Winter Put A Freeze On Business Finances?
January 22, 2018 by ThySista
Filed under Business, Money, Opinion, Weekly Columns
(ThySistas.com) January and February are, universally, the most hated months. January is long and financially trying. February suffers as a result. Most of us find ourselves in a state of despair for the duration. We can’t afford to go anywhere, and often, the weather doesn’t allow us to anyway.
And, this can be a difficult time of year for the business world. If you work in an office, it’s unlikely you’ll feel the impact. But, those of us who work in customer reliant roles really struggle. Retailers often have to send staff home early, and contractors struggle to pick up jobs. As well as this being a result of the weather, the long month of January leaves people unwilling to reach for such services.
If you’re new to the construction industry, you may be wondering how you can fund your way through winter. After all, this is an issue which you’ll face each year. Which is why we’re going to look at a few ideas which could help you.
Make the most of your assets
One option is that of using assets as collateral for a loan. This wouldn’t work every year. But, if the winter crunch has cracked you open unexpectedly, it’s an excellent way to cover the gap. Companies like equifyllc.com offer asset loans based on the value of your equipment. Those machines may not be earning you much at the moment, but they can fund your loan. This is a better option than getting a loan from a bank. It ensures you don’t fall into debt. The worst case scenario is that you would lose your equipment if you failed to pay back on time. Make sure that doesn’t happen by getting back to work as soon as spring rolls around.
Broaden your horizons
Another way to keep money rolling is to broaden your horizons. It may be that you can find a new angle for your current company. Perhaps you need to offer indoor services if you usually work outdoors. Or, maybe you need to embark on something else during winter. You can find out more about diversifying your income with broadened horizons on sites like https://medium.com. With more than one money making option, you can at least rest easy that you’ll always have something coming in. Bear in mind that, if you employ staff, you may want to find a way to include them in these side projects. Otherwise, you may find it hard to appeal to anyone. After all, who can afford to work for only half the year?
Set aside money over the summer
Another fantastic option would be to set aside money during the summer months. At this time, profits likely skyrocket as jobs come flooding. Be wise with that money, and set some aside so that you can afford to turn to other things during winter. That way, you can spend the cold months on staff training, and brainstorming methods to improve business productivity. All the better for when summer rolls around.
Staff Writer; Paula Moore
