By Lindsey Anderson, CPA
Senior Manager, Tax and Accounting Services
With kids going back to school and parents returning to work in full force, now is the time to get business booming again! How can you ensure a spike in productivity and profitability?
Consider hiring interns or new employees. Young blood can revitalize a business, keeping longtime team members on their toes and making them see the company from a fresh perspective. Showing the ropes to new staffers is a good way of reigniting the spark in seasoned employees that made them fall in love with the business in the first place. Also, interns and new employees can bring diversity of thought and innovation to the table. And after a couple of months’ rest post-graduation, young people fresh out of college are hungry for professional opportunities.
Reinvent yourself. Now that everyone’s had a chance to recharge their batteries over the summer, maybe it’s the right time to launch a new product line or service. (This is something interns and/or new staffers can help with as well.)
Save for the winter. As Jessica Stillman writes for Inc.com, summer is a good time to “be a business chipmunk” in preparing for the winter. Rather than foraging for nuts, this involves “reviewing the deals you have with service providers, insurance companies, your payroll services company, office-supply sellers, equipment lessors, or credit card and bank companies — basically anywhere you could save yourself a couple of dollars.”
Support your local community. Now that schools are back in session, take advantage by sponsoring high school football games! Take out an ad in the back of a high school playbill. Or offer after-school business learning opportunities for seniors. These are all great ways to get eyes on your company.
Although this point right before the fourth quarter is naturally a good time for evaluation, you should be assessing your business and financial status three to five times a year. Hope for the best, but prepare for the worst, especially when it comes to running a company in this ever-changing economy. So step away from the daily grind and take some time to map out the future.
All business owners should take time periodically to work on their business rather than just in their business!