4 Smart Business Moves to Make in June 2023
As a small business owner, your plate is no doubt perpetually overloaded. But there are certain essential tasks you definitely don’t want to overlook. Here are four important ones to focus on this month.
1. Hire an accountant to review your finances
Your business may be enjoying its fair share of sales and a steady stream of customers. But are you really managing your money as well as you think you are? If you’re not an accountant and don’t have that sort of background, it can be difficult to get a handle on how well (or not) your business is doing financially. So if you haven’t yet brought someone in to review your books this year, tackle that in June.
Have an accountant comb through your banking records and credit card statements to see if you’re spending at a reasonable rate. That way, you’ll know if changes need to be made.
2. Apply for a better small business credit card
The small business credit card you use now may be giving you cash back on a variety of purchases. That’s money you can reinvest in your business.
But there may be a credit card with an even better rewards program for you to enjoy. So take a little time to research your options and put in an application. If you can snag more cash back on your purchases than what you’re getting right now, that’s even more money you can use to grow your business and cover your many expenses.
3. Make sure your summer staffing needs are met
In 2021, almost half of U.S. small business owners were unable to fully fill their summer jobs ahead of the season. If you’re not fully staffed for the summer and it tends to be your busy period, then it’s absolutely imperative that you focus on hiring these next few weeks.
Post job listings online, in town, and on your business’s social media page. And also, tell your customers you’re looking to hire. You never know when a loyal patron might be eager to work for you on a seasonal basis — especially if you’re willing to throw in an employee discount to sweeten the deal.
Some small businesses have a prime opportunity to drum up added revenue during the summer. Think about the sort of promotions you want to run to take advantage of the summertime boom. If you own a store that parents might bring their kids to in order to stay busy when school’s not in session, offer up some creative coupons, or host an event that’s likely to drive more foot traffic.
When you’re tasked with overseeing a small business, it’s sometimes inevitable that small details are glossed over. So if you can’t remember the last time your banking records got a thorough review, bring in an accountant. And if you haven’t shopped around for a new credit card in quite some time, do so now. Just as importantly, set your business up to have a successful summer, especially if you expect things to slow down come fall.
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