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A seasonal business primarily derives its income during specific peak periods, which can span from weeks to a few months. Industries facing this cyclicality are diverse, from snow removal services and ice cream shops to Halloween stores and Christmas tree farms. Then there are those driven by government or deadline-based needs, such as accounting services during tax season.
Most seasonal companies are familiar with the basics of budgeting: reviewing your financials and tracking against them, keeping a close eye on headcount, and leaning into part-time or seasonal staff in the peak season. But smart budgeting alone can’t tackle all the obstacles of a seasonal business. Companies must use outside-of-the-box thinking, effective planning, and careful execution to ensure profitable company. This includes building relationships with key internal and external stakeholders, offering impeccable customer service, finding ways to pivot in the off-season, and adopting a cash preservation mindset.
A seasonal business primarily derives its income during specific peak periods, which can span from weeks to a few months. Industries facing this cyclicality are diverse, from lawn maintenance businesses, snow removal services, and ice cream shops to Halloween stores and Christmas tree farms. Then there are those driven by government or deadline-based needs, such as accounting services during tax season.
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Copyright for syndicated content belongs to the linked Source : Harvard Business – https://hbr.org/2024/06/seasonal-businesses-can-stay-profitable-in-the-off-season-heres-how