You know the saying – "All good things must come to an end". It's true of many things in life, including the recent Games.
After seasonal rushes, holidays and major events, trade often slows as people leave town or simply take a break from spending.
At Ray White Commercial Gold Coast, we want to make sure our small business partners are prepared for life after the Games' conclusion on April 15. Here are some tips for learning from the rush and getting back to normal trade.
Has your business seen a boom in sales thanks to the Games? For many, the answer is probably yes.
The Queensland government predicted that the the Games would attract 672,000 visitors, 15,000 volunteers and 6,600 athletes and officials to the Gold Coast. Naturally, an influx of visitors equates to an influx of trade and you'll probably be pleased with your profits come April 15.
It's essential, however, to use that money wisely.
One of the first rules of business is to pay yourself a salary. After you've paid your employees and other expenses, be sure to take your own salary and don't fall into the common mistake of dipping into the extra money for big occasions rather than on a routine basis.
Further, avoid mixing professional and personal finances. If there's money left over resist the temptation to book your next holiday. Instead, think of meaningful ways you can invest in your business. Now could be the time to pick up that new piece of equipment you've been after, renovate or even upgrade to a larger commercial space.
When the rush eventually tapers off, it's important to look back on the busy period and see what lessons you can glean.
Perhaps you added extra staff to keep up. Were any of them stand out hires? If so, consider keeping them on the roster permanently.
You may have also picked up on areas of your business that could use improvement. Perhaps having so many customers made you realise you need to invest in a new point-of-sale system. Were restrooms consistently dirty at the end of the day? Maybe it's time to implement an hourly check.
By seeing how your business did – or didn't – keep up during the Games, you can make informed decisions about how you'll operate in the future.
Finally, don't make the mistake of assuming you'll continue to be this busy after the closing ceremony.
Generally, it's a good idea to reduce your inventory significantly after a super busy period. Take the holidays, for example. While many industries surge in December, they plummet in January when consumers feel the need to be a bit more frugal.
At the same time, don't panic. There are things you can do to keep customers spending. Immediately following the Games is an excellent time to run promotions and increase your marketing.
For more insights on running a business in the Gold Coast, check out our news hub.