Summertime can have varied effects on your business. For some seasonal businesses, it’s the time to hit the pavement and make money that will make up the majority of their revenue. On the other hand, the season can bring a lull in sales and cause to scramble for other businesses. As the warm months are upon us, it’s worthwhile to take a look at some of the summer business mistakes that business owners often make.
1. They Don’t Enjoy the Summer
While owning a business is absurdly time-consuming and is likely the focus of your life, don’t forget to stop and relax occasionally. Self-care is always important, and no season provides opportunities to step away and recharge like summer. Not only can a quick getaway or even just a weekend away from your phone give you the space to relax, it can make you a better business owner. Time off can breed creativity and fuel innovation for when you return to work. It gives you the chance to step aside and let your employees run things for a little while, which can give you new insights to your staff’s abilities and how to utilize their talents moving forward.
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You can even mix business and pleasure by using time away from the office to visit distant vendors or clients in person. Doing so can bring a more personal touch to your business and build a stronger working relationship moving forward. The potential lull your business experiences in the summer gives you time you likely won’t have the rest of the year to make such visits, so take advantage and use this networking tactic to help your business.
By taking some time away, you can build up some energy and possibly get the inspiration you need to move your business forward in successful and new ways.
2. They Don’t Plan Effectively
Speaking of vacation, it’s more likely than not that your employees will want some time off in the summer months. This is totally reasonable and should even be encouraged so your staff can bring their best attitudes and full energy to the workplace. Make sure your employees know to give you as much notice as possible of their vacations so you can plan and staff your business appropriately, and don’t get caught understaffed.
Aside from possible staffing issues, you’ll need to plan appropriately for the potential lack of income your business will experience over the summer months. This could mean changes in your hours, reevaluating your budget and spending and making adjustments, or simply making sure you have enough saved away for the potential proverbial rainy day of summer. For many small businesses, having enough savings for such a situation isn’t completely realistic. Even the most successful A great option to help hold you over is a business line of credit, which only charges interest once you draw funds out and can offer competitive interest rates depending on your cash flow and business credit profile. You’ll want to apply before your cash flow takes a hit in the summertime, and you can check your business credit score for free with Nav to know where you stand before you apply.
Looking ahead and planning adequately for summer can make all the difference in how your business bounces back from a potential drop in revenue.
3. They Don’t Use Social Media Like They Could
Just because your business isn’t earning and producing in the summer like the well-oiled machine that it is, it doesn’t mean you can’t maintain a strong online presence. As individuals and other businesses flood social media with images of vacations or other summer activities, make sure your business is in the mix. You can use some of the downtime to brainstorm fresh new content for your business’s blog or social accounts and let your staff have fun with it. Even if people are away from your business, you can reach them by maintaining an online profile and attract new customers.
By avoiding these summer business mistakes, you can keep your business healthy and ready to thrive throughout the year.
Having emergency cash on hand can be your key to managing cash flow.