How Your Small Business Can Keep up with High Demand

Having a successful small business means staying ahead of the curve when it comes to anticipating needs of customers. In seasons of high demand, juggling all the responsibilities that come with business ownership can feel like herding cats. Even though days can be hectic and nights can be too short, there are some tried and true strategies for staying on top and making the most of every opportunity across all business types. In this post, we outline four (4) of our favorites:

Study Patterns

Knowing the patterns which lead to business ebbs and flows is critical for any business. A formal dress shop must be prepared for prom and wedding season and a water ski instructor in Minnesota shouldn’t expect students in December. While these examples are no-brainers, each business sector experiences peaks and valleys that are much more subtle. An established business may simply need to examine historical bookkeeping and inventory records to anticipate seasonal trends while a new business, or one dependent upon weather patterns, may require analyzing other data to anticipate patterns that can make or break a small business.

Staff Appropriately

A well-trained staff is the heartbeat of any business. The time to train employees is before the busy season full of customer demands arrives. In a seasonal business, this must happen at least a few weeks prior to the busy season. If an event will require additional staffing for even just a night, it must be anticipated.

Have Adequate Inventory

In retail or service businesses, having sufficient inventory on hand is critical. At times, it is much more economical to purchase in bulk. The benefit of having an off-site storage unit, like that from I-70 Self Storage, to keep adequate back-up inventory can make the difference between a satisfied customer and a former customer. In many instances, the increased profit margin from buying in large quantities more than pays for the cost of off-site storage.

Be Flexible

The most predictable thing about a small business can be its unpredictability. A business owner must remain flexible in facing changing markets, demographics and customer needs. Being ready to roll with the punches is essential to survival and prosperity. Sometimes the smartest move is abandoning the plan and trying something else, and successful entrepreneurs know this.

Every small business has unique needs and challenges. Staying flexible, staffing appropriately, stocking adequate inventory and watching the trends will help them take advantage of expansion and profit opportunities presented by periods of peak demand for their products and services.