Hello artisan and welcome to the start of a new week. A few weeks ago, I shared some important strategies to help your business stay afloat in famine cycles. These are seasons when customers are not calling as often as you’d like, and of course, there’s less money coming into the business.
But in today’s post, I’m going to share with you my top strategies for managing “boom” seasons. Basically, these seasons (which I also like to call feast cycles) are periods when business is booming and you’re getting orders left and right from customers, the business bank account is bursting with cash, and you can pay all your workers and freelancers who work with you without breaking a sweat.
Now, I’m sure you’re thinking…
“Why do I need any special strategy to manage feast cycles when everything is going fine with business?“.
This is exactly when you need one. This way, you can manage resources… and more importantly, prepare for famine cycles when they come by.
That said, here is how you should manage these cycles in your business.
- Save: While feast cycles are great, they can be deceptive and create a false sense of security, one that convinces you everything will always be that way and there is no need to plan for rainy days. Saving not only helps you keep resources till when they’re needed in the future, it also acts as a buffer and can come in handy in emergencies and unforeseen circumstances. If you’ve not been doing this yet, Workstedi can help you. We provide custom business accounts to help business owners like you save money for future projects or rainy days.
- Invest: If you operate in a niche where you need tools to work seamlessly, investing in high-quality tools and materials will save you money. This way, you do not need to spend repeatedly changing the same tool or appliance. You can just go for a high-quality one that will get the job done and stand the test of time. And yes, I know the high-quality one may be more expensive, but think of it as a one-time, long-term investment your business will be better off for.
- Collaborate with other service providers: Certain service providers enjoy a lot of patronage in feast cycles and they even struggle to keep up with deadlines. While I don’t want you to disappoint your clients (we all hate this, right?), I also don’t think you should miss out on the opportunity to create amazing relationships that may serve you beyond one-time sales. This is where hiring another service provider comes in. This individual can offer their services (for a fee), take some of the workload off your shoulders, ensure your customer gets top-notch quality in terms of service, and also deliver on time. If you need someone like this and you’re not sure where to start looking, Workstedi is the right place. We provide access to pre-vetted freelancers and artisans, who can take on your project at a moment’s notice and produce the quality you desire.
- Maintain Healthy Customer Relationships: The relationships you build and maintain during feast cycles can come in handy when the chips are down. Besides, providing amazing customer experiences during feast cycles can lead to more referrals, improved public perception of your brand, and of course, more money.
- Make Your Business Data Your Friend: The worst thing that can happen after a feast cycle is getting caught in a famine cycle almost unexpectedly. While you can never stay in control of every business factor, studying your market and business climate intently can provide vital insight into your market. These insights can reveal what periods you’d experience a lull in sales and what periods are great for business. This way, you can:
- Know how to manage your budget.
- Plan with accurate data to depend on.
- Know when to adjust prices depending on the current business climate.
- When to hire extra hands, and when not to.
Although this list is not exhaustive, it provides a great background to help you prepare for feast cycles and ensure when the famine cycles come by, they don’t hit too hard.
