As a small business owner, your plate is undoubtedly overloaded all the time. But there are certain essential tasks that you should definitely not neglect. Here are four key topics to focus on this month.
1. Hire an accountant to review your finances
Your business may be enjoying a reasonable revenue share and a steady flow of customers. But are you really managing your money as well as you think you are? Unless you’re an accountant and don’t have that background, it can be difficult to get an idea of how well (or not) your business is doing financially. So if you haven’t invited anyone to review your books this year, you should do so in June.
Have an accountant review your bank records and credit card statements to determine if your expenses are reasonable. This way you will know if changes need to be made.
2. Apply for a better small business credit card
The small business credit card you use now allows you to get money back on a variety of purchases. That’s money you can reinvest in your business.
But maybe there is a credit card with an even better rewards program that you can take advantage of. So take some time to review your options and submit an application. If you can get more money back on your purchases than you currently get, that’s even more money to use to grow your business and cover your many expenses.
3. Make sure your summer staffing needs are covered
In 2021, nearly half of U.S. small business owners were unable to fully fill their pre-season summer jobs. If you don’t have a full staffing in the summer and it’s usually a busy time, it’s imperative that you focus on hiring over the next few weeks.
Post vacancies online, around town and on your company’s social media page. Also, tell your customers that you want to hire an employee. You never know when a loyal customer might be willing to work for you seasonally—especially if you’re willing to throw in an employee discount to sweeten the deal.
Some small businesses have an excellent opportunity to generate additional income in the summer. Think about what kind of promotions you want to run to capitalize on the summer boom. If you own a business that parents could take their kids to to keep them busy after school, offer creative coupons or host an event that’s likely to attract more visitors.
When you’re tasked with running a small business, sometimes it’s inevitable that small details will be glossed over. So if you can’t remember the last time your bank records had a thorough audit, consult an accountant. And if it’s been a while since you’ve looked around for a new credit card, do it now. It’s equally important to prepare your business for a successful summer, especially if you expect things to slow down in the fall.
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