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It is particularly important for seasonal businesses to manage their cashflow effectively as they are more likely to face irregular cashflow patterns.

There are a number of steps a seasonal business can take to manage cashflow:

1. Plan ahead

By planning ahead, you can ensure you are able to cover any slow periods and avoid having to use quick but costly forms of finance such as credit cards.

A cashflow forecast will highlight times when you're most likely to face financial pressure. This could simply involve drawing up two lists - for money flowing into and out of the business each month. Download our sample cashflow projection spreadsheet (XLS, 29K).

See cashflow management and identify potential cashflow problems.

2. Get paid quickly

It pays to be organised about obtaining payment - this means sending out invoices promptly, chasing late payers and considering offering a discount for early payments - see ensure customers pay you on time.

3. Keep stock levels down

Carrying excess stock ties up money you could be using elsewhere. Keep records of stock levels so you can see patterns of what kind of stock you should build up - and when you need it. Estimate demand by asking your regular customers what their needs will be. Use sales or promotions to shift stock that hasn't sold well - see stock control and inventory.

4. Tighten your purchasing policies

You can improve your cashflow by agreeing better terms when buying. This might involve looking for a bulk discount, agreeing a longer than usual payment period or arranging purchases on a sale and return basis - see developing supplier relationships.

5. Put money aside

Resist the temptation to take money out of the business during your peak times - put money aside so you'll be able to meet your commitments during quiet periods. It's a good idea to set up a business savings account but do some research before you decide on a finance provider.

Taking out finance to bridge shortfalls in cashflow during off-peak trading periods can be costly and is generally only advisable as a last resort. Before seeking further financing, take all the measures you can to ensure you maximise the money coming in and minimise expenses.

The right funding options can help seasonal businesses manage their irregular cashflow and operate more efficiently.

These include:

• an overdraft facility - arrange this with your bank before you need it and agree on terms that suit your needs, eg the limit of your facility, a single fixed fee or interest only on what you use, a flexible period when the facility is available
• bank loan - aim for a loan that can be adjusted according to your seasonal sales to allow flexible repayments to match up with cashflow; ie larger repayments when trading is good
• asset finance - involves releasing cash tied up in physical assets of your business, such as equipment or vehicles, to improve cashflow - this facility type of finance can be tailored to the seasonality of a business to allow flexible repayments
• bad debt protection - is a type of insurance that guarantees 100 per cent payment on invoices from all credit approved customers - will usually help your invoice finance agreement - often involves risk assessment of new customers

For further information see business financing options - an overview.

Factoring and invoice discounting

Factoring and invoice discounting allow you to boost cashflow by raising finance against outstanding invoices. This may allow you to maintain a steady flow of income all year round. You will typically be able to borrow 80-85 per cent of the value of the invoice.

Whenever entering a contract with a factoring or invoice discounting company check the termination notice period.

See factoring and invoice discounting.

It is essential to plan ahead to ensure you have the right number of employees with the right skills to meet demand at peak times.

You can work out appropriate staffing levels by:

• Looking at sales information and data - this will help you to work out the amount of activity at peak times and the basic level of work that is constant throughout the rest of a year.
• Deciding on work that is crucial and needs to be consistent for the business to run on a daily basis throughout the year.
• Deciding on who is best to perform crucial work - ie will you use permanent employees or will you need to train temporary staff?
• Considering the local job market - is there an adequate temporary workforce available, and how quickly can new staff or previously hired staff be employed?
• Planning cover for absence, illness and holidays to maintain staffing levels. One way to do this is to look at how many days have been lost in the past and to know how many staff are necessary for the business to operate.

You need to find the right balance between permanent employees - the core of your staff who work all year - and temporary staff or staff on fixed term contracts who only work during the peak periods. Your core of permanent staff should be able to keep the business ticking over and make sure that everything is in place for busy periods.

If it is difficult to predict how busy you will be, you can use a recruitment agency to take on suitable, temporary staff at short notice.

There are other employment options that you can use to meet seasonal business needs, such as:

• family and friends who may be able to help out at weekends and during school or college breaks
• part-time workers who may be able to ease the pressure at particularly busy times
• outsourcing some business activities

For further information see recruiting seasonal staff.

All seasonal businesses experience slow periods. You need to think creatively to get through these. Look for areas where small changes might keep your business active outside peak seasonal times.

Diversify your business

Most businesses can branch out from their core activity. If your business is seasonal, this may be essential to avoid inactivity during off-peak months.

For example, a business making wedding dresses might make most of its sales during the spring - but by using its skills and equipment to make other special occasion dresses it might be able to move into a market that is busy in the autumn and winter months.

You could consider expanding into international markets with opposite seasonal trends. This will create opportunities for you to counter the slump of seasonal sales through export sales, thus maintaining consistent production and profitability all year round - see basics of exporting.

Market your business so it stays active longer

Another strategy for seasonal businesses is to develop a marketing plan that makes sure the busy season lasts as long as possible. For example, discounts, sales and promotions can be used to bring customers in during off-peak months - this is the way many tourist accommodation businesses price the rooms they rent out. You may find ideas by looking at what your competitors do. See understand your competitors.

Off-peak times also allow you to put your marketing plans in place for the next peak season. This is one of a range of tasks that can be completed out of season - see seasonal businesses: make the best use of quieter periods.

You should also look at the media you use for your marketing. The internet can be a very cost-effective way of helping people to discover your business.

It's important to take advantage of off-peak periods to consolidate your business. While some owner-managers may take a second job to tide them over, many use the extra time to focus on aspects of their business for which there's little or no time during peak periods.

Maintenance

Maintenance is often top of the list. For example, a caravan park owner might close at the end of October and spend the next few months repairing broken equipment, renewing facilities such as the laundry room and carrying out necessary landscaping.

Marketing plans

The extra time may also come in useful for devising new marketing plans and sales initiatives - see create your marketing strategy and market research and market reports.

Stocktaking and ordering

Quieter periods also offer an opportunity to tackle time-consuming essentials such as stocktaking and ordering. Look at the stock you have in and compare it with the amounts you ordered over the year. Can you order smaller quantities in the future? Or could you place one large order for certain supplies rather than several small ones - perhaps benefiting from a bulk discount in the process? See stock control and inventory.

Check whether you're getting the best deal from your suppliers. Shop around and get alternative quotes. You could dramatically save on costs and you may also benefit from volume discounts - see choosing suppliers for your business.

Careful financial planning and choosing the right VAT scheme for your business can ease the pressures faced by seasonal businesses. In order to ease tax pressure, you should consider:

1. Year-end date

Choose your year-end date to fit the nature and cashflow cycle of your business. When choosing the most suitable date to submit your annual accounts, you should aim for a date that will allow you to:

• make the most of any allowances and reliefs available
• make your first payment of tax on account at a time appropriate to your cash inflow
• avoid having to prepare accounts during a busy period

This can be a complicated area so you should seek professional advice before making any changes - see choose an accountant for your business and running a company or partnership.

2. Corporation Tax

Most companies pay Corporation Tax nine months and one day after the end of their accounting year. Seasonal businesses might find it useful to calculate their year-end date so that payment is due when cashflow is buoyant.

3. VAT Accounting Schemes

Seasonal businesses might also find it beneficial to use one of the VAT Accounting Schemes. HM Revenue & Customs (HMRC) provide guidance on the following:

If you are a farmer, GOV.UK has a separate , which is an alternative to registering for VAT.

There are also VAT schemes for retailers, margin schemes for second-hand goods, art, antiques, collectibles and a Tour Operators' Margin Scheme.

For further information see get started with VAT.

4. Eligibility for benefits and tax credits

Owners of seasonal businesses that shut down for certain periods cannot claim unemployment benefits or Jobseekers' Allowance. However, National Insurance contributions must continue to be paid. If your annual income is low, you may be able to claim tax credits.

Applying early for these is important - any claims can only be backdated by three months. HMRC provides guidance to help you .