The Update

How Small Businesses can Survive the Summer Slump

When the days stretch on endlessly and the summer sun beats down on the sidewalk, productivity dips. The dreaded summer slump hits small businesses when daydreaming employees become less productive, part of the team is out on a summertime getaway and the stream of customers slows to a trickle.

The summer slump is inevitable for most small businesses, but with good planning you can sail smoothly through the summer months without taking a big hit. Here’s how:

Plan Ahead

Instead of waiting until you’re half-staffed in mid-July, establish a clear policy for taking summertime leaves. You can ask all team members to let you know when they plan to take time off at least two months in advance, only allow a specific number of employees to take off at a time, or limit the number of employees who take off at the same time from a single department. You might even choose to shut down completely for a week or two to keep productivity levels up for the bulk of the summer. Host a pre-summer team meeting and make sure each employee is clear on the policy or plan.

Strategize for the Holiday Season

Whoever said you can’t have Christmas in July? Take advantage of the slower summer season to come up with a great strategy for the upcoming holiday season. Team members will have more time to devote to meetings and planning, and preparing for the holiday rush well before the school year even starts will give you a leg up on the next quarter.

Host a Summer Bash

Draw customers to your store or website by hosting a spectacular mid-summer bash. Don’t wait until Independence Day or Labor Day to slash your prices; do it for no reason at all during the slowest time of summer. When you’re the only business running a sale, you’re more likely to attract customers.

Improve Your Social Media Presence

Use your spare time during this season to up your game on social media. See if you can improve your brand’s online persona, find ways to make your blog shine and dream up a zany summertime video contest to share with your customers. You can also choose to meet with a professional social media consultant to see how you can improve your online presence.

Learn New Skills

Summer presents a great opportunity for acquiring new skills that can help you grow your business. Sign up for an online or in-person course, reach out to an expert for some one-on-one coaching or read an instructive book on a subject that’s closely related to your business. Broadening your knowledge and skill set is always beneficial for your business.

Business might be slower during the summer, but you can find ways to limit a productivity lapse and to grow your business in the long-term. Follow these tips to make the most of your time this summer.

Rio Grande CU Business Services

RGCU offers a wide variety of business services, including small business checking, business lines of credit, equipment loans, and more. If you are looking to expand your small business, RGCU can be a resource for you, your business, and your employees. Contact us today to learn more.