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Beth A. Botti, CFP®, ChFC, CLU, CDFA™
Financial Consultant
California Insurance License #0G24537
612 Wheelers Farms Road, Milford, CT 06460
Phone: 203-877-6556 Ext. 169
Fax: 203-301-0736
Email: beth.botti@equitable.com
May/June 2019
Best Practices for Seasonal Businesses
Summer’s coming and for many businesses, these 100 or so days will comprise the vast majority of their income. How do you get the most from this short season?
Manage Your Cash
When your sales are concentrated into a six-month or smaller window, you need to follow best practices in cash management. This includes keeping a lid on expenses and making purchases when items you need go on sale. Because consumer attitudes change, storing leftover inventory in the offseason could be costly, so avoid overbuying supplies and make sure you have room to store them. Also, pay close attention to outstanding invoices and maintain a cash cushion.If possible, create an alternative income stream or two that would profit if your main business falters. For example, a business that rents bicycles at a shore location might also repair other people’s bikes. Landscapers might turn to snow removal during the off-season in areas of the country with four seasons. Or turn a hobby into a part-time gig during your offseason to keep the cash flowing.
Anticipate Bumps
Keeping a cash cushion becomes vital when a natural or manmade disaster slows your business to a crawl during peak season. This is common at summer resorts in the mid-Atlantic and northeast, where a few weekends of bad weather can take a huge bite out of what may only be a three-month high season. While you manage your risk, you can also manage your cost of risk by carrying property, liability and flood insurance.Get Creative
Plan for success by hiring retirees or semi-retirees looking to work a few months a year every year. Or hire hardworking teens looking to earn extra cash. Work with neighbors and complementary industries to offer discounts and other deals to your customers. A restaurant owner, for example, might offer discount meal coupons to a local motel owner as an enticement for motel customers.What About You?
While your business may be seasonal, your financial wellbeing should be maintained year-round. Leverage business dollars, when possible, to buy appropriate insurance and to invest for your future in retirement. Talk to a financial professional to learn more.GE-2314425b (11/18)(Exp. 11/20)
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Duly registered and licensed financial professionals offer securities through Equitable Advisors, LLC (NY, NY 212-314-4600), member FINRA,SIPC (Equitable Financial Advisors in MI & TN), offer investment advisory products and services through Equitable Advisors, LLC, an SEC-registered investment advisor, and offer annuity and insurance products through Equitable Network, LLC (Equitable Network Insurance Agency of Utah, LLC in UT; Equitable Network of Puerto Rico, Inc.). Equal Opportunity Employer - M/F/D/V. Equitable Advisors and its associates and affiliates do not provide tax, accounting, or legal advice or services. Representatives may transact business, which includes offering products and services and/or responding to inquiries, only in state(s) in which they are properly registered and/or licensed. Your connection to this website does not necessarily indicate that the sender is able to transact business in your state. The information in this website is not investment or securities advice and does not constitute an offer. For more information about Equitable Advisors, LLC you may visit https://equitable.com/crs to review the firm's Relationship Summary for Retail Investors and General Conflicts of Interest Disclosure.
GE-6572038.1 (4/24)(Exp. 4/26)
CFP®, and CERTIFIED FINANCIAL PLANNER™ are certification marks owned by the Certified Financial Planner Board of Standards, Inc. These marks are awarded to individuals who successfully complete the CFP Board's initial and ongoing certification requirements.
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