Email Tips for a Successful Holiday Season

Time’s running out in the holiday season to execute your email marketing campaigns, so let’s get cracking. Typically, holiday sales account for 20% or more of annual retail sales. Not exploiting email during your most profitable quarter is like leaving money on the table. Here are some tips to extract maximum value from your holiday emails:

Peg Your Emails:

Yes, we know about Thanksgiving, Christmas, and New Year’s Day. But you should also look for minor holidays and other important days on which to peg your emails. For example, Cyber Monday is now a huge shopping day. Chanukah, Kwanzaa, Festivus, whatever — know your community and be attuned to its holidays.

Start Now:

If you haven’t done so already, waste no time starting your email campaign now. Experts want you to start no later than November 15, and sooner if possible. It turns out that readership of holiday retail emails peaks in mid-November, so that’s the time to start making your pitch.

Review and Build Your Email List:

How often do you update your email list? Can you purchase valuable lists from third parties? You should actively collect email addresses from your customers along with data indicating their areas of interest. You can segment your emails depending on the types of products or services your customers have purchased. Segmenting your list lets you direct the right emails to the right people.

Use Holiday Motifs:

Unless you have great graphic design skills, you’ll probably want to use commercial art and templates to give your emails the proper holiday feeling. Originality earns extra points — if you always use the same old tired designs, your customers will lose interest.

Holiday Gift Guide:

You know what you sell. Help customers understand how your offerings are great for particular friends, relatives, and clients. Your email can link to your holiday gift guide, which should be up to date for 2019. Include basic information about each recommended offering, including age (important for gifts to kids), price, and interests. Consider creating a collage of your best products, using influencers to curate your products around a theme, and ensure your content is mobile-friendly.

Early Access:

Reward email readers by giving them early access to holiday sales. This makes your email recipients feel like insiders who get first crack at important savings. That’s particularly important when you sell hot items that may be scarce as the year winds down.

Be Urgent:

Put time limits on the offerings you announce in your emails. It’s a hoary old chestnut, but “hurry while supplies last” still packs a punch. Related ideas include creating “early bird pricing,” providing order deadlines to receive shipments by a certain date, and displaying a countdown timer to show when the promotional prices will evaporate.

Create an Online Advent Calendar:

A tradition started by the Lutherans, Advent calendars are extremely popular among millions of Americans. You can include them in your email, and you can send a special email for each day of Advent. Your customers will appreciate beautiful Advent images embedded in your emails, which you can use to highlight daily specials.

Invite Participation in an Online Contest:

Let your emails trumpet online contests. They are a great way to build traffic, increase your social media followings, expand your email list, and create targeted prospects. There are several online tools, such as RafflePress, that make running a contest a snap.

Maximize the Value of Your Footer:

Put some valuable content in your footer so that readers don’t neglect it. You can promote stuff in your footer, such as gift cards, order/shipment dates, and your holiday gift guide.

Well, that’s a good start. And start you should, without delay. Grab your share of holiday pie by whipping your emails into the holiday spirit!

Get Your Business Budget Ready for the Holidays

Your business’ budget should reflect the challenges and opportunities of the holiday season. The process starts with goal-setting: What volume of business do you want to achieve in the holiday period, and what expenditures should you make now to reach your goals? It’s easier to update your budget by breaking down your goals into a set of focused objectives like the ones we’ve compiled here:

Inventory:

The biggest selling days are the Black Friday weekend (the days after Thanksgiving) and the week leading up to Christmas. These are the days that will drain your inventory the fastest, leaving you vulnerable to stockouts, which is something you can’t afford. Conversely, you can’t mindlessly order extra inventory that will sit unsold on your shelves well into the new year. Therefore, review last year’s sales numbers and see if you would have benefitted by ordering more inventory or less. Then, factor in new products you’ll be selling this year, as well as the amount of extra advertising you’ll be doing. Your marketing and sales plans will greatly affect demand for your offerings.

Marketing:

Opportunities abound in the holiday season to spend money on marketing and advertising. The challenge is to pick the right advertising channels, whether existing or new, and allocating budget dollars to each. The basis for deciding your marketing budget is return on marketing investment for various channels, such as:

    • Loyalty programs
    • Social media
    • Print advertising
    • Broadcast advertising
    • Promotions and events
    • Website updates
    • Signage
    • Email marketing

Review your marketing ROI for the last 12 months to gauge how much to allocate to each potential channel. You might also want to canvas your peers (not necessarily your direct competitors) for their experiences in this area. Your objective is to have a cohesive, well-funded marketing plan that avoids missed opportunities while minimizing waste.

Production:

If you are a manufacturer, your holiday production schedule should reflect your best estimates for demand. In some businesses, demand won’t change much during the holiday season, but for others, the holidays are the make-or-break period for production and sales. You should update your production goals based on factors like last-year’s results, economic conditions, the latest trends and fads, changes in the competitive landscape, and so forth. Then, update your budget to account for changes in purchasing of raw materials, assemblies, equipment, and supplies. Factor in increased labor costs, and perhaps higher utility usage. You may also need to budget extra for temporary storage and transportation facilities.

Decorations and Gifts:

Retailers spend significant dollars each year on decorations that enhance the holiday spirit. You may also need to revamp or expand your shelves and bins. Don’t forget to budget holiday gifts you may want to distribute to employees, vendors, and contractors. The good will you accrue through thoughtful gift-giving will pay dividends all year long and bolster your long-term success. Gifts need not be lavish, but a simple thank-you card might not provide the results you want. In any event, do not tie gifts to demand for employee overtime or vendor discounts.

Liquidity:

After you arrive at your new budget, you may find yourself short of working capital. Rather than slashing your brand new budget, consider a short-term business loan. Interest rates are low this year, making the cost of a loan small in comparison to the benefits of additional spending. The extra sales volume you derive from your updated budget should greatly exceed the cost of borrowing. Ask yourself how much business you’ll lose if you don’t supplement your budget with a short-term loan. Remember, someone is going to benefit from all that extra holiday spending. Fortify your cash position so that the beneficiary is you.

IOU Financial is a great solution for working-capital funding during the holiday season. We can get you your money in as little as one day, without a lot of hassle or paperwork. We offer extremely flexible repayment arrangements that will easily accommodate your cash flow patterns. Don’t wait — the holiday season is already here. Contact IOU Financial today and make the most of the holidays!

6 Tips to Prepare Your Business for the Holiday Season

Now that Autumn has arrived, the holidays can’t be far behind. In other words, things are going to get hectic soon, which means now is the time to start preparing your business for the 2019 holiday season. Depending on the size of your business, you might personally handle these tasks, but it’s a good idea to delegate where appropriate. First, it will give you more time, and second, it will provide important experience for your key employees. Without further ado:

1.    Stock Up on Supplies

Now is the time to review the supply orders you placed before the holidays last year. Some supplies are bedrock basic. For example, your public bathrooms will probably see increased traffic, so make sure you order plenty of paper towels, liquid soap, and toilet paper. If you operate a store, you also need to order a sufficient number of store gift cards and gift wrap to handle demand. If 2019 is your first year in business, network with other businesses to pick up important pointers. The bottom line is to order early and avoid expensive rush shipping later. Your customers will appreciate it when you can see to their needs in a seemingly effortless way.

2.    Purchase Extra Inventory

If you are a manufacturer, anticipate higher product demand. That means ordering more inputs from your vendors, scheduling extra production, and possibly hiring extra workers. If necessary, reserve extra warehouse space and additional transportation resources. If you are a merchandiser, you need to get your orders in early enough to have holiday goods in place when needed. Don’t forget, your suppliers are also under pressure, and they will be grateful for early orders. In any event, understand your suppliers’ required lead times and make sure you place orders before it’s too late.

3.    Schedule Holiday Hours

If you are a retailer, you may plan extended hours for the holidays. On the other hand, if you are a mom-and-pop business, perhaps you’ll be closing down for a few days over the holidays. You will need to finalize your holiday schedule and notify staff of any changes that affect them. Ask your employees to request holiday time off before a set date and encourage them to be available during the busiest days. Line up extra staff if necessary, and don’t forget to let your customers know about any special hours.

4.    Plan Your Decorations

Let’s face it, customers expect holiday decorations, hokey or not. Even if you operate out of an office, your employees will expect a nod to the holiday spirit. Decorating doesn’t have to be expensive, especially if you treat it as a team-building exercise. On the other hand, some retail stores will require extensive redecorating, which means early planning and ordering. While decorating, take the opportunity to do a little cleaning and polishing of those out-of-the-way areas.

5.    Get Busy on the Web

Just like decorating your physical premises, your website might also benefit from a holiday makeover. First check the basics — is it easy to read, navigate, and place orders? Can you easily add a few images of candy canes or reindeer? Next, review your pages on Facebook, LinkedIn, etc., and make sure they are up to date, If blogging is a regular part of your social presence, get your topics ready and, if you are too busy to personally pen your own articles, engage a professional freelance writer to prepare holiday-oriented content.

6.    Check Your Budget

All these holiday preparations can get expensive, putting pressure on your working capital. You should carefully estimate your cash needs between now and the new year and predict any shortfalls. If you find yourself in a bit of a cash crush, contact us at IOU Financial. We can arrange business loans quickly and conveniently, with a minimum of paperwork or hassle. And from all of us, best wishes for the happiest of holidays!

How to Manage Your Seasonal Business

Seasonality represents a complex challenge to business owners. To succeed, you must develop smart practices and skills that will allow you to weather the slow periods throughout the year. For one thing, you’ll have to deal with demand dips and supply problems. It’s impossible to be 100% prepared for every contingency, but these seven tips will help you strengthen your seasonal business.

1.    Understand Your Cycles

If you are just starting a business, you might experience an initial period or rapid growth. Sometimes, it can be easy to confuse rapid expansion with a normal seasonal fluctuation that you are catching as it waxes. This might mistakenly lead you to conclude that the current demand will continue indefinitely. Instead, you should research seasonal sales data for your industry and location over the last three years or so. You can check with industry sources and competitors who’ve been around for a while.

2.    Increase Your Planning Skills

You should be planning ahead for at least six months in advance. Understand terms like the off season(complete lulls) and the shoulder season (slow periods). Stash away money during the strong periods to get the business through the quiet months. Also, pare down cash-absorbing items like staffing and inventory during the off season. Use your quiet time to prepare for the next busy season.

3.    Expand Income Streams

The classic example is a pool company. During the summer, it sells or builds backyard pools. Then when winter rolls around, it switches to selling pool tables. That’s pretty clever. Perhaps you can think of countercyclical products and services you might offer during the off season. Say, ice cream in the summer and hot drinks in the winter. Just don’t lose sight of your primary business.

4.    Advertise When Competitors Are Quiet

Maybe your competitors go quiet during the off season. That’s your cue to offer promotions and advertising campaigns that build awareness and attract new customers. Time it to coincide with the last few weeks of the quiet period. Customers will be more ready to buy if you prime the pump at the right time.

5.    Maintain Visibility

The off period is a great time to boost your profile. Perhaps you can sponsor a charitable event, run a raffle or perform some civic duty that garners favorable press. Use your social media accounts throughout the year and use them wisely. That means, giving customers and prospects a reason to pay attention. Perhaps it’s a handy eBook with incredibly useful information, or access to select promotions. Your goal is to convert the occasional customer into a repeat one.

6.    Be Upfront About Layoffs

In some cases, seasonal layoffs are inevitable. However, you can soften the blow by being upfront about it and offering furloughed employees something of value to get them through the quiet time. For instance, you might offer to continue their employee health insurance for the few months they are not there. Keep your staff informed about things that affect them, such as minimum wage laws and new regulations.

7.    Work with an Enlightened Funding Partner

Establish a relationship with a business lender who understands the seasonal nature of your company. You might plan to borrow during the off season to fund capital investments that are best made when business is slow. You can use loan proceeds to even out your cash flows, perhaps allowing you to purchase inventory when its cheap.

IOU Financial makes it easy to obtain small business loans of up to $500,000 with flexible terms, such as daily or weekly payments, no upfront costs, fixed loan payments and affordable rates. We make business lending simplified, so include us in your annual planning. We are standing by to help!

Spring Cleaning for Your Business: Tackle These Tasks

Spring is a time of rebirth and new beginnings, and it’s not just for nature or your closet. Your business can greatly benefit from a spring cleaning to clear out the old, and streamline the new. What tasks can you tackle that can help you run a more productive and profitable company? Below are some examples for your inspiration:

Digitize

With more and more technological advances coming out daily, it is surprising that many people are still using outdated paper processes to manage their business operations. The spring is an excellent time to review how you handle your billing, filing and communication, and find more innovative and efficient ways of optimizing them.

For example, using filing cabinets to store paper files is extremely inefficient for multiple reasons—it takes up a lot of space, it is time-consuming to put away and find needed documents and it exposes your sensitive information to theft or fire. A better way to clean up your documents is to use a virtual file storage system where you can scan information and store it in a digital cloud. This way, you can access your documents from anywhere at anytime, and implement cybersecurity to protect this information. Click here to read reviews and pricing for digital filing tools.

Hold an Innovation Contest

Entrepreneurs on the hit show Shark Tank are always questioning old processes or products and finding better ways of improving them. Most of us get so preoccupied with our daily tasks that we forget to question standard processes to see how they can be optimized to be more efficient.

Now is the time to create an innovation contest, urging employees to find creative solutions for existing operations. By motivating your colleagues to think outside of the box and have a safe space to suggest an idea, no matter how crazy or silly it may sound, you can pinpoint great ideas you can implement throughout the rest of the year.

Reinvent Traditional Meetings

Did you know that 6 out of every 10 meetings are over an hour long? That means that you are wasting at least 1/8th of your day that can be spent on other, more pressing activities. While  interaction with your employees is imperative, try to reinvent traditional meetings to make them more productive and faster.

Did you know that meetings up to 18 minutes long are able to capture the concentration of attendees the best; after that, they start getting bored and distracted?

Instead of having a large interdepartmental meeting every week, why not create micro meetings that last 10 minutes or less with only the people that are directly involved? This way, you can allow colleagues that do not need be part of the conversation the opportunity to work on other tasks instead of sitting by idly wasting time.

Commit to a New Project

There are many projects that you likely have in mind, but have been hesitant to implement due to a lack of resources. Whether it is a new marketing campaign or research and development for a new product, spring is the time to commit to a new project that can grow your business.

Creating a new annual goal that can help you beat the competition and take over your niche market is imperative to stay relevant in your space. If you do not have the financial resources to invest in this task, IOU Financial is here to help. We work with small businesses to finance up to $500,000 in small business loans in as little as 24-48 Hours. Click here to contact us and learn more.

Seasonal Business? How to Prep for Your Slow Times

Seasonality is both a blessing and a curse for a small business. The blessing is that you have a great opportunity to capture the bulk of your annual revenues during the busy times. However, the prospect of one or more slack months in which revenue is punk but bills still have to be paid can truly seem like a curse. The saving grace is that seasonality is, by definition, predictable, which gives you a chance to prepare for the slow months. Here are some tips to shepherd your business through the lean times:

Understand your fixed and variable costs:

Naturally, you’ll need to cover your fixed costs, although it might be possible to postpone some of them. Variable costs seldom go to zero during slow seasons, but you do have the opportunity to slash them significantly. Adjust your monthly budget to reflect your reduced spending. If you find your cash won’t cover your expenses, contact IOU Financial for a quick business loan, often is as little as 48 hours. Our loans are easy to pay back without putting an undue strain on your cash flow. Because these loans are short-term, your total interest costs are tightly constrained.

Conserve your cash:

Build up your cash reserves during the busy season so that you can enter the slow months with a cushion. Once the slack season begins, execute your budget imperatives, including labor reductions and furloughs. A good strategy for seasonal businesses is to maintain only a minimal employee count and fill with hourly temps during the busy seasons. You can postpone inventory purchases until the end of the slow months and consider factoring your accounts receivable to speed up cash collections.

See the world:

Your vacation schedule will no doubt coincide with your slow season. This is especially feasible for mom-and-pop businesses. If you own an ice-cream store in Maine, then it makes sense to shutter the store during the winter and head off to warm climes. Your variable costs will be reduced to the greatest extent with this strategy.

Renegotiate with your suppliers:

Speak to your suppliers about your seasonal requirements and work out better credit terms during the slow period. For example, if your normal terms are 2/10 net 30, see about extending the payment due date to 60 or 90 days. If you’ve been a good customer, your suppliers will be more likely to accommodate your request. After all, suppliers want you to succeed, and it makes no sense for them to force you out of business and thereby lose a customer.

Adjust your marketing plans:

If you don’t have the ability to shut your business during the slow season, try bringing in more customers through sales events and promotions. You can program special events like raffles, classes, and bonus loyalty points for the slack periods.

Shore up your social media footprint:

If you have extra time during the slow period, put it to good use by increasing your social presence. Exploit your accounts on Facebook and Twitter to push out information about your special promotions. Start up or re-engage a newsletter and/or email campaign with useful and timely content that elicits readership.

IOU Financial provides affordable small business loans of up to $300,000, funded in as little as 48 hours. You won’t ever be charged upfront fees, and fixed daily or weekly repayments rids you of large, scary monthly payments. If seasonality is your business’ problem, then IOU Financial is your solution. Contact us today to learn more about how we can get you through the slow season in good shape.

How to Prepare Your E-commerce Business for the Holidays

The holidays are upon us! While you may just be getting ready for Halloween, it’s vital to start thinking beyond that to prepare your e-commerce business for the winter holidays. In fact, most marketing experts believe that July is the right time to start planning, so if you haven’t yet, you’re already behind!

The holiday season can be an extremely profitable time for your business if you are smart about your strategy! Shoppers spent over $108 billion online during the holiday season last year, with online sales growing faster than traditional retail sales from year to year! To capitalize on that momentum, utilize the following strategies to get the most out seasonal promotional opportunities:

Create Holiday Strategies

Although we like to call the events starting from November to January, “the holidays,” it’s important to celebrate and plan for each one. The holiday season includes:

  • Thanksgiving
  • Black Friday
  • Cyber Monday
  • Christmas Eve
  • Christmas Day
  • New Year’s

Prepare a unique seasonal campaign for each holiday to offer your customers unique offers, products and designs to keep them coming back for more instead of making a single purchase.

Be Prepared

If all goes well, you will make record sales this holiday season. However, marketing your brand is only the first step to success. You must make sure that your business is prepared to deliver on the sales to keep up with customer demand.

Evaluate how much inventory you have in stock, and how quickly you can order more. It’s advantageous to reach out to your suppliers to inquire about their estimates for inventory during this time. They may very well sell out of popular items, leaving you in a lurch if you need to order something last minute and are not able to.

Many shoppers purchase last minute items, which is why you should consider offering different shipping options.  You may see an increase in sales if you allow your customers to get their deliveries in as little as 1 to 2 business days.  Research how much it would cost you to ship your items faster, and make sure to include those options on your sales page.

In preparation of increased orders around the holiday time, create your staff schedules early on, and make sure your employees commit to those schedules. People tend to take time off around the holidays, which is why you must make sure you have a sufficient number of workers ready to receive and prepare orders to go out.

Save

For any business to make money, it must first spend money. As such, you should save a considerable amount of money to both market and sell your products.

You will likely see an  increase in conversion rates during the holidays, but that also means that you will see more ad competition on social media. However, if you plan early, you can purchase ad inventory at lower prices than if you wait until the last minute.

If you simply cannot afford to compete with others for ads during this time, utilize other  resources to promote engagement. Start building an email list now so you have a completely free way to reach out to your customers to alert them about special deals and exclusive offers.

SEO

Online shoppers use seasonal keywords to shop for their products. Consider how your target shoppers would find your site, and optimize your content for those keywords.

They may include:

  • “Best Christmas gifts for teenagers”
  • “Funny holiday gifts”
  • “Employee holiday gifts”

Use Google Keyword Planner to search for keywords relevant to your niche, and try to choose the ones with the lowest competition and the highest monthly searches.

You can create Pay-Per-Click (PPC) campaigns and bid for shoppers to click on your link, or you can add those keywords to your blogs, video descriptions and social media posts to encourage engagement for little to no investment.

People love to spend money around the holiday time, and you should consider how you can encourage them to do it on your site! The strategies outlined in this article are the first steps you should take to prepare. If you need financial help in investing in your business during this time, contact IOU Financial. We work with small and medium-sized businesses to fund their goals with loans up to $300,000.

What You Should be Doing Now to Get Your Business Ready for the Holidays

Summer has come and gone and Fall is well underway. Its time to get your business ready for the holidays! If you think you can wait, think again – it takes time to plan and execute your holiday operations. Here are 7 tips for you to consider:

Optimize your website:

Whether you employ your website for sales or marketing purposes, you should prepare it for your holiday inventory and holiday services, including any seasonal increase in volume. Steps you should take include updating your security software, revamping your pages to reflect the holiday season, and creating special holiday landing pages. If necessary, clearly state holiday shipping deadlines and costs, as well as special store hours, if appropriate. Finally, do some load testing to ensure your website won’t crash due to heavy holiday traffic.

Order your inventory:

Do it now, before prices go any higher. Review previous year sale data to gauge how much to order and check out new products you will want to include this year. If necessary, arrange financing to pay for your inventory. Remember, IOU Financial can lend you up to $300,000 with funding in 24 to 48 hours. Having cash up front for your inventory purchases may get you preferential access to scarcer items, which can be a real leg up at holiday time.

Plan labor scheduling and temporary hiring:

Many retail stores require extra help during the holiday season. Make your preparations early to lock in the workers you will need, before your competitors grab them. Your holiday budget should reflect the costs of extra labor. Once again, you can turn to IOU Financial to fill any gaps in your working capital to ensure you can pay your extra employees promptly.

Spruce up your store:

The holiday season demands special décor and ambience. Think of pleasing all the senses with appropriate lighting, decorations, music, free samples of holiday food, and even employing a Santa for young children. Your promotions should tie in to the holidays, with frequent sales and surprises. Your website should parallel your retail store’s promotion plans, such as Gifts for Grandma, Gifts for Teacher, etc.

Increase your social media footprint:

Reach out to shoppers through online reviews and social media. Review your search results and ratings, and consider a holiday ad campaign on the major search engines. You can set up software to monitor new social mentions of your business during the holidays so that you can respond quickly to any negative reviews or comments.

Prepare and execute your holiday email campaigns:

Email marketing is an important adjunct to your sales funnel. During the holidays, your email’s will naturally take on a seasonal flavor. You also might consider a more aggressive distribution schedule to take advantage of the public’s buying mood before your competitors do. Vendors like MailChimp and Constant Contact let you plan out and execute your autoresponders and drip emails in a logical, effective fashion.

Plan your post-holiday buying rush:

Many retailers make a giant portion of their annual profits between Christmas and New Year’s Day. You’ll want to plan your special markdowns and how you will market them. Also, be prepared for the inevitable increase in returns – customers appreciate a streamlined process. Here’s a nifty idea: Sell your leftover gift cards at a discount during the post-holiday period.

The holidays can be your best friend or your worst enemy. Guarantee the former by planning your holiday moves early on and funding your working capital with a handy small business loan from IOU Financial to ensure you have enough cash for all the extra costs during the holiday season.

How a Business Owner Can Take a Vacation Like a True Boss

Many people aspire to be the boss so that they can control their own schedule and take off as much time as they want. However, the stark reality is that many owners don’t take vacations at all, year after year.

According to a recent survey, half of small business owners take an average of three days off per year, while 70% work on holidays, including Thanksgiving. The main excuse for lack of time off is that business owners don’t feel like their companies can survive or thrive without their presence and input.

However, not taking any time off leads to extreme stress, feeling burnt out, loss in productivity and a creativity block. In fact, lack of vacations can lead to depression, cognitive decline and even heart disease!

There are ways for all business owners to take a vacation with these tips:

Start Small

It’s probably not the best idea to take a two-week cruise where you will be fully inaccessible if you haven’t taken more than a day off in recent years. Instead, start small and train your staff and yourself to run the business without you little by little.

Start by giving yourself half-day Fridays when work permits, and leave after lunch to see how your staff does without you. If all goes well, take an entire day off, followed by a mini-vacation for just a few days.

Assess how your employees are able to handle responsibilities on their own, and how much they need to contact you to make decisions before taking a week off or more.

Designate a Leader

They say that when the cat’s away, the mice will play. This especially applies to the workplace, where employees feel they can give themselves luxuries they would never dream of when their boss is at the office.

This is why it’s vital to designate a leader in your absence who will be responsible for overseeing the workplace. Choosing a proven and trusted colleague will help you rest easier, and will let your employees know that work will resume as usual.

Limit Checking In

Although you may force yourself to get on a plane and jet to a new destination, you may not be as relaxed as you would expect when you return. That is because the majority of business owners can’t abstain from constantly checking in with their staff while on vacation.

It’s hard to lay on the beach or take an excursion when you’re constantly checking emails or  are on the phone. Plus, the more you make yourself available, the more your staff members will feel like they can reach out, even for non-vital matters.

Make it clear to your staff that you will only check in once every 24 hours, and that they can only defer to the leader if an emergency occurs and you need to be contacted sooner.

This will allow you to take true time off, while empowering your employees to make decisions without your input.

Slow Summers? Contact IOU Financial for a loan to help smooth cashflow, get winter inventory ready, or up your marketing efforts. We can approve you for up to $300,000 in just 24-48 hours.

 

Summer Refresh: Tips for Streamlining Your Business

While the summer months pick up business for some companies, it slows it down for others. Regardless if you fall into the first or second category, this season is the perfect time to refresh your business practices to streamline your company.

Halfway into the year, it is advantageous to set objectives in place that can be beneficial for the rest of the year, or strategize to plan for goals for the upcoming year. Review the ideas below to see what you can implement to streamline your company.

Review Goals vs. Accomplishments

As a business owner, it is important to set goals for yourself, your employees and your business every year. Most people do this before the year ends, making resolutions for the following year.

You may have intended to automate the customer service process, but simply have not gotten around to it. Or, you may have rolled out the program, but haven’t surveyed the customers or the employees to gather feedback about the progress.

Don’t wait until all 12 months go by to revisit those goals. The middle of the year is an important time to review what you set out to accomplish and mark your progress. This will allow you the opportunity to make changes to the status quo if you are not on track to meet your goals, rather than abandoning the tasks altogether.

Work With Your Team

Don’t forget to involve your colleagues in the process of streamlining your company. First, it’s important to review their progress as well and not wait until the year end to hold appraisals. Consider doing so at least twice a year to discuss the plans you had made in the previous year and evaluate your employees’ performance thus far.

When you meet with your staff members regularly instead of annually, it gives you an opportunity to discuss recent errors or mistakes and a bigger chance to fix them before performance truly starts to affect productivity.

On the other hand if your employees are exceeding their objectives, you will be able to recognize their efforts and show them that you value their hard work. This will empower them to work ever more efficiently and be loyal to your team.

In addition to appraisals, remember that your employees are the ones carrying out the daily tasks in your company. As such, they can give you the best ideas and advice about making efficient changes to your business. Hold regular meetings and reward those that offer innovative ideas that can help make your business more efficient.

Stay Organized

It’s difficult to run a business; one of the most common complaints from business owners is the fact that they never have enough time in the day. To be more productive and waste less time, it’s vital to stay organized.

Make sure you start summer off with a major spring clean of your office or job site. Although we are not talking about washing the floors, it’s helpful to look through the files, documents and other items in your office to decide what you can toss or recycle and what you need to keep.

Organize your files, both physical and electronic, as well as emails to make them easy to access and share with others.

Create a weekly schedule for yourself and your team, which you can re-evaluate daily to move the more pressing items to the top of the list. This will carve out the time you need to deal with top level tasks, leaving the less important matters for a later time.

There are countless ways you can streamline your business to take it to the next level. If you feel that financial help can help you achieve your goals, contact IOU Financial. We work with small and medium-sized businesses to offer secure, fast and easy small business loans. Call us today at 1-866-217-8564 or visit us online at www.ioufinancial.com to learn more.