Although being a business owner represent a year-round gig, there’s no denying the impact that the time of year has on our companies.
It’s easy to overlook the clock when it comes to your business, especially if you’re doing relatively well right now. That said, new businesses owners should be aware of phenomenons such as summertime slumps and other hidden issues that arise as the calendar changes.
So, what are the five ways the calendar impacts your bottom line?
“On” and “Off” Seasons
Some businesses are afforded the luxury of seeing a steady stream of customers year-round. However, many companies are heavily impacted by the changing of the seasons when it comes to their revenue. Such industries include…
- Tourism and hospitality, which typically thrive during the spring and spike during the summer
- Retail, which experiences a boom during the holiday season especially
- Finance, resulting in the need for investors to rely on a seasonality trading system as trends change rapidly over the course of the year
The Best and Worst Times to Hire
Hiring typically occurs in waves; likewise, some months of the year are better than others when it comes to searching for talent.
Typically, the summer represents the worst time of the year to pursue new hires as everyone’s taking vacations and interviews are much harder to set up. Meanwhile, the beginning of the year and autumn are prime times for hiring as businesses want to start the year off strong or bring on new blood to prep for the coming year.
Although these don’t represent hard or fast rules for companies, you should keep the calendar in mind for hiring new works and letting them go accordingly.
When to Hold Off on Product Launches
Strives to hold off on product launches during the summer and holiday seasons. Again, the summer months represent mass vacations and time off; meanwhile, marketing during the holiday season is always a major headache in the face of crowded competition. On the flip side, launching during the beginning or three-quarters of the way through the year are ideal for building buzz.
Further Assessing The Impact of the Holidays
The holidays represent the bread and butter of ecommerce stores who thrive during Black Friday and Christmas, respectively. In some cases, the final months of the year represent the best times to ramp up your ad spend and try to focus on insane email deals to get buyers interested in what you’re saying and selling. At the same time, remember that you’re competing against other retailers when it comes to coupons and therefore shouldn’t slash your prices too dramatically.
Generally speaking, the holidays are a relatively slow time in terms of productivity if you’re working beyond the realms of retail and ecommerce. Don’t expect too much from your workers as their minds will often be elsewhere. Likewise, use the holidays as a time to unwind a bit yourself and start fresh when the New Year rolls around.
Don’t Forget About Tax Season
Finally, bear in mind that many people will use their tax returns to splurge on big purchases which could signal good news for those launching new products during tax season. On the flip side, don’t forget about your own taxes and their impact on your bottom line.
For many companies and professions, the time of year is significant when it comes to getting down to business. With these variables in mind, you can better understand how the calendar impacts your own empire.