Question of the Week: What Is a Smart Slow-Season Strategy? 

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.

You May Also Like
Strategic Partnership Launches Bresh Global

The company will establish its headquarters in Miami.

Read More
Bresh Global
Editor’s Letter: Guiding the Growth for Fifth Third Bank

Fifth Third Bank has 16 branches in South Florida, but there are a lot more on the way.

Read More
Kevin Gale
Tower Club Fort Lauderdale Hosts 50th Anniversary Gala

The fundraiser benefits Kids in Distress and the Invited Employee Care Foundation.

Read More
Tower Club
Other Posts
96-Year-Old Boca Helping Hands Volunteer Brings Happiness to Many

The nonprofit organization provides food, medical support and financial assistance to empower local individuals and families.

Read More
Art Polacheck
Upcoming JA Career Exploration Fair Seeks Vendors to Exhibit

It will take place from 10:30 a.m. to 12 p.m. on Friday.

Read More
JA Career
Neighbors 4 Neighbors Hosts Endless Summer Splash Event

The nonprofit organization is located in Doral.

Read More
Neighbors 4 Neighbors
Transworld M&A Brokers Sale of PCMA to Intelvio

Peter Berg (pictured), Managing Director, and Leanne Erwin (pictured). Vice President, advised on the transaction.

Read More
Transworld M&A