This year in 2013 is an election year. With July and August historically slow due to tax time and an election to follow soon after on September 14, it could be an influence on the property market.
Who knows why people stop spending around election time, we just know that they do. A report in The Age recently stated “Business leaders were anxious about the impact of an extended election campaign on consumer confidence, with shoppers traditionally freezing spending decisions leading up to election day”
Wesfarmers boss Richard Goyder said campaigns traditionally put a lid on consumer expenditure. ”There is typically a bit of a lull in what consumers do in the lead-up to an election, which is usually in the four to six weeks before an election”. He went on to say “I hope not – time will tell”
The concern with 2013 is that it may become the longest election process in history. ”It’s going to be a long campaign,” Mr Goyder said of the prospect of an eight-month political battle.
Now flat markets are generally good for my business but I’d rather not see Principals with financial concerns.
Therefore I ask “What are you doing now to ensure you not just survive but thrive in the second half of this year. Will you cope with months of limited income if it happens.”
Don’t wait until the time comes to make adjustments. Talk to your business coach or accountant now and formulate a business plan to ensure not just survival but success during any potential slow months later in the year.
Here are some of my tips:-
- Put away some funds now while the market is ok
- Don’t replace any superfluous staff that might leave or use casuals for the time being.
- Grow your rent roll
- Don’t make any unnecessary spending decisions
Most importantly, get good systems in place now that will drive the business even in slower times. Work your database, provide newsletters, make social media work for you, follow up, work your open home contacts, meet often with your vendors for price discussions.
The best businesses often have a great business coach and there are some excellent choices available too. Talk to Mark Creedon from Red Monkey Coaching if you think it may be of assistance to you.
If you would like to know more about the value of your business or need any help or advice, contact Kevin Hockey on 0413 879 986 or email email@example.com