January to April can feel like the slow season for many businesses—especially in retail—after the Christmas rush. But don’t just sit back and accept it! There are plenty of practical steps you can take to boost cashflow this quarter, keep your bank balance healthy and set yourself up for success in the months ahead. Here are six ways to give your cash a boost this quarter.
1. Make the Most of Upcoming Calendar Events
Just because the festive season is over doesn’t mean there aren’t opportunities to draw customers back in. Look ahead to events like:
- Burns Night (25 January): Host a themed event or offer Scottish-inspired products and promotions.
- Dry January? Or Wet January! Promote non-alcoholic beverages or create a campaign encouraging customers to indulge in a ‘wet January’ instead.
- Valentine’s Day (14 February): Run gift bundles, meal deals, or couples’ discounts.
Seasonal events give you the perfect excuse to reach out to customers and keep your business top of mind.
2. Use Black Friday and Christmas Data to Reconnect with Customers
Chances are you collected a lot of new email addresses and customer data during Black Friday and Christmas sales. Now’s the time to make use of it!
- Send an email campaign reminding your customers that you’re still here and ready to help them start the year right.
- Highlight exclusive January deals or upcoming events.
- Offer loyal customers a special discount to thank them for their support.
Stay visible and keep your audience engaged!
3. Encourage Staff to Take Unpaid Leave
If business is genuinely slower in the first quarter, it might be worth encouraging staff to take any unpaid leave they’ve been considering. Not only does this help manage payroll costs, but it also gives employees flexibility when they may not be as busy.
Tip: Make it clear this is entirely voluntary—employees should never feel pressured. Instead, position it as a win-win opportunity for those who want more time off after the holidays.
4. Run a Flash Sale or Limited-Time Offer
Create a sense of urgency with a flash sale or limited-time offer to move excess stock and generate quick cash. Highlight:
- Clearance items that need to go.
- New arrivals to entice customers back into your store.
- Services that can help customers meet their New Year goals.
Flash sales are a great way to drive traffic, whether in-store or online.
5. Focus on Outstanding Invoices
If you have outstanding invoices, now’s the time to chase them up! Send reminders to clients who haven’t paid and consider offering a small discount for early payments.
Additionally, review your payment terms to prevent future delays:
- Shorten payment deadlines.
- Introduce staged payments for larger contracts.
- Offer incentives for paying upfront.
Managing invoices effectively can give you the cash injection you need.
6. Upsell and Cross-Sell to Existing Customers
Your current customers are often your best source of revenue. Look at ways to:
- Upsell: Offer premium versions of products or services.
- Cross-sell: Suggest complementary items or packages.
- Follow up: Reach out to previous customers and ask if they need a top-up or replacement.
Don’t overlook the potential of the customers you already have—sometimes all they need is a little reminder.
Final Thoughts
The first quarter doesn’t have to be a slow one. By being proactive and making the most of the tools and opportunities available, you can boost your cashflow and keep your business thriving well into the new year.
Need help managing your finances or planning cashflow strategies? Contact Harland Accountants today to find out how we can support your business.
