Tuesday, 30th April 2019 | Sales,Marketing,Management

10 Ways to Survive Slow Times

Seasonal slowdowns are a common occurrence for many small-business owners. Here are some tips on how to survive the slow months and make the most of your time until sales spike again.

Spring has finally sprung across Canada! While most of us are excited for warmer weather, many small-business owners are fearing the start of a slow business season. Depending on the nature of your small business, there’s typically a season (or two) when you see a spike in sales and another that represents your biggest slump.

Regardless of when your slow business season takes place, it’s entirely possible for your business to survive–if not, thrive–with a little preparation and planning. Here are some ways you can make the most of a slow business season, and a few ideas on how to survive any slips in sales.

1. Anticipate your small business’ slow months

As a business owner, you know your operations better than anyone. So, looking back on previous years, it should be easy for you to predict which months will see fewer sales. As you plan out each year, avoid basing your sales targets on strictly your best months. Maintain a conservative approach with your budget and spending so that you don’t face a budget shortfall when sales are slowing down.

2. Strategize your savings

If you’ve planned ahead, you should be fully aware of when the slow business season will set in. With less revenue to work with at this time of year, many small-business-owners will need to implement a cost-savings plan, including some (or all) of the following measures:

  • Reduced operating hours
  • Fewer shifts for employees
  • Smaller inventory purchases
  • Discounts on excess or aging inventory

Remember: your savings plan needs to account for fewer customers and less revenue. Before you implement the savings tactics above, be sure to forecast your anticipated sales and budget needs based on the activity of previous years.

3. Plan for the rest of your year

When sales are slow, you’re likely to have extra time on your hands. Use this time to plan your marketing activities, budget forecast, inventory orders, staffing plans and more. Using the time you have now can set you up for success when business picks up again.

4. Undertake renovations and other fixes

Many small-business owners fear disrupting their operations with a renovation or upgrade, especially during their peak sales periods. This is why a slow business season is a perfect time to fix up your storefront or office space. If you own a restaurant or service-based business, slow months are also a great time for refreshing your menu and service offerings.

5. Rethink your marketing tactics

Some small businesses just aren’t seasonally relevant, such as landscaping companies trying to operate in the winter, or a snow-plow operator trying to drive sales in the summer. It can be hard to find market relevance, but a little creativity in your marketing will go a long way.

In your slow business season, consider hosting a giveaway that customers can redeem when the season is ripe; this can help your business name to remain top of mind year-round. You could also sponsor an event or hold a contest to ensure your name still generates a word-of-mouth buzz that carries you through the slow season.

6. Optimize your operations plan

Updating your operations and testing the validity of any new processes is something business owners simply can’t do during busy periods. When a slow business season approaches, it’s the perfect time to change course. Take a look at your regular procedures to evaluate where and how you can improve. This can include everything from customer service to accounting, shipping, inventory management and even invoicing.

7. Broaden your knowledge and network

It can be tough to take time off as a business owner. Slow times are the best time to take a day or two away for a conference, course, seminar or another event that will better your business. Not only will a learning opportunity to improve your own knowledge, but industry events provide ample networking options for you to gain partnerships that can better your overall business.

Connect with your local Chamber of Commerce or Board of Trade for details on upcoming events for small businesses in your area.

8. Reflect on customer feedback

Let’s face it: customers are leaving you reviews on Google, Yelp and other social media outlets whether you like it or not. Even though it’s a best practice to respond to your reviews (even the positive ones), it can be tough to carve out the time to do so regularly.

Use the extra hours you have during a slow business season to not only review and respond to all of your feedback, but also implement any changes required if you receive recurring negative comments regarding your products or services.

9. Revisit your website

Even if your website is brand new, there’s always room for improvement where SEO is concerned. A little effort goes a long way when it comes to optimizing your search ranking. A few quick checks you can implement include:

  • Ensuring you have title tags, headings and alt-tags on your site
  • Updating and implementing keywords throughout
  • Fixing any broken links
  • Checking your page-load speeds

10. Evaluate your social media efforts

While you’re updating your website, a slow business season is also the perfect time to check in on social media. Even if you have an agency or freelancer running your channels for you, how often are you looking at your ROI?

Now that you have a few extra hours, check up on your social performance and metrics. Ask yourself if you’re reaching the right audiences on the right platforms. If not, consider rethinking your approach to ensure you’re making the most from your investment on social.

When your slow times rolls around, don’t panic. With solid forecasting and planning in place, you should be able to predict when your slow times will occur each year. With this additional foresight, you’ll be able to make the most of your time, ensure you have processes in place to account for any slumps in sales and avoid the fear that can come when sales slow.

Read Also

Harnessing Brand Identity to Stand Out in a Competitive Market: Steps for Small Business Success

In today’s crowded marketplace, standing out isn’t just about having a great product or service—it’s about creating a memorable and consistent brand identity that resonates with your target audience. Whether you’re a small business owner launching a new venture or looking to refresh your existing brand, focusing on your brand identity can make all the difference.

Your brand identity is more than just a logo or colour scheme; it’s the essence of what your business represents. It’s how your customers perceive you and what sets you apart from competitors. When cultivated intentionally, a strong brand identity can attract loyal customers, build trust, and increase your market share. These steps will harness your brand identity and position your business for success.

Define Your Brand Values and Mission

A clear sense of purpose is at the heart of every successful brand. What does your business stand for? What problems do you solve for your customers? Your brand values and mission should guide every aspect of your business, from your marketing messages to how you interact with customers.

Take time to articulate your brand’s mission statement and core values. These should reflect the unique qualities that make your business stand out. For example, if sustainability is a key value, ensure it’s evident in your operations and communications.

Understand Your Target Audience

Your brand identity is only as strong as its connection to your target audience. To resonate with your customers, you need to know who they are, what they care about, and how they make purchasing decisions. Conduct market research to identify their preferences, pain points, and values.

Once you have a clear picture of your audience, tailor your branding to align with their expectations. This might involve choosing language that speaks to their values, creating visuals that capture their attention, or emphasizing benefits that matter most to them.

Differentiate with a Unique Brand Personality

What makes your business unlike any other? Your brand personality—the human traits associated with your brand—can help you stand out. Whether your tone is playful, professional, innovative, or approachable, it should remain consistent across all touchpoints.

A helpful exercise is to think of your brand as a person. How would you describe their personality? For instance, if you run a coffee shop, your brand might be “welcoming and adventurous,” focusing on community and exotic coffee blends. Use this personality to inform your messaging, design, and customer interactions.

Craft a Cohesive Visual Identity

Your visual identity is the most recognizable element of your brand. It includes your logo, colour palette, typography, and imagery. These elements should work together to create a consistent and memorable impression.

Invest in professional design to ensure your visual identity aligns with your brand’s personality and values. For example, a high-end boutique might opt for elegant fonts and a muted colour palette, while a tech startup might use bold colours and modern typography. Apply your visual identity consistently across your website, social media, packaging, and signage to build brand recognition.

Communicate Your Value Proposition Clearly

Your value proposition is your promise to your customers about what they can expect when they choose your business. It’s the reason they’ll pick you over competitors. To harness your brand identity effectively, ensure your value proposition is clear, concise, and front-and-centre in your marketing efforts.

Highlight your unique selling points (USPs) in all your communications. For instance, if you offer handcrafted products, emphasize the quality and care that go into each piece. If you’re known for speedy service, make that a focal point.

Engage Consistently Across Platforms

A strong brand identity requires consistent messaging and engagement across all channels. Your brand's voice and visuals should feel seamless, from your website to social media to in-store interactions. Inconsistent branding can confuse customers and dilute your identity.

For example, if your social media posts are lighthearted and fun, ensure your email marketing and in-store experiences reflect the same tone. Use brand guidelines to maintain consistency and ensure every customer interaction reinforces your identity.

Evolve While Staying True to Your Roots

As your business grows, your brand identity may need to adapt. Market trends, customer preferences, and industry changes can all influence how you position your brand. However, any evolution should stay true to your core values and mission.

For instance, a local Canadian bakery might expand its offerings to include gluten-free options without losing its commitment to homemade, high-quality baked goods. This evolution keeps the brand relevant while staying authentic.

Measure the Impact of Your Brand Identity

Like any other business strategy, your brand identity’s effectiveness should be measured. Track metrics like customer loyalty, social media engagement, and sales growth to assess how well your brand resonates with your audience. Customer feedback and reviews can also provide valuable insights.

If certain branding elements aren’t performing as expected, don’t be afraid to tweak them. Continuous improvement is key to maintaining a strong, competitive brand identity.

Next Steps

Harnessing your brand identity is one of the most powerful tools for standing out in a competitive market. By defining your values, understanding your audience, and creating a cohesive and authentic presence, you can build a brand that attracts customers and keeps them coming back.

As Valentine’s Day approaches, consider your brand identity as the foundation of a love story between your Canadian business and its customers. Show them why they should choose you and remain loyal to your brand. Your business can thrive and carve out its place in the market with a strong foundation. Remember, your brand is your story—make it one that customers can’t resist being part of.

 

Marketing

Kickstart Your Small Business Marketing for 2025

The new year brings fresh opportunities to innovate and elevate your small business marketing. As the holiday season becomes a memory, it’s time to pivot your focus toward long-term strategies that will drive success throughout 2025. Whether it’s adopting cutting-edge tools or connecting more deeply with your audience, these actionable insights will ensure your marketing efforts stay ahead of the curve.

1. Build on Holiday Momentum with Retargeting Campaigns

The holiday season introduced new customers to your brand—don’t let that engagement fade! Use retargeting ads to reconnect with holiday shoppers. Showcase complementary products or services they didn’t purchase and exclusive “New Year” offers to bring them back.

2. Embrace AI for Personalized Marketing

Artificial intelligence continues to transform how small businesses engage with customers. From predictive analytics to dynamic content recommendations, AI helps deliver hyper-personalized experiences. Consider tools like AI-driven email campaigns or chatbots to enhance customer interactions and stand out in a crowded market.

3. Refresh Your Digital Presence

Start the year strong by giving your digital channels a makeover. Update your website with new visuals, optimize navigation for user experience, and refine your SEO strategy with 2025’s trending keywords. Ensure your site is mobile-friendly and fast to keep customers engaged and ready to convert.

4. Explore New Platforms and Trends

Social media remains a powerful marketing tool, but 2025 requires more creativity. Platforms like TikTok and the metaverse offer fresh ways to connect with tech-savvy audiences. Experiment with short-form video content, AR/VR experiences, or even NFTs to create memorable interactions with your brand.

5. Double Down on Customer Trust

Data privacy is front and center in 2025. Be transparent about how you collect and use customer information. Offer clear privacy options and emphasize your commitment to protecting their data. This builds trust and positions your business as a leader in ethical marketing.

6. Prioritize Local SEO

Local SEO remains a cornerstone for small businesses in a world dominated by digital-first strategies. Optimize your Google My Business profile, collect reviews, and use geo-targeted ads to reach customers in your area. Hosting local events or offering community-focused promotions can also drive foot traffic.

7. Lean Into Video Marketing

Video content continues to dominate consumer preferences. Use videos to tell your brand story, showcase products in action, or highlight customer testimonials. Consider live-streaming events or tutorials to connect with your audience in real time and build deeper engagement.

8. Implement Interactive Content

Interactive marketing is a powerful way to keep customers engaged. Quizzes, polls, and augmented reality tools invite participation and make your content more memorable. For example, a quiz like “Which Product Matches Your New Year’s Goals?” can drive traffic and generate leads.

9. Adopt Growth Marketing Strategies

Growth marketing is all about looking at the bigger picture. Beyond acquiring new customers, focus on retaining them and increasing lifetime value through upselling, cross-selling, and loyalty programs. Tracking customer feedback and behaviour is key to refining your approach.

 

As the new year unfolds, seize the opportunity to innovate and connect with your audience meaningfully. By implementing these strategies, your small business will thrive, building on the success of the holiday season and paving the way for sustainable growth. Start today, and make this year your best yet!

 

Marketing

Leverage Location-Based Marketing to Drive Your Business This Holiday Season

As the holiday season approaches, small businesses have a prime opportunity to connect with local customers through location-based marketing. Targeting customers in your area can effectively boost foot traffic, build community presence, and keep your business top-of-mind during this bustling season. With the power of location-based marketing, you can drive more sales and enjoy a stress-free, profitable holiday season.

At iCapital, we understand that Canadian businesses thrive on community connections and efficient strategies. Here’s how to use location-based marketing to make the most of the season and grow your business.

Capture Attention with Geo-Targeted Ads

Location-based marketing starts with targeted ads designed to reach customers in your area. Platforms like Google Ads and Facebook Ads allow you to set specific geographic boundaries for your campaigns. This ensures that your ads are seen by people in your vicinity who are most likely to visit your store or use your services.

During the holidays, highlight seasonal promotions, special events, or limited-time offers. Show local customers what they’re missing out on by showcasing your products or services that make holiday shopping more accessible and enjoyable.

Create Localized Offers and Discounts

Incentivize local customers to visit your business by offering exclusive deals and discounts based on location. Send push notifications or SMS messages to inform nearby customers about in-store discounts or flash sales. For example, a “Holiday Cheer Discount” for customers within a certain radius can motivate them to stop by and explore your offerings.

Remember, the holiday season is fast-paced. Time-sensitive, location-based deals create a sense of urgency that can encourage quick visits and conversions.

Use Google My Business to Enhance Your Local Presence

Your Google My Business (GMB) profile is an essential tool for location-based marketing. Keep your profile up-to-date with your latest holiday hours, contact information, and special events or offerings. Positive reviews on GMB can also influence local customers, as they’re more likely to choose a business with a solid reputation in their area.

Add engaging photos of your holiday displays or featured products. Customers can feel the festive spirit and be inspired to visit in person. A well-maintained GMB profile improves your online presence and builds trust and accessibility for nearby customers.

Partner with Local Influencers for Greater Reach

Tap into the influence of local personalities to amplify your reach. Partner with influencers who resonate with your brand and are active in your community. A well-known local influencer endorsing your business can introduce you to a broader audience and add a layer of credibility, encouraging local customers to visit.

For example, a local influencer can showcase your holiday gift selection or feature an in-store event on social media, drawing in customers who trust their recommendations.

Encourage Customer Check-Ins and Social Sharing

Leverage the power of customer engagement by encouraging check-ins and social media shares. Offer incentives for customers who tag your business in holiday shopping posts or check in on platforms like Facebook and Instagram. These check-ins increase your visibility and create organic word-of-mouth marketing as their followers see your business pop up on their feeds.

Adding a seasonal hashtag and festive backdrop in-store can make this experience even more enticing. When your customers share their holiday shopping with you, they promote your business to their friends and family—right when they’re likely making holiday purchasing decisions.

Drive Success This Holiday Season with Location-Based Marketing and Stress-Free Financing from iCapital

With the right strategies, location-based marketing can transform the holiday season into a period of growth and opportunity. Whether you’re a local shop or an expanding business, these tips will help you reach your nearby customers and make this holiday season one to remember.

If you want to enhance your marketing efforts or prepare for the seasonal surge, iCapital offers stress-free financing solutions tailored to Canadian businesses. Contact us today to learn more about how we can support your growth, allowing you to focus on connecting with customers and building your business this holiday season.

 

Marketing

7 Tips to Avoid Spoiled Inventory

For restaurant owners, managing inventory is crucial not only for profitability but also for ensuring the safety and quality of products. Spoiled inventory can lead to financial losses, customer dissatisfaction, and potential health risks. By implementing effective inventory management strategies, you can minimize waste and maintain a high standard of food quality.

Understanding Inventory Management

Inventory management involves tracking, storing, and controlling the movement of goods within a business. It helps businesses optimize operations, reduce costs, and improve customer satisfaction. 

Key Tips to Avoid Spoiled Inventory

  • Implement a Robust Inventory Management System:

  • Use a dedicated inventory management software or system to track stock levels, expiration dates, and product locations.

  • Conduct regular stock counts to verify accuracy and identify discrepancies.

Follow the FIFO (First In, First Out) Principle:

  • Rotate your inventory to ensure that older products are used or sold before they expire.

  • Store products in a way that facilitates FIFO, such as placing newer items behind older ones.

Set Inventory Par Levels:

  • Establish minimum stock levels for each product to avoid running out while minimizing excess inventory.

  • Regularly review and adjust par levels based on demand and sales patterns.

Organize Your Storage Space:

  • Label shelves and storage areas clearly to prevent misplacement and confusion.

  • Maintain proper temperature and humidity levels for different product categories.

  • Regularly inspect storage areas for signs of spoilage or damage.

Build Strong Relationships with Suppliers:

  • Negotiate flexible delivery schedules and order quantities to minimize excess inventory.

  • Communicate any changes in demand or product requirements promptly.

  • Consider collaborating with suppliers on joint promotions or waste reduction initiatives.

Conduct Regular Inspections:

  • Inspect incoming shipments for damage, spoilage, or quality issues.

  • Perform periodic checks on stored inventory to identify products nearing expiration.

  • Take immediate action to address any problems or concerns.

Train Staff on Inventory Management:

  • Educate employees about the importance of proper inventory handling and storage.

  • Provide training on how to use inventory management systems and follow company procedures.

  • Encourage staff to report any issues or concerns related to inventory.

By implementing these strategies, food businesses can significantly reduce food waste, improve profitability, and ensure the safety and quality of their products. Effective inventory management is a vital component of successful food operations.

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