As your business grows, financial tracking builds repour. Utilize your weekly dashboards and monthly financials to create a rolling tracking sheet to analyze the trends in your business across larger timespans, like 12 months – 24 months.
Analyzing this data from a large scale allows you to identify patterns in your sales, revenue, and even direct labor.
Many service-based businesses have seasonality, it is what you do to outweigh the seasonality that matters.
Easy Steps to Solving the Feast or Famine Cycle in your business
Subscriptions
Weed through your bank statements and identify all the subscriptions or reoccurring expenses you have. Cancel any accounts that are not useful and try negotiating with your service provider to get large bill dates moved to your higher revenue months.
Invest
Use the ‘off-season’ time to train your team members or as a time for hiring new employees. Slower seasons are a great opportunity for perfecting your current processes and tidying up all the back-end tasks that might have fallen into dismay during the busier months.
Launch New Products
If you have had your eye on offering a new service or package look at launching it specifically for this time period creating a ‘new’ business for your business so you have consistent demand year-round.
Check out our episode with Brandee Garr on how she learned to combat the ‘feast or famine’ cycle in the wedding industry!
