How does summer affect your business?
Is it a time you find yourself stretched or frustrated, juggling more work but with fewer staff or suppliers?
Is it something you even think about, or think you can affect?
Whether you’re a sole trader, growing SME, or established PLC, summer will have some kind of effect on your business: the trick is proactive planning to minimise pitfalls and maximise opportunities.
Impact of Summer Holidays- External
The summer holidays means a change in behaviour patterns for many of your customers and suppliers, from taking holidays to ventures like moving home (there are twice as many homemoves in August as other months, with up to 75,000 predicted this month). Increased demand for services from solicitors to removals could see you riding high if you operate in these or linked sectors- or at the back of the queue if you’re competing for their services. Do any of your suppliers shut down or reduce productivity over summer? From supply chain to customer base, forward planning can boost your turnover and profits.
Impact of Summer Holidays- Internal
According to a Glassdoor survey, the average UK employee takes only 77% of their holiday entitlement. When staffing levels are squeezed over the summer, this might seem a boon for maintaining productivity and output? However, the implications of you, or your staff, not taking entitled time off can lead to a host of problems, including burnout, stress, resentment, errors, reduced engagement and productivity, and health issues. Sick leave in place of annual leave is not a desirable outcome! Good management encouraging everyone to take leave (including you!), and visibility of leave levels year-round, could level a natural spread, removing summer short-handedness, or staff stress. If you’re a sole trader, this might involve arranging cover, or for contractors, factoring in breaks between projects, however tempting not to!
The Impact of Hot Weather
Even typically British short spells of hot weather drives shifts in shopping choices, spending patterns and general preferences, benefitting businesses which can be swift in adjusting their product offerings and marketing strategies to align with changing demand- which involves being on top of performance analysis, planning, capital and cashflow.
From considerate, proactive staff coordination to seasonal performance analysis and cash flow management, being prepared for summer can bring dividends, enabling you to take advantage of opportunities like maximising seasonal revenue streams, and using quieter periods to plan, project, streamline and strategise. Having ICS Accounting’s experts on your side puts financial flexibility at your fingertips, from seamless administering of your tax, payroll and accounting obligations to 24/7 accessible leading online accounting software.
For no-obligation advice, or to discuss your individual requirements with one of our friendly team, simply call 0800 195 3750, or email info@icsuk.com.
