8 tips to Keep the Business Ball Rolling in Summer
Givens LLP | Jul 28, 2023
Ahh, summer… It was the best of times, but it can also be the worst of times for your business. As soon as the warmer weather checks in, many employees and business processes start to check out. Depending on your business, summertime may either be the start of peak season or the beginning of the leaner times.
Whichever side of the spectrum your business falls in, we have some tips to help you get your business ready to survive and thrive through the warmer months.
What is the Summer Slump?
While sunshine and summer vibes are good for the soul – which, in turn, is usually good for motivation – summer does pose a threat to productivity due to the myriad of enticing activities waiting to be enjoyed.
According to Grasshopper Group research, 25% of office workers claim their productivity declines during the summer, and 63% admit leaving early because the beach and barbecues tempt them outside.
If this is taking place in every office in the country, the effect surely snowballs from business to business.
The kicker is it’s not only happening in offices. The heat really does a number in slowing down some manufacturing. For every degree the temperature increases beyond 26 degree C, industry productivity declines by 4%, according to a new study from India.
While it's natural for customers and employees to be more relaxed during the summer, it doesn't mean your business should follow suit. Consistency and a solid market presence are key to sustaining growth and ensuring a healthy bottom line.
How to Keep Productivity Up with the Heat
The truth is that your figures (depending on your industry, of course!) will likely show a slowdown throughout the summer. One person can only do so much, especially when a broader social trend is at play. However, there are some things you can do to mitigate the effects of the summer slump on your business.
- Account for your accounting
- Review financial statements and analyze revenue trends to gauge your financial health.
- Evaluate your cash flow to ensure sufficient liquidity. Identify seasonal patterns and create a cash flow forecast to manage funds effectively.
- Review inventory and consider promotions to free up capital for new products.
- Analyze profit margins, focus on high-income margins and evaluate your expenses to find areas to reduce costs without compromising quality.
- Plan way ahead for the big goals and tasks.
- Start early on marketing materials to account for the time needed from idea to publishing before vacations begin.
- Stick to your regular posting and communication schedules so that your business isn’t forgotten in the summer heat.
- Use this opportunity to gather feedback, conduct surveys, or ask for reviews to improve your offerings.
- Offer seasonal promotions
- Consider creating limited-time offers, bundles, or exclusive discounts for summer-related products or services.
- Collaborate with local businesses or organizations to host joint events or cross-promotions.
- Empower and incentivize your employees
- Encourage and empower them with clear goals and expectations for productivity.
- Provide flexible scheduling and remote work options to boost morale.
- Recognize their efforts with incentives like team outings or summer bonuses.
- Stay consistent
- Consider pulling back on ad spend and focusing on lead generation, nurturing, and planning.
- Allocate time to update and optimize your assets and plan your publication calendar.
- Explore new opportunities by pivoting your offerings. For instance, if you sell cold-weather products, run a special promotion for boots or expand your catalogue to include summer hiking gear or sandals.
- Stay on top of vacation requests
- Assess staffing needs
- Home and garden stores
- Lawn care services
- Air conditioning service providers
- Pool supply and cleaning services
The summer slowdown offers an excellent opportunity to review your company's financial performance and cash flow. Here’s what you can do:
By assessing your finances now, you can make strategic changes to set your company up for success when activity increases as summer comes to a close. Proactive financial management is vital in both slow and busy seasons.
Contact us today for expert accountancy support. Whether you're a startup or an established organization, our tools and expertise can elevate your business this summer.
Any upcoming holidays or events that can impact your business or your audience should be planned well in advance when it comes to content creation and scheduling. Just because your audience may be on holiday doesn’t mean you have to let engagement go down.
From the frivolous (a day-in-the-life summer post) to the crucial (getting your back-to-school promotion just right) posts, this will make a world of difference.
You won't be in a bind if you have the appropriate strategy.
Embrace the summer spirit and keep customers enticed by offering special promotions tailored to the season
This not only attracts new customers but also encourages existing ones to remain engaged with your brand during the summer months.
Your employees play an important role in driving your business's success, so keeping them satisfied and engaged through the summer months is especially important for business to run as usual.
Engaged and motivated employees will continue to deliver excellent service, ensuring your business thrives even when the heat is on.
Sales may slow down, but you don’t have to. Each industry is affected differently by the seasons. While some businesses, like airlines, rely heavily on summer, others can adjust their strategies.
According to social media marketing expert Ali Parmelee, many retailers earn 30% of their annual revenue during the holiday shopping season. Plan for this by gathering leads now and nurturing them in preparation for the busy months ahead.
With summer being a popular time for vacations, it's important to request time-off forms from your employees as soon as possible, doing this in advance allow you to allocate resources in an effective manner
Early notice allows your payroll department to adjust accounts and allocate funds for paid time off. These small disruptions can have a significant impact on cash flow, so it's essential to have prior knowledge of your team's availability.
Accounting-wise, if your business is slow, it's an opportune time to manage vacation liability and encourage employees to take their vacations.
Certain businesses may require increased staff to meet customer demand during this time, such as:
If your business is tied to seasonal demands or if it caters to summer travel trends like hotels and restaurants, it's advisable to consider hiring seasonal staff in advance to handle the expected surge in business during the summer.
Conversely, if your company won’t be needing as many hands on deck throughout the summer, consider encouraging employees to use their time off.
As a business owner it is important to keep your foot on the gas pedal during the summer months, but it is also important to have a good work life balance. The list above will help you both run a successful business and live your best life. By maximizing your online presence, offering seasonal promotions, maintaining communication with customers, and empowering your employees, you can avoid the summer slump and keep your business thriving.
For more tips to keep your business scaling sustainably in the summer, download our FREE Givens Growth Guide today! Alternatively, you can sign up for our newsletter or contact us today for expert accounting services to manage your business growth like a pro.