Managing lean seasons is one common challenge faced by entrepreneurs in their journey. As an entrepreneur a consistent paycheck is not guaranteed once you take that path. With the journey coupled with income peaks and valleys, how do you handle the lean seasons as an entrepreneur? It is essential to develop smart strategies, acquire varied skills that will enable your business stand during these lean seasons.
There are usually quite a number of reasons that leads to this fluctuation. We may not be able to prepare ourselves and our businesses for every set back but you could consider these five tips to help you sail through and handle your lean seasons professionally.
1. Diversify income streams.
You may have your primary business running, but it doesn’t hurt to set up other additional revenue sources to support your main business. Only ensure the attention to your other alternatives streams of income does not cloud your focus on the main business. Remember the rule is “Do not put all your eggs in one basket”.
2. Understand trends in your industry.
As a business owner it is essential to understand the trends and cycles in the industry you find yourself. Understanding these trends enables you to plan and know which time of the year accounts for high sales and which time accounts for low or no sales at all.
It helps you to plan well and enables you to use your peak to cover up for the loss in the lean seasons. It is essential to research and get a plan to sustain you through the lean times.
3. Develop a plan for your Business sustainability
“It is not the strongest of the species that survive, not the most intelligent, but the one most responsive to change.” Charles Darwin.
You can only be responsive to change in a business environment when you have a plan in place written or unwritten. As a business owner At least you need to have a forecast of about 6months for your business. Having a plan in place will help you hold the business through the lean seasons and still hold your head up high.
4. Make an effort t0 stay Visible in the market
“Ninety-nine percent of anything is showing up. The minute you stop showing up, people stop following you. ~Clare V.~
Make a conscious effort to show up everyday, every time at the right places. Research on your target groups and market and ensure you are always in touch with them . You can increase your visibility through your social media platforms. At least post three times a week to get your followers to remember you and know you are still in business.
Set your business apart by making yourself available throughout the year in the most effective marketing strategies you can use.
5. Be strong and Don’t Panic.
We may sometimes put plans in place to cater for these lean times, but the emotions may sometimes take over during these periods. During these times if you do not put yourself together or seek advise you may take some decisions that may affect the long term of your business. When you face these lean seasons in your business, understand that you aren’t alone.
Remember that other businesses are facing these struggles or have faced these struggles before and if they were able to sail through and make it then you sure can do it too. Believe in yourself, explore , keep your head up high and continue to push. The best is yet to come in your business.