Wednesday, October 28, 2020
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How to Survive the Lean Times

The good and bad thing about business is that you will have highs and lows. In seasonal businesses, you will have on-season and off-season peaks. During peaks, you will probably be doing many things all at the same time. But, it is during the lean times that you can work on those things that will help to grow your business.

Here are some tips to handle the times when business is slow.

Reduce your expenses: When profits are low, the first action you can take is to reduce your expenses. Put off all non-business related or low priority expenses on hold until your situation improves.

Clean up: Rotate all of your stock. Try and make a list of all very slow or dead stock items. Then put up a special discount on those items or pair them with fast moving items so that they sell quickly.

Also, take this time to reorganize your office. You may not have time to do this once your sales pick up.

Get a loan: If times are especially hard, then you can apply for a short-term loan to help you over the crisis. You should repay the loan as soon as your business resumes normal operations. That way you can save on interest.

Stay calm: Most importantly, don't panic. Highs and lows are a part of business life. Keep calm and be prepared for better times. Keep an eye on the big picture and wait patiently until the situation improves. It will.

Don't take business lows to heart – but learn to accept them. It is a process that all businesses go through – and it's what separates the weak from the strong.

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