Summer is Time for Small Business Re-evaluation | AccountingWEB

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.

Wait, there's more!
There's always more at AccountingWEB. We're an active community of financial professionals and journalists who strive to bring you valuable content every day. If you'd like, let us know your interests and we'll send you a few articles every week either in taxation, practice excellence, or just our most popular stories from that week. It's free to sign up and to be a part of our community.
Premium content is currently locked

Editor's Choice

WHAT KIND OF FIRM ARE YOU?
As part of our continued effort to provide valuable resources and insight to our subscribers, we're conducting this brief survey to learn more about your personal experiences in the accounting profession. We will be giving away five $50 Amazon gift cards, and a $250 Amazon gift card to one lucky participant.
This is strictly for internal use and data will not be sold
or shared with any third parties.