Planning for the holidays
When the Summer holidays come, many businesses slow down or close. They’re usually quiet for at least a couple of days or even a few weeks. Some even tend to stay quiet for a large portion of January, as well.
It’s a great time to let everyone relax and recuperate so that they can come back at 100%. However, that time also tends to put a massive strain on cash flows, as very few revenues flow in for the holiday season.
It’s almost an art to find the exact time and method of how to navigate these days. You need your employees to recuperate fully, but you also need to keep revenues flowing as long as it’s necessary in order for your firm to operate normally afterwards.
Let’s take a look at what your firm can do to properly move through these Summer holiday weeks.
Your firm has to plan!
The key for every professional services firm to make the most out of the Summer holidays planning.
- Plan how to use the limited resources of the firm efficiently. Calculate how much your firm will have and gain around and during the Summer holidays, then allocate those resources to meet your objectives.
- Try to change your goals and objectives to account for the slowdown that will hit your firm at this time.
- Account for possible risk and uncertainty.
- Inform and prepare the team about everything.
Tips on how to use this time effectively
One of the best things that professional services firms can do to keep their revenues strong during the holidays is to offer promotions. Just as retailers like to offer value add or discounts during the Summer holidays, so can professional services firms provide their services through a promotion.
Take an in-depth look at your resources, what your firm can do at the time of the holidays, and everything else involved. Then you can plan out these promotions in accordance with the resource and time constraints you’ll have during and after the holidays.
Here’s what several types of firms can do:
- Wealth management advisors can use their clients’ New Year resolutions and turn them into a wealth management plan.
- Financial and legal advisors can promote getting the house in order through technology, audits, or compliance.
As you can see, there are plenty of things that your firm can do, no matter its industry. The key is to plan accordingly and use the expertise you have to survive and thrive through the Summer holidays.
All in all, through careful planning and the use of these tips and advice, your firm is bound to get the most out of the slowdown that’s bound to occur every year during the Summer holidays.
Encourage your team to use this time to relax and reflect. Then they can come back feeling refreshed and ready for new challenges! For more information, feel free to contact us, and we can help you make the plans you need.