What are the aspects to prepare your business for a slow season?

0

(1) Cost cutting plans
• Fewer operating hours
• Reduced workforce
• Fewer or smaller inventory buys 

(2) Leverage existing assets and sunk costs
• Selling off excess or aging inventory at a discount
• Securing a line of credit against inventory, equipment, and property
• Renting unused equipment to other businesses

(3) Take advantage of the time to plan
• Employee benefit packages
• Updated business plans
• Marketing strategies
• Organizational roadmaps

(4) Administrative Tasks
• Tax strategy 
• Staff growth and outsourcing needs
• Internal policies and procedures development

(5) Inventory Strategy
• Inventory turns
• Average shipping time
• Cost of inventory
• Volume discounts
• Fill rate
• Shipping accuracy

Was this answer helpful?

0