How to be active in August and combat small business slowdown
- Business Rescue Business Growth
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It’s the time of year when small business owners everywhere experience the dreaded ‘August slowdown’. With the school holidays in full swing, for many of us this month is traditionally a quiet time. Doing business can be difficult. With key staff out of the office, big decisions are often put off until September when everyone is back and the new term feeling kicks in.
However, rather than seeing this as downtime you could use this as an opportunity to work on your business as opposed to in it. Do all those things you’ve been meaning to do when you’ve been too busy working on the day-to-day operations side of your business. So, rather than slowing down, perhaps August is the time to be productive. Here are a few tips from the Be Rescued team on how to be active in August.
7 tips to help small businesses during the ‘August slowdown’
1. Do a financial health check
August is the ideal time for small business owners to check the financial health of their businesses. With fewer distractions you can really focus on the figures.
Ask yourself…Do I know my profit and loss? Are my accounts in order? If Making Tax Digital (https://berescued.co.uk/blog/what-is-making-tax-digital-and-what-does-it-mean-for-company-directors-and-small-business-owners) is relevant to your business, are you providing everything that is required in terms of financial data. Understanding your business finances is the key to cash healthy business longevity.
2. Plan your cashflow
Planning your cashflow goes hand in hand with understanding your finances. All small businesses experience quiet times. It is essential that you plan ahead to ensure that enough money is coming into the business to cover what needs to go out during the quite times.
Perhaps your business can offer something different during less busy periods. For example, if you are an education specialist who provides activities for school groups during term time, you could offer holiday themed 1:1 and group sessions during the holidays. Not only will you improve your cashflow, but you will be providing a service that meets the needs of parents looking for activities for their children during the long summer break. Or if you are in retail, you could prepare a blue cross sale to bring bargain hunters in and make room for fresher stock. It is also a good opportunity to do a stock take. If you need any help, give Be Rescued a shout, we specialise in helping small businesses with financial planning.
3. Review your marketing plan
You will have produced a marketing plan during the business plan phase of your small business. Now is the time to revisit the plan and update it. Your marketing plan is a valuable document and can steer you throughout the life of your business. The activities outlined in it can help you generate those all-important sales and boost customer engagement.
Look closely at the plan. Ask questions. Has your audience changed? Have any marketing activities worked especially well? Could you package your services differently? Repeat activities that work well and learn from those that don’t. Develop relevant marketing messages and activities for new customer groups. Make your marketing plan work for your business as it is today.
4. Book a session with an expert
If your office slows down in August or during any other period, it’s the ideal time to concentrate on things that can help you get ahead when work speeds up again. Perhaps you want to focus on developing part of your business and don’t know how to go about it.
Would you benefit from a 1:1 with a social media expert to check that your LinkedIn profile hits the spot? Perhaps you feel your supplier is not giving you a good deal on products/materials, would you benefit from having a chat with a Purchasing Specialist to get better terms or tell you what else is out there? Or just want to check your website is performing well, it might be an idea to book a session with a website development company.
Sometimes it really helps to get a second opinion or advice from someone not actively involved in your business. At Be Rescued, we help micro and SMEs with a range of issues from dealing with a particular challenge through planning for growth. Get in touch to book your 1:1 session.
5. Make time to develop your skills
It might be the school holidays, but you can plan in some time for learning. How about catching up on those webinars you’re often too busy to view? Spend some time reading key publications and websites relevant to your industry or market sector. Finding out about trends and news can only benefit your business.
You could also do some market research or look at what your competitors are doing. By taking time to look at your market, you will be ready for business growth in September.
6. Review your service providers
Do your service providers usually contact you for a review when you are too busy to take them up on the offer? Now could be the time to catch up with your IT company or PR Agency to look things over and discuss new opportunities.
You could also research new services that might benefit your company. At Be Rescued, we specialise in helping clients through the good times and the bad. We can work with you to plan for growth and step in to help when the unexpected happens. Please do get in touch to find out how we can help your business thrive.
7. Make time for yourself!
When all that’s said and done, you do need to make time for yourself. August is a great time to do things for your business, but it is also one of the most popular times of the year for taking a holiday. Give yourself a break from your business even if it’s just for a day or two.
Book a holiday. Go for a long walk. Visit museums and galleries. Take an art class. Go on day trips. Finish reading that novel. Bake a cake or have a BBQ. Visit your local swimming pool. Make some time for the things you love to do. Spend quality time with your friends and family.
At Be Rescued, we work hard but know when it’s time to take a break. We hope you do too.
Happy holidays everyone!