Summer is Time for Small Business Re-evaluation

Summers can offer small business owners opportunities not usually available in busier times. With either a slower pace or busier times, it might be an occasion to reevaluate any range of plans made earlier in the year.

“You can make changes to your business model, re-evaluate clients, really plan out your budget and some of the investments you want to make,” said Richard Magid, CEO of SoundBoard in a statement made to Yahoo! News. His company holds support groups for small business owners and is based in Boonton, New Jersey.

Scheduling an appointment with your accountant may be one of your most important to-do items. It can be a good opportunity to discuss and plan out your business objectives and strategy for the rest of the year. It may be a good chance to make decisions on capital investment or resource planning. Tax planning is another important item for discussion.

“You can get a sense of the good, the bad, and the ugly–what have we planned for that wasn’t done, what have we done that didn’t work,” said Magid.

Implementing new hardware or upgrading software can be done easier in the summer than in a busy time. Repairs to other equipment or performing a necessary renovation may be done easier during this time. Planning for holiday sales may also be a consideration if your business sells or ships a majority of products at the end of the year.

The summer is also a good time to take advantage of business courses offered at local colleges or at nearby Small Business Development Centers which are sponsored by the Small Business Administration. Seminars or trade shows may be good opportunities to check out new products and services as well.

Taking advantage of the warmer weather is a good opportunity to nurture employee morale with a barbeque or getting together with customers may be beneficial and relaxing. Reconnecting with older customers may pay dividends into the future and finding new customers is always important.

You may like these other stories...

From May 20-23, the Association for Accounting Marketing (AAM) held its annual conference. Frequent contributor Sally Glick picked up some ideas that she will be sharing with us in the coming days, as she has done in...
Success, for a practitioner in a busy CPA firm, requires the ability to handle multiple tasks effectively. To get everything done, CPAs typically track their agenda with a "to do" list or other open-item systems to...
Everyone loses clients. You've seen the statistics. Clients and heirs often change accountants, attorneys, and advisors after a death or divorce. That's understandable. What about ongoing relationships when the...

Upcoming CPE Webinars

Jul 16
Hand off work to others with finesse and success. Kristen Rampe, CPA will share how to ensure delegated work is properly handled from start to finish in this content-rich one hour webinar.
Jul 17
This webcast will cover the preparation of the statement of cash flows and focus on accounting and disclosure policies for other important issues described below.
Jul 23
We can’t deny a great divide exists between the expectations and workplace needs of Baby Boomers and Millennials. To create thriving organizational performance, we need to shift the way in which we groom future leaders.
Jul 24
In this presentation Excel expert David Ringstrom, CPA revisits the Excel feature you should be using, but probably aren't. The Table feature offers the ability to both boost the integrity of your spreadsheets, but reduce maintenance as well.