Many companies will begin to experience the typical summer slowdown as consumers spending habits are disrupted by the summer heat and activities. Of course, seasonal business such as pool supply stores and beach hotels will not feel this summer slump, but many business will see the summer months hurt their bottom line. Here are some good ways to save money and use the added free time to improve your business:
Reduce your inventory
If you typically see customer demand wilting in the summer heat, now may be the time reduce your stock on hand. This not only prevents lost revenue but can also make your business more flexible moving into the busy fall shopping season.
Adjust your schedule
Air conditioning cost can skyrocket during the warm summer months. If it is possible, you should consider shifting any heavy electronics use to the morning and evening when it is cooler outside. Opening some windows or bringing in some fans can also help quell the mid day heat without breaking the bank.
While this will vary widely depending on your business, it is often beneficial to run summer deals in order to increase sales and traffic to your business.
Use your extra time wisely
If you have extra time due to a summer slow down, try to be productive and plan for the future. Make a list of things you want to accomplish and go at it. This can be a great time to look at a long run view of your business. Maybe that means learning a new skill that you think will come in handy later down the rode or maybe you think it is time to increase your online presence. This can also just be a great time to get organized and cleaned up. Whatever you decide to do, do not waste this valuable time.
Does your business slow down during the summer? What do you do to prepare?