Temperatures are heating up and summer is on the way. Depending on your industry, this may be a slower season or it might constitute the bulk of your business. No matter what industry you’re in, summer days are longer, there’s more daylight, and more people are out on the streets. Now is the perfect time to test new markets, try new messaging, and ensure your business is on solid footing for the rest of the year.
Stay Hydrated… With Financial Liquidity
It doesn’t really come in a bottle, but liquidity is important for small business. Now is a great time to check your cash on hand and make sure you have enough to cover your expenses and any debt obligations without stressing your business. If you’re constantly operating on tight margins and often decline new opportunities, it might be a good time to check for any areas of your business that might not be delivering returns.
Go For a Spin To See What the Competition is Doing
Competitor research doesn’t have to be a drag! Summer is a great time to get out and check out what other businesses are doing. Be open to getting ideas from all different types of businesses. Take a walk, run, or bike ride around your town. Browse storefronts and environmental advertising and go read a magazine or the newspaper in the park. You can get ideas from all different mediums and industries, even on vacation. The key is to always be ready to be inspired.
Refresh Your Marketing With Summer Campaigns
Summer is the perfect time to try some new marketing strategies. Have you always wanted to put out a sandwich board? Is it time to freshen up your local print ads? First, take stock of all your marketing strategies and ads. Are there any messages or ads that could use an update? Remember that digital advertising gives you enormous opportunities to connect with specific audiences in specific locations, so keep it in mind if you haven’t already tried it.
Dip Your Toe Into New Markets
No need to dive in right away! It’s okay to just dip into some new business ideas. Test your new business idea with a small group of customers or hold a focus group with a trusted group of advisors to talk it through. Sometimes a simple conversation can open up entirely new ideas and lead to incredible new opportunities. When you’re ready to launch your new business idea, learn how Idea Financial gives you access to clear, transparent, and fast small business funding plus support to grow your business.
Ramp Up the Customer Engagement
How interactive is your small business? Do you have efforts to engage and reward loyal customers? No business should ever take their customers for granted, including small businesses. Even if you’re the only game in town for now, you never know when the competition might move in next door. Summer is a great time to position your business as the best solution for your customers needs. Host an event or create a new mailing list (email or postal). Start by talking with your customers and asking them what they want. The rest will follow.
Cool Off On Taking Out More Than One Small Business Loan
Take a step back and cool off on borrowing, especially if you already have a loan or small business funding. Taking out more than one loan at the same time is called loan stacking, and it's a risky proposition. Taking out multiple loans can increase your debt burden beyond what’s manageable and erase all the gains you’ve made. Don’t risk it and avoid loan stacking.