6 Ways to Prepare for Lower Revenue Over the Holiday Period

Silly season is almost here - and for a lot of us, it means taking a break from business.

Sure, rest and recovery from a busy year is important - but it’s not without its drawbacks.

Hitting pause on your business inevitably comes with a significant dip in revenue.?

So how do you prepare for this cycle of lower revenue, whether it’s over Christmas, school holidays or a period where you just need some downtime??

Personally, I’ve discovered a blend of mindset shifts and practical actions that have really helped me reshape my approach to maintaining stability during lower revenue months.?

Today, I’m sharing 6 ways that will not only help you stay afloat over the holiday period, but set yourself up for a successful year ahead.

1. Build a Financial Cushion Throughout the Year

Firstly, having a dedicated account where you routinely tuck away a small amount every month can be a lifeline. This is about creating a reserve that cushions those lean months.

In my business, I follow the 'Profit First' approach, which I’ve mentioned before. This involves setting aside a slice of profit each week for peace of mind and to handle lower revenue periods. It’s a little safety net that helps you sleep better at night, knowing that you’re prepared for any hiccups.

2. Offer Bite-sized Products

Next, consider what bite-sized offerings you can introduce during this time. Do you have downloadable PDFs, on-demand training or evergreen content that could bring in some extra cash?

Many people gear up for success in the upcoming year around this time, so this is an ideal opportunity. It's all about providing something of value that can work for both you and your clients with a little upfront effort.

3. Plan for the Year Ahead

Take a forward-thinking approach and use the coming weeks to strategise for 2025. After experiencing a restless Christmas in the past, I realised I needed to plan better. Is it about generating higher revenue through the rest of the year, or having a bumper month in November? Preparing adequately now prevents stress later.

We need to shift our mindset to be comfortable with taking breaks and being okay with lower revenues. Working proactively on this mindset helps avoid burnout—an all too common problem for so many business owners.

4. Understand Your True Needs

Another fundamental step is understanding what you truly need to manage. Often, what you want versus what you need can be vastly different.

I encourage my clients to determine their base financial needs, separating personal living requirements from business expenses. Understanding this allows you to plan effectively for those leaner months.

5. Streamline Your Expenses

As November approaches, it's a perfect moment to audit your expenses. Are there subscriptions or memberships you're no longer using? Cutting these can significantly aid expense management.

It’s vital to address those 'holes in the bucket' and trim excess spending. Balancing your revenue and expenses is key to maintaining your financial health.

6. Embrace Late Opportunities

If you've realised the slowdown is here and you’re just tuning in now, don’t panic. There’s still time to act! Even nearing Christmas, people are still buying. Many are purchasing not just for now, but to set themselves up for a fruitful January.

Consider offering a product or service now to be delivered in the New Year. Remember, the myth that 'no one buys in December' is just that—a myth.

The golden rule is not to surrender just because it’s late in the year. Ensure you continue selling until your curtain drops for the holidays. Watching your energy reserves and managing time effectively is equally critical. After all, the last thing you want is to enter your well-deserved break feeling drained, anxious or unwell.

I'd love to hear how you plan to take on these tips. Have you managed to avoid succumbing to holiday period stress before?

Perhaps you've got a strategy that's worked wonders. Let’s keep the conversation going!

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For a copy of Emma's book, 'Go-getter: Raise your mojo, shift your mindset and thrive' – https://www.emmamcqueen.com.au/book/

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