During the summer slow season, it can be challenging for businesses to financially sustain themselves. According to a recent poll by alignable.com, an online hub for small business owners, 40 percent of small business owners and 39 percent of restaurant owners who have reopened their doors post-pandemic are worried they will not be able to survive through the summer months because of their finances.
When we asked Brian Hagan, Florida market president for First American Bank in Miami, about low-season strategy, he provided a handful of actionable tips:
- Boost your benefits: Reevaluate employee benefits packages far in advance of open enrollment.
- Connect on accounts receivable: Monitor balance sheets, implement more efficient systems, and collect on unpaid debts.
- Revisit year-end goals: Create action plans based on current data to set and meet realistic goals.
- Manage your cash flow: Hold onto cash to secure external funding and provide cushions while revising action plans.
- Obtain an Asset Based Loan: Secure a line of flexible credit to help maintain capital levels.
