Yesterday was a 38 degree day in Melbourne, we did everything possible to cool down. Drew the curtains down to keep the sun out, increased the air-conditioner to maximum to make it as comfortable as possible, kept our fluids up and the list goes on….. It then made me think of what businesses need to do to survive when the heat is on and to help cool itself off.
A few things came to mind: –
1. Ability to Manage Workflow.
This is very important, as there is no sense being so busy for part of the year that you are struggling to keep up and maybe even turning work away and then having to lay staff off during quieter times. Are you able to manage the workflow for your business a little better? Are you able to do some of the work required for the busier times during the slower months of the business to take some of the pressure off?
Have you got the best tools and procedures in place to help minimize the time required to get jobs done? Maybe take your holiday during the quieter period rather than during the busier times?
2. Ability to Manage Cashflow.
Cashflow is the KING of any businesses survival.
There is no use being so busy that you neglect the other important areas of business such as not getting paid on time, investing too much money in stock or not checking your margins or the profitability of each product you are making or the service that you providing.
Can you get paid upfront for the work you are doing – have you considered even providing a small discount? Can you buy stock at a cheaper rate – maybe buy in bulk or even better, can you get it as consignment stock where it is only paid for once sold? Can you maybe change suppliers that offer cheaper prices or can deliver to suit your circumstances?
3. Don’t Miss A Golden Opportunity.
The old saying goes “That you must make hay while the sun shines!”
Are you missing an opportunity inside of your business to make a greater profit during the hot periods? Can you have seasonal prices during the busier times within your business – many other businesses just like yours do? This may encourage some customers to get there work done during the quieter times.
Can you introduce a service fee where customers continually don’t give you the required time or don’t give your business the respect it deserves?
There are many more ideas that your business can experiment with to ensure that during the hotter periods it keeps cool, what are yours?
What do you need to do too ensure that your business doesn’t overheat?