Small business owners unprepared for peaks and troughs in seasonal demand – Lloyds

The data comes as many owners of seasonal businesses, such as those in the tourism industry, set their focus to the imminent drive in demand that will come with Christmas.

Positively, 53 per cent of those surveyed make use of off-peak seasons to catch up on business admin they didn’t do during in busier periods, 51 per cent carry out more business maintenance and 47 per cent opt to take more holidays during this time.

Only 20 per cent use their quieter months to top up on professional development for themselves and their staff and more than one in ten (12 per cent) admit to doing nothing in particular during business downtime.

Of those who do plan ahead for the next peak season, 37 per cent plan up to three months in advance while 32 per cent continually plan for peak periods, yet 16 per cent don’t plan at all.

Significantly, almost a quarter (23 per cent) of small business owners surveyed admit to not having a business plan in place to ensure their finances will see them through a quieter financial period, while a further 13 per cent admit to not having planned their finances well.

With fluctuations in business demand come fluctuations in staff requirements and the challenges associated with temporary or short term employment arrangements.

With a range of options open to business owners, the research found that almost than 1 in 7 (15 per cent) seasonal business owners admit to lacking confidence that they get their staffing levels right during peak seasons, while 1 in 10 are unsure of their staffing arrangements during off-peak seasons.