For this reason, businesses also tend to have a slow January, as customers are more wary of spending money they now realize that they don’t have. It is important for businesses to also recognize this and adjust their approach accordingly.
A good way to do it is to review financial statements from previous December/January periods, look at how much stock was moved over that period and adjust your in-store stock accordingly (as a business, you don’t want to overstock, as this causes major cash flow problems in other areas of your business.
It may also be a good time to review expenses, as increasing profit requires either higher income (which over this time may be difficult) or lower expenses. Think of cutting down on some regular expenses such as paper, coffee, snacks, fuel, keeping your store or business open for extended periods (thus, incurring overtime) and general supplies that would not affect productivity if they are not available.
Maintain your customer relations over this period; these customers are more likely to support your business than new customers in the first month of the year. If you have a credit policy, make sure you follow it accordingly, and do not let customers walk way with bad debt. If you have a solid relationship with them, you are more likely to be paid back in time.
Don’t relax on staffing or marketing budgets. In some cases, getting through the January month will require extra marketing to keep your brand in the public eye. It is also important to remember that, if you are looking at cutting employee numbers, first ensure that productivity and future busy periods will not be affected by short staffing.
