Business Products Educational
Preparing Your Business For Summer: Tips and Strategies
June 5, 2024
Summer’s warmth brings new opportunities for growth and innovation. At Peoples Savings Bank, we’re here to ensure your business not only endures but flourishes during this vibrant season. Here’s how:
1. Anticipate and Adapt by Forecasting Future Business Needs
- Forecasting is crucial for seasonal changes. Calculate your total revenue from last summer and consider growth rates. More complex forecasting models can take additional factors into account.
- Peoples Savings Bank (PSB) offers business savings accounts that can help you manage cash reserves and earn interest.
- The Business Savings Account provides easy access to your money and overdraft protection options.
2. Summer Slow Down? Time to Upgrade Your Business!
If summer is your slow season, use this time to perform upgrades:
- Upgrade your POS system: Switching to a better point-of-sale system can improve credit card processing rates and efficiency.
- Hire a business consultant: Optimize your finances and management structure.
- Expand inventory or assets: Attract more customers by adding new products or upgrading equipment.
- Renovate exterior signage: Ensure your business is visible and attractive to foot traffic.
3. Evaluate Staffing Needs
Summer’s ebb and flow demand a staffing strategy that’s as dynamic as the season itself. Adjust your staffing based on summer demand. PSB’s Business Savings Account can help you manage cash flow for payroll and other expenses.
4. Review Your Business Continuity Plans
Disruptions are like summer storms: sudden and potentially damaging. Fortify your business with PSB’s treasury management and digital banking services, ensuring you’re ready for any weather.
5. Promote Your Business
Use summer-themed promotions to attract customers. Consider workshops or events related to your offerings.
Remember, each season of business has its benefits and challenges. By planning ahead and leveraging financial solutions like those offered by Peoples Savings Bank, your business can thrive during the summer season!
A friendly reminder that all businesses are required to file Beneficial Ownership Information at fincen.gov/boi. All businesses must file before January 1, 2025 if they were an existing business prior to January 1, 2024 and within 90 days of the creation of a business if created since January 1, 2024.
For more details on PSB’s financial products, visit our business products or contact our team, today!