#Business Tip Tuesday – Summer State of Mind

A little late #Business Tip Tuesday… Summer State of Mind

Welcome #summer! While everyone looks forward to carving out some much-deserved break time, summer is also a great time to ponder some #planning coming into the Fall. Some deep thought to your #smallbusiness now to regain your momentum later will be something you thank yourself for! This week, here are my…

Top 5 Summer ‘Thinkables’ for Small Business Owners

  1. #Budgets – With about a ½ year to go in the calendar, now is a great time to take your financial reports to the porch. Consider how well you’re doing at managing your money. Look for big changes in line items, scribble a short list of questions to answer, and set 3 improvement goals for greater net income or better money management. All can be done by the time you finish your ice tea!
  2. #Inventory – Take stock in your stock! If it hasn’t sold by now, figure out why. Pull a list of your purchases since January. Look at individual sales to assess what’s sold. Make a list of your top 5 selling services/products. Is it different than last year? Grab a napkin and pen 3 sales practices you can make a fast change to to try to move underperforming services/products.
  3. #Roadblocks – Everyone has them – Seek clarity in that beach chair by answering “What are 3 roadblocks to success my business encounters on a regular basis?” Maybe your once-great location is now challenged by a change in traffic patterns. Perhaps your big vendor isn’t shipping fast, and it’s holding up your ability to serve your market. Jot 3 roadblocks down and add a “opportunities” column – defining these is half the battle to solving them!
  4. #Growth Opportunities – Part of being a #smallbusinessowner is to be progressive. What are the opportunities or solutions within the roadblocks you just considered? Grab a tablet and check out a new podcast, industry association, or technology related to your service or product. Ask your #SBDC consultant to look at some demographics or buying trends with you. What could you do if you increased your employee base or floor space?
  5. #Culture – Lastly, consider what your day-to-day is really like when you’re not in the throes of it. I like to think of culture as the goods of the business, your employees, and your happiness. It’s what keeps your business running through #1, 2, 3 & 4. What kind of new inspiration can you infuse into yourself, the business and your staff this second half of the year? Sometimes, simply bringing your employees together for a regular Friday lunch picnic can give you some insight. Plan some open-ended time to communicate. Be encouraged by feedback.

Here’s to you and your #smallbusiness being refreshed by the sunshine and results!

Gretchen Kukuchka
Business Consultant
The University of Scranton
Small Business Development Center
www.scrantonsbdc.com
(570) 941-4151

Artwork adapted from freepik.com

 

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About The University of Scranton SBDC

The University of Scranton SBDC provides no cost small business consulting services that are tailored to fit the needs of small business clients of Bradford, Lackawanna, Monroe, Pike, Susquehanna, Tioga, Wayne & Wyoming Counties. The center offers confidential individualized assistance designed to identify and address the problems of small business owners as well as individuals interested in establishing a business. The program is jointly funded by the US Small Business Administration, Pennsylvania Department of Community and Economic Development and The University of Scranton.
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