One thing seasoned entrepreneurs always have at the tip of their fingers is the ability to discern business seasons and factors that contribute to such seasons. Without this understanding, you’re probably just running your business on LUCK! And of course, no business grows by luck.
You may have a customer by luck, but you can’t keep the customer coming by luck. And in a case where you can’t even predict your figures and keep them steady, such a business may not be sustainable. So, if this still looks like ROCKET SCIENCE, pay some attention to this post.
When we talk about business seasons, we’re talking about patterns or trend of events that often present themselves in a cyclic manner – especially yearly! Think of Winter, Summer, Autumn & Spring. Right?.
As a business owner, no matter how small or big your business has become, it’s essential that you don’t just keep yourself busy with getting customers, serving them and getting paid. Not at all! It’s important that you also study the trends around customers’ behaviour, demand flow and how specific events affect buying decision. These things vary with seasons.
For instance, as a brand strategist and developer, I know periods in the year when most businesses often consider rebranding or upgrading their websites and all of that. I’m well acquainted with the factors involved. This understanding helps me to position myself accordingly.
So, how can you also begin to run your business with more precision? It’s very simple! Understand who your customers are and the various factors that affect their buying decisions. Map out a typical yearly life-cycle of your ideal customer, then ask the following questions:..
- What challenges are my clients facing right now that probably would not allow them the luxury to buy what I sell?
- What events often contribute to a spike or decline in general demands from clients?
- In what ways can I keep myself relevant at moments of obvious decline in demands?
- What can I do to keep up with productivity during times of low demands such that I can improve on customers’ experience by the time demands start rushing in again?
- Are there bumper packages or retainer-ship offers I can present to my clients or just to ensure continuous value-exchange and income-flow round the year?
I will stop with these five questions for now and probably continue tomorrow. But I need you to understand that running a business without metrics you monitor and analyze in order to make sound decisions, is nothing but an expensive, unsustainable hobby.
You need to get this straight!
I remain your clarity coach and your clarity remains my priority.