Summertime is synonymous with great fun. And that’s good for business. Why? Because the thousand and one recreational and exciting activities that come with it, generally trigger needs that can boost the summer sales of most businesses. Summer is also about spending time outside of homes, which means there’s a tremendous opportunity for your business to be exposed and sought after by all types of potential customers.
There’s bound to be a surge in summer sales. The big question is … is your business prepared for it?
Is Your Business Ready for the Increasing Summer Sales?
Simply ask yourself the following questions to know if you are ready for the summer sales. If your answer is not the one you wished for to any of these, no need to panic! We provide you with 15 solutions and tips for each area of your business, so your summer sales go up just like the temperatures!
1. Do you have a healthy level of cash flow? Make sure you’ve got a positive cash flow that’ll adequately cover your daily operational costs. It’ll even be better if you can reserve some funds in case some unexpected costs crop up. Need to increase your cash flow fast? Follow these bullet-proof tips. Remember a business loan can be the best and quickest way to have cash at hand. In other words, a business loan can solve your cash flow problems during abnormally high seasons.
2. Do you have your summer marketing campaigns in place? It’s key to have a good, strategically persuasive marketing and advertising program to draw attention, interest, conviction, and intent to buy from potential customers. This will put you in a stronger position versus your competition. If you don’t want to allocate a big portion of your budget on your marketing, check these low-cost marketing ideas.
3. Have you stocked up on inventory? Ensure you’ve got enough product in stock. What you don’t want to happen is for your marketing efforts to create a demand for your product and have customers frustrated because you’re out of stock. Before the peak season starts, it’s the perfect moment to negotiate with your suppliers to see if you can get a good deal for buying large quantities.
4. Are you offering the same products or services as last year? It may be the perfect time to refresh your offer and provide your customers with novelties and innovative products. For example, if you have a restaurant, try to introduce an exciting summer menu.
5. Do you have enough employees to cover your summer sales? First, work out your staff’s schedules. Your guys have got to be ready to attend to a bigger number of customers. Chances are, just like everyone else, some of your people may have their own summer plans and may be begging for leaves or short time-offs. Should you need additional personnel, learn here how to hire the right employees for the summer season.
6. Is it time to make upgrades? Check the condition of your facilities, décor, equipment or gear. If you have a seasonal business that only operates during the peak season, some of your equipment may be obsoleted or deteriorated. Again, a short term business loan may be the right choice to make the necessary investments to bring your business up to date.
7. Is your technology up to date? Have a good look and assess the technology you’re currently using in running the business. Make sure they’re updated and efficient enough to meet the higher number of customers. Having the right Point of Sale system and Customer Relationship System is crucial for those businesses that receive or interact with customers in their establishment.
8. Are you aware of all the holidays or local festivities? Exploit the opportunities that come with summer. If you’re running a clothes boutique shop, have a sale on bikinis, tank tops, and shorts and make sure they’re attractively displayed. Think of a summer-related event or unique service that’ll draw attention and interest towards your business. A Hawaiian Family luau, if you’re in the restaurant business might create some interest. And don’t forget the big celebrations like the 4th of July.
9. Is your business visible and attractive? Clean up your business site, show room or window display. With the expected increase in the number of customers, it makes sense de-clutter your space and tidy up all aspects of your business. While it may not be the top consideration, customers love to shop and buy things at places that are neat, orderly and where they can leisurely browse around. It’ll be a good idea too to clear the winter inventory and make room for your new merchandise. Organizing a spring sale before the peak summer season will do wonders. With everything in place, you can then focus on offering the best customer service.
10. Is it time to expand? Take the time to assess your business. With the increasing summer sales, it could well be the right time to put up another branch, expand or simply renovate and create an image of growth and success for your enterprise. A word of caution: if you’re considering buying or renting a second space, have in mind that prices go up during the summer season. Plan ahead and rent or buy your commercial space before the peak season.
11. Are you planning to visit your local markets and fairs? Have a look-see at your local market. During the summer months, there’s bound to be a host of festive events in and around the local and nearby communities, such as traveling carnivals, flea markets, end-of-school fairs, trade shows, flying exhibitions, car and boat shows and other festivities. Spend some time on them. They could offer valuable insights and opportunities for extending and promoting your products or service. Who knows? Some of these events might be a perfect background for your business. You might even find your competition being present at these events. In which case you’ll have a good handle on what and how they’re doing and could neutralize their efforts and be more competitive.
12. Do you need to pay or renew permits and licenses? Review your permits and licenses. Just when you’re in the midst of a busy summer, selling and promoting, you’d want to be sure that all legal matters relating to your business are in order. If you own a restaurant and you are considering getting a liquor license, plan it ahead, since it could take months to get one.
13. Are you considering your overhead expenses? A piece of advice here: try to reduce your electric bill in the summer. Summer means your air conditioning unit will be used constantly and it is only wise that you have it cleaned and checked up before the hottest season of the years starts. Your electric bill will surely rise but with an efficient air conditioning unit, you will be saving on costs. Likewise, it will not hurt if you set your thermostat a bit higher. It is just a matter of finding the right temperature that will be comfortable. Lastly, if your unit is quite old, it is a good idea to check around for something new as the latest units have a lot of cost-saving features. The cost of a new unit might eventually mean more savings for you in the long run.
14. Are you ready for unexpected expenses? You have to be prepared for the unpredictable. Having insurance protection in case of fire, hurricane, flood and even earthquake is always adequate, but insurance doesn’t cover everything when these unfortunate events happen. Even if your insurance covers the repairs, have in mind that you will lose business while your establishment is closed. So, if your business is in an area prone to suffer natural disasters in the summer (from tropical storms to hurricanes), make sure you won’t find yourself short in funds if the unexpected happens. It is always ideal to have a contingency fund for unforeseen events.
15. Are you considering partnering up with another business? The summer season is the right time to do it. Business tie-ups are often a win-win situation. Summer is when people spend more time outside and of course, this means they spend more money. Perhaps partnering with a theme or amusement park, a popular snack bar or restaurant, car rental company or even a travel agency can increase your sales for your business. For instance, giving discounts or store credit for both you and your partner’s businesses exposes you to more prospects. A discount coupon for your business that people find in your partner’s shop, makes them aware you exist and maybe their next destination will be your doorstep.
As you can see, the summer season can bring great opportunities for your business. But, in order to take advantage of the increase in traffic and potential summer sales, your business should be conveniently prepared. Otherwise, you’ll obtain the opposite effect: your clients will be dissatisfied and you may lose business.
The common denominator in the adoption of the guidelines above could pretty well be money. Do you have enough cash on hand to do what needs to be done to properly meet the increasing summer sales? If not, this may be the perfect time to apply for a business loan with Camino Financial
A business loan from Camino Financial can help you prepare for the summer sales
At Camino Financial we are professional experts who know and understand the ins and outs of small and medium-size businesses. We also understand that your business may need an injection of capital during the peak season.
A business loan from Camino Financial can provide you with funds when you need it the most. Our financing will guarantee your business is conveniently ready for the higher demand in the summer season. Our quick application process and short funding time will ensure you’ll receive your funds in time for the most critical time of the year. Our loan amounts range from $5,0000 to $400,000 to adapt to any of the needs or goals you have over the summer. Whether you need to improve the cash flow o get emergency funds for an unforeseen event, applying for a business loan at the beginning of the summer season and paying it back at the end can be a very useful strategy.