A little late #Business Tip Tuesday… Summer State of Mind
Welcome #summer! While everyone looks forward to carving out some much-deserved break time, summer is also a great time to ponder some #planning coming into the Fall. Some deep thought to your #smallbusiness now to regain your momentum later will be something you thank yourself for! This week, here are my…
Top 5 Summer ‘Thinkables’ for Small Business Owners
- #Budgets – With about a ½ year to go in the calendar, now is a great time to take your financial reports to the porch. Consider how well you’re doing at managing your money. Look for big changes in line items, scribble a short list of questions to answer, and set 3 improvement goals for greater net income or better money management. All can be done by the time you finish your ice tea!
- #Inventory – Take stock in your stock! If it hasn’t sold by now, figure out why. Pull a list of your purchases since January. Look at individual sales to assess what’s sold. Make a list of your top 5 selling services/products. Is it different than last year? Grab a napkin and pen 3 sales practices you can make a fast change to to try to move underperforming services/products.
- #Roadblocks – Everyone has them – Seek clarity in that beach chair by answering “What are 3 roadblocks to success my business encounters on a regular basis?” Maybe your once-great location is now challenged by a change in traffic patterns. Perhaps your big vendor isn’t shipping fast, and it’s holding up your ability to serve your market. Jot 3 roadblocks down and add a “opportunities” column – defining these is half the battle to solving them!
- #Growth Opportunities – Part of being a #smallbusinessowner is to be progressive. What are the opportunities or solutions within the roadblocks you just considered? Grab a tablet and check out a new podcast, industry association, or technology related to your service or product. Ask your #SBDC consultant to look at some demographics or buying trends with you. What could you do if you increased your employee base or floor space?
- #Culture – Lastly, consider what your day-to-day is really like when you’re not in the throes of it. I like to think of culture as the goods of the business, your employees, and your happiness. It’s what keeps your business running through #1, 2, 3 & 4. What kind of new inspiration can you infuse into yourself, the business and your staff this second half of the year? Sometimes, simply bringing your employees together for a regular Friday lunch picnic can give you some insight. Plan some open-ended time to communicate. Be encouraged by feedback.
Here’s to you and your #smallbusiness being refreshed by the sunshine and results!
The University of Scranton
Small Business Development Center
Artwork adapted from freepik.com