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Top Tips for a Profitable Summer

May 21, 2012 at 8:09 AM

img-hannah.jpgSummer is nearly here and we're all hoping that the weather will be good! As a small business owner, summer can occasionally be a distracting time, and it is all too easy to take your eye off the ball. So, we asked Wow Accountant, Hannah Bullmore for her top tips to help you have a profitable summer this year...


Boost your learning to maximise your earning

The summer is the ideal time to learn some new skills and to educate yourself. Think about a specific project that you can devote some time to. It may be something you’ve been meaning to look at, but haven’t had the time. Maybe it’s increasing your social media activity, getting to grips with the numbers in your business or even investigating a brand new product or market?

What business books will you be seeking inspiration from this summer?


Get to know your customers

Your customers' preferences can change quickly and you need to be in tune with this. It could be that you need to hold a focused event with some of your key customers, send out a survey or speak to suppliers and other parties with a vested interest to find this out. Also, don't forget that summer is a great excuse to spend time with them on the golf course, racetrack or even having a coffee.  

Who is worth a phone call or an e-mail today?


Get to know your team

Motivating, managing and developing your team is likely to be one of the trickiest (but most rewarding) tasks you face as a business owner. Take time to build morale, teach staff about other areas of the business and get your team involved more. Where do they see the business heading? What would they do in your position? Are there any training gaps that could be filled over the summer?

You can't do this on your own, so what are you doing this summer to invest in your team?


Get advice

If you think your business is too small to need some form of mentor or adviser...think again. Any business can benefit from an outside perspective, whether it’s to review your business plan, take a look at what you're currently doing or suggest ideas for future growth. This could be someone in your industry or perhaps a friend in business that you could exchange ideas with. Never underestimate the power of getting an objective opinion.

Who could you sit down with once/month to help move your business forward?

Evaluate your accomplishments this year

As we get into the summer months and over the half way point for the year, take a look at what you’ve already achieved in your business this year. It’s not been the easiest of climates for small businesses, so it’s even more important to write down and be proud of your achievements. You’ll gain great motivation from doing so! And why not get your team to do the same thing?

What has been your biggest achievement of the year so far?

Relax and enjoy yourself!

Most importantly, take some time away from the business (and your e-mails) and relax. Delegate if necessary, trust that your team can cope and your business will still be there when you get back!

Have a great summer! Best wishes from everyone at Wow.


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