2016-11-09 00:00:00 Growing a Business English Make sure your small business is prepared for seasonality changes in revenue. https://d1bkf7psx818ah.cloudfront.net/wp-content/uploads/2017/03/08214852/Seasonal-clothing-and-mens-shirts-hanging-on-rack-in-retail-clothing-store.jpg Prepare for Seasonality

Prepare for Seasonality

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Your business may have seasonal peaks and troughs. For instance, if you are a contractor doing construction, a lot of your work may be booked in the spring and summer months, with a fall off in the other two seasons. As an owner, you should be aware of this seasonality to fully prepare.

While seasonality can be difficult for small businesses, but there are steps you can take to help manage your business. You should understand the cycles by comparing your revenue patterns over the last couple of years, or to industry competitors if you have just started your business. QuickBooks can help by quickly preparing an income statement any time you need. You will need to plan for the slow periods, including building a cash reserve. The slow periods can be a useful period to plan for your busy time.

References & Resources

Information may be abridged and therefore incomplete. This document/information does not constitute, and should not be considered a substitute for, legal or financial advice. Each financial situation is different, the advice provided is intended to be general. Please contact your financial or legal advisors for information specific to your situation.

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