July 07, 2011 at 6:09 PM

Summer is 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. At Wow, we’ve put together our top tips for having a profitable summer this year...

Re-energise your marketing plan

As Accountants, we understand the importance of marketing in helping our clients make more profit. Summer is a great time to dust off your existing marketing plan (or create one if it doesn’t exist!). We’re not talking about writing a novel....but a clear, concise and measurable marketing plan that gets results. Make sure you think about your customers, what motivates them, how you can grab their attention and stand out above your competitors.

Also, don't forget to include an Action Plan - the most important ingredient!

Boost your learning to maximise your earning

The summer is the ideal time to learn some new skills and to educate yourself, but make sure it can be directly related to growing your business. 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, learning how to electronically survey your customers, streamlining your systems, or evaluating potential new suppliers.... or even a brand new product or market. Plan the time to learn as well as implement the changes - this will ensure that you are taking positive action to help make your business more profitable.

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. If you can understand and predict their likely buying patterns in the future, you can plan for this and ensure you are prepared, rather than being taken by surprise. 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 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?

Evaluate your staffing needs

There comes a time with any small business when you’ll need to take a step back and take on an assistant, so you can focus on the critical elements needed to grow your business. If you’ve not hired an assistant yet, why not think about doing so now? This could take the form of a virtual PA, in-house assistant or part-time help. Use your networks to help find someone suitable and make sure you’ve developed a profile which includes the key skills you require. The summer could be the perfect time to train the right person, so they are ready to hit-the-ground-running come the autumn.

Tip: Only do the things that only you can do! (Get someone else to do the rest).

Understand your cash position

Take a look at your cashflow, including looking at previous years for trends. Consider completing a cashflow forecast (Wow can help with this). It’s important to ensure you have a good grasp on your cash over the summer period, so that you can put measures in place if you think there is going to be a problem.

For more advice on managing your cashflow, click here

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 last 6 months (and what do you want to be saying in 6 months' time)?

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.