an opportunity to reach out to people you’ve had dealings with in the past. This is a good time to network, and new opportunities are more likely to come your way when you’re out looking for them. Another great tip is to not be above doing jobs which aren’t exactly the work you’re looking for. The main aim is to generate cashflow that will tide you over.

Account for it in Advance

For some businesses, this kind of prediction can be difficult to make. However, if you do have some idea of when your down periods may be, you should try and account for it in advance so you know how the business will survive during these times. A good way of doing this is to create a cashflow forecast, so you can have some idea of the kind of ups and downs you’d expect to see in a typical year. Your business type will affect which seasons are good and bad, but common down seasons might be August, when everyone’s on holiday, and January, when everyone’s low on cash after Christmas.

Be Honest with your Employees

If the business is going through a hard time, one of the best things you can do is to be honest with your employees. If you’re going to have to cut back on your expenses, they’ll appreciate you being upfront with them and may even have thoughts on how to make the business more efficient.

What to do in the heat wave when business is good:

You could be forgiven for assuming that you don’t need to take any action when your business is doing well. But while congratulations is in order, there are still some steps you can take to ensure your business continues on the upward trajectory and is also well prepared for any future storms.

Make note of what’s working well

If you haven’t already done so, keep track of the actions you took which led to success and the market conditions in which you flourished. No matter how successful you are, there will always be an area that you can improve in.

Improve the customer experience

A side effect of success can be a reduction in the quality of customer service due to being so busy. To avoid this from happening, be sure to ask for feedback and work on any areas that could be improved.

Need more business advice?

If you have any business related questions, feel free to comment below or send us a message.