Summer Money Saving Tips for Small Businesses

Summer's here, and while the weather might be heating up, things can get a bit quieter on the business front. But here's the thing - those slower summer months? They're actually a golden opportunity to tighten up your finances, save some cash, and get organised for the busier times ahead.

Whether you're dealing with the annual holiday juggle or just finding that customers are taking their  time to get back to you (probably because they're dreaming of their next beach holiday!), we've got some practical tips to help you make the most of this quieter period.

Review and Renegotiate Your Overheads

When was the last time you actually looked at all those direct debits going out each month? Summer's the perfect time for a proper financial summer sort out.

Start with the obvious ones - your phone, internet, and insurance policies. Ring around, see what deals are out there. You'd be amazed how much you can save just by having a friendly chat with your providers. Most companies would rather keep you as a customer than lose you entirely, so don't be afraid to ask for a better deal.

And while you're at it, take a look at any software subscriptions you're paying for. Are you actually using that premium package, or would the basic version do just fine? Those monthly fees can really add up over the year. I come across so many business owners who are paying for software which they aren’t actually utilising. They simply forget they even signed up!

Get Smart About Energy Costs

With everyone talking about energy bills these days, summer's actually a great time to review your business energy usage. Typically your summer energy costs are much less than in the winter as you’re not using your heating and with the longer days there’s no need for as much lighting. Negotiate with suppliers to try and save costs over the summer period.

If you're planning any office improvements, now might be the time to invest in energy-efficient equipment. The upfront cost might sting a bit, but your future self (and your bank account) will thank you.

Master the Art of Holiday Planning

Ah, staff holidays - the summer juggling act every business owner knows too well! But with a bit of forward planning, you can manage holiday cover without breaking the bank.

Instead of hiring expensive temporary staff, consider cross-training your existing team so they can cover for each other. Not only does this save money, but it also makes your business more resilient year-round.

If you do need extra help, look into local students or recent graduates who might be looking for temporary work. They're often eager, quick to learn, and won't expect the same rates as experienced professionals. Or consider hiring a VA on a short term basis.

Cash Flow: Your Summer Survival Guide

Summer cash flow can be a bit like British weather - unpredictable! But there are ways to smooth out those bumps.

First up, get proactive with your invoicing. Don't wait until month-end to send out invoices - get them out as soon as the work's done. And if you're not already offering early payment discounts, now might be the time to start. A small discount for payment within 10 days can work wonders for your cash flow.

Consider reviewing your payment terms too. If you're currently offering 30 days, could you reasonably ask for payment within 14 days instead? Most clients won't mind, especially if you explain it helps you maintain the level of service they love.

At Pinnacle Advisory Services® we help our clients to manage their cash flow much more efficiently with our cash flow forecasting service. We help you to identify areas that need a little more support and find ways for you to get paid quicker.

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Embrace the Quiet Time

Here's a thought - instead of panicking about the quieter summer period, why not use it to your advantage? This is the perfect time to tackle all those jobs you never have time for during busy periods.

Update your client database, review your processes, maybe even plan out your marketing for the rest of the year. Getting organised now means you'll be ready to hit the ground running when things pick up again in September.

Invest in Your Future Self

Summer's also a great time to invest in training and development - for both you and your team. Online courses are often cheaper than in-person training, and with a bit more time on your hands, you can actually focus on learning something new.

Whether it's getting up to speed with new software, brushing up on the latest regulations, or developing new skills that could open up additional revenue streams, think of it as an investment in your business's future.

Summer might feel like a challenging time for cash flow, but with a bit of planning and some smart cost-cutting, you can not only survive the quieter months but actually come out stronger.

Remember, every pound you save during the summer is a pound that can be reinvested in your business when things get busy again. And if you need help reviewing your finances or planning for the months ahead, you know where to find us!

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