Business Is Typically Slow In January. Here’s How To Survive.

Our business survival guide for January will help you stay afloat till sales pick up.

January can be a difficult month for your business to get by, probably because most of your customers are low on cash after spending on festivities. All the same, you need to keep your business afloat and we have a few pointers that could help.

1. Don’t overstock or understock products.

Both are bad for business — overstocking will tie down your capital and understocking will make you lose customers. If you usually stock 100 of your slowest-moving products, cut the number to 50. Then, stock more of your fastest-selling products. Find the balance between demand and supply.

2. Negotiate with vendors and ask for discounts.

Because you aren’t bringing in as much money, you’ll have to find ways to save money. There’s no shame in asking for discounts, if your customers do, so why can’t you too? Most things are negotiable so talk to your suppliers, and vendors to try and get better prices, short-term reductions, a longer payment plan, or you can buy the goods on credit from your vendors and remit the money as you sell.

3. Cut your spending if you can.

This isn’t the time to make an expensive purchase unless it’s essential.
Hit the reset button on your spending. Do simple things like turning off ACs and electric bulbs to cut down your electricity bill, or even rationing your internet usage. And remember that you’ll get a cashback every time you buy meter tokens, data, and airtime on the Kuda Business app.

4. Evaluate your inventory.

Look closely at what you’re already selling and offer add-ons. For example, if you sell wigs, it’s smart to sell styling tools too so that even if your customers are not buying wigs they could buy tools to style their old wigs.

5. Embrace the slowness.

You can’t let yourself be overwhelmed by slow business. This could be a good time to put things in a much better shape, look into options like new suppliers and partners, review your finances, and keep growing your business. Of course, you can’t overwork yourself either.