By - July 2, 2024
Categories: Bookkeeping, General
Summer is a wonderful time to put your feet up and relax under the sunshine. However, it can be a not-so-wonderful time for your business because things tend to slow down.
You already know that you will experience lower income months as an entrepreneur. It comes with the territory! The good news is that you can predict and plan for the summer slow-down so you can save money in your business and still yield profit.
In today’s blog post, we’re sharing our favorite summer savings tips. These are things that even the most profitable businesses do, so you’re going to want to take note and implement them immediately!
Optimize Your Inventory Process
If you want to maximize your savings this summer, consider optimizing your inventory process.
Conduct regular inventory checks to identify what products or parts are moving and which ones are stalely sitting on the shelf. This will allow you to stop overordering and cut wasteful costs.
Use Credit Cards Wisely
If the slow summer season has you reaching for your credit card more often, it’s critical to use it wisely. Credit cards can be a powerful tool to help you get ahead, but you need to consider interest rates and your ability to pay back your purchases.
Before you swipe, look at your budget and determine if it’s the best choice in the long run. To simplify your budgeting, we always recommend implementing a cloud-based accounting program like Quickbooks Online.
Create an Energy Efficient Environment
If there’s one certain thing to expect in the summer, it’s high energy consumption. To avoid the hefty bill that comes with running your HVAC system around the clock, take a look at your business’ energy efficiency.
If your air conditioning units and other cooling systems are outdated, consider investing in energy-efficient models to lower your costs over time significantly.
Ensure that your HVAC systems (new or old) are being maintained regularly to keep them functioning correctly. Clean filters and sealed cracks can significantly improve energy efficiency.
Leverage smart thermostats to adjust temperatures when your building is in use and during off-peak hours. This will keep you and your staff comfortable while saving when your business is closed.
Adjust Your Operating Hours
Adjusting your operating hours during the summer can enhance your ability to save.
Try opening your business earlier and closing before the hottest time of the day to slash energy costs. Also, consider operating on a four-day workweek with extended daily hours.
Pro tip: Make sure your new summer hours align with your business’ customer demand. This will help maintain customer satisfaction even though you’re reducing your open times.
Run Seasonal Promotions
Take advantage of the summer season and run limited-time seasonal promotions to increase your revenue. Use seasonal holidays such as the Fourth of July or Labor Day to promote savings that will bring more customers through the door.
Don’t be shy about marketing your promotions!
Take advantage of social media to promote your sales on your business page, to local community groups, and through targeted ads. It would help if you also considered creating community partnerships with other local businesses to get the word out about your specials.
The slower season doesn’t have to throw a wrench in your profitability. You need to make wise and informed financial decisions to optimize your savings. For specific budgeting advice for your business, schedule a FREE consultation with us!
