The summer period can be notoriously tricky for business owners to manage as many challenges present themselves such as high levels of employee absence due to holidays, a drop in demand in many industries (a boom in others!) and it can become difficult connecting with leads as they are on holidays and enjoying themselves too.
It can be daunting knowing how to handle things, and for small business owners the summer can become a stressful period, so let’s look at some key tips to keep things going over the summer, and still have time to enjoy the sunshine yourself.
The growth of cloud technology has made it easier than ever to run your business remotely. No longer do you need to be tied to your desk, because cloud enables you to keep your business going wherever you are. Why not forward your desk phone to your mobile and you’ll be able to receive calls, manage emails and schedule meetings whilst sitting poolside (if you really want to, that is).
Encouraging employees to submit holiday requests early, and limiting the number of employees per department to annual leave at the same time will help you maintain staffing and ensure there are no critical staff shortages. It can be particularly difficult to manage staffing levels over the summer but planning early and preparing for employee holidays can give peace of mind and allow plenty of time to put cover plans in place.
The summer months aren’t all doom and gloom, and in fact, they can be a great opportunity to reflect and analyse ways to drive change. If you are quieter over the summer then it’s an opportune time to do the things you’ve been meaning to do for months such as website development, reviewing continuity plans and conducting social media and competitor analysis.
Sometimes you just must accept that it will be a slow couple of months and adapt to the circumstances. Setting unrealistic goals over the summer months will only increase demotivation and frustration.
If business is slower than usual, then running seasonal promotions can be a short term effective way to boost sales. You could even consider collaborating with local businesses or running some pop-up events in your local community depending upon your sector, to increase interest.
Forecasting is vital when it comes to business preparation, that includes cash flow forecasting and stock forecasting. Look back at your historical data to see what products sold well last summer, or what will typically sell well in autumn and make sure you’re well prepared for peaks and troughs in demand. Ideally you will do this well in advance so you can adjust your order levels according to demand so you’re not paying to store excess stock and causing bottlenecks in your supply and demand function.
Fluctuations in revenue and increased costs like we’re witnessing now can result in a lot of pressure for business owners. Therefore, it is essential to thoroughly review your cashflow projections and budget accordingly so you can financially plan for projected slow periods and re-allocate marketing budget where necessary. You can do this by analysing last year’s financial figures and the peaks and troughs you experienced in previous years.
We are not implying here that you should replace your workforce with automated tools, but introducing automated processes into some areas will help take the pressure off during periods of absenteeism and help you get the most from your employees. For example, automating your accounts payable process can save your finance teams up to 50% of their time and significantly reduce time pressures, and switching to paperless payslips and self-service systems can ease the burden on payroll departments.
Whilst we all look forward to the summer, for business owners it can be a daunting and stressful period as businesses in some sectors slow down significantly. It is vital to prepare early by managing holiday requests to maintain staffing levels and forecasting stock and cashflow. In the longer term, automating some business functions such as payroll and accounts payable can help reduce the burden and help you get the most from your employees, and embracing the flexibility that technology such as cloud offers. However, the quieter periods can also provide opportunities to reflect and catch up on all the mundane “to-do” jobs that usually get pushed to the back of the pile so embrace the positives, and ensure you find some time to enjoy the summer yourself.
For more information about the business software we offer here at Pegasus, and how it can help you run your business please contact us today.
Posted On: July 31, 2023
