January can be a difficult time for many people. After all the indulgence and spending at Christmas time and potentially an early pay packet, January can feel like a very long month. People tend to spend a lot less as they are still paying for Christmas and this means that businesses are likely to have a low income at this time. However, this need not be a disaster.
A lot of businesses have sales in order to shift old stock and encourage people to spend money. It could be something that you consider doing to, particularly if you have things that you have not sold many of or if you can lower the price and still make a profit from them. Take a careful look at what you have with regards to goods or the services that you provide to consider whether it is worth doing this.
If things are quiet in January then it can be a good time to work on promotions. Work on your website, social media sites and things like that Create a lot of content, get people interested in you as a company and make sure as many people as possible know who you are and what you can ffer them. You may find that even though people do not tend to spend much money in January, you could pick up some new customers and potential customers so it is worth working on it. Once you make a start, people may start to like and share your posts so you will be able to grow without putting in so much work. Try to encourage this by running competitions and posting interesting and funny things that people will want to pass on or comment on.
It is wise to make sure that you keep money saved up from December so that you can pay your January expenses with it, even if you do not get much income in. This will prevent you from having a cash flow problem. So budget well and save so that you know that you will have enough to cover this difficult period of time.
Some companies make staff take unpaid leave when they have a small amount of money coming in. This can be harsh, but if it is the only way that you will be able to get through the month, then it is worth considering. Explain to the staff why you have to do this and there may be some that will do it voluntarily anyway.
It can be worth considering investing some of your own money into the business to keep it going for a while. This may not be an option available to everyone, it will depend on whether you have the money to do this, but it can be cheaper than getting a loan. Of course a loan may be the only option for you. If you think this might be the case then it can be worth starting to get a business plan together so that you can show it to the bank when you visit.