Five ways to make the most of the summer slowdown

If you’re staying home, then summer could give you a chance to dust off the to-do list – and take care of those tasks that have been hanging around for months.

It’s an opportunity to work on your business, rather than in it.

We speak with Phil Hobden, head of product at Silverfin accounting software, and Liz Sebag-Montefiore, business coach, and director and co-founder of 10Eighty HR Consultancy, about how accountants can make the most of the summer slowdown.

1. Start with the big picture: set or reset your business strategy

Phil Hobden, Head of Product at Silverfin accounting software

Without a well-defined, up-to-date business strategy, it’s difficult to keep your business on track.

“[Begin] with a SWOT analysis, to determine if your strategy is still relevant,” Hobden says.

SWOT stands for strengths, weaknesses, opportunities and threats. Your analysis should include a determination of whether your pricing still works for your business and the market.

“If your strategy is changing to meet market demand, then review and maybe reset quarterly or annual goals,” Hobden says.

“It may even be a good time to explore the adoption of objective and key results (OKRs), which fast growth companies are using more and more.”

Setting OKRs can help with steering your business towards your goals.

This entails setting objectives, which are your end goals and then developing specific, time-bound steps to achieve these results.

2. Rethink your approach to technology

Whether you’ve been thinking of experimenting with AI or trying out new software, summer could give you the window you’ve been waiting for.

“We often see accounting firms start technology projects and trials over this period,” Hobden says.

Before beginning, it’s important to work out your objectives.

“Could AI spot anomalies, or help with repetitive tasks that could be removed or streamlined?” Hobden says.

“Up to 50% of the activities carried out by accountants have the potential to be automated using current technologies, according to a study by McKinsey.

“How can technology inform your decisions? For example, Silverfin Insights will look across your client activity to understand which type of clients are unprofitable, or where new advisory opportunities exist.”

If you’re not sure where to start, it might be a good idea to use your summer to research.

“Attend webinars, demos or even networking events to find out what your peers are doing,” Hobden says.

“[You can also sign up] for free trials – or test the AI capabilities [of your] existing tools.”

3. Uplift your marketing – from your website to your social media

Liz Sebag-Montefiore, Business coach, Director and Co-founder of 10Eighty HR Consultancy

“[Summer] is a good time to look at marketing and media strategies, [as well as] your website and social media,” Sebag-Montefiore says.

“Do they need updating or redesigning?”

Refreshing your online presence might include updating headshots, rewriting staff profiles, adding new testimonials and case studies showcasing your most recent successes, and writing new blogs.

“B2B prospects consume an average of 4.5 pieces of content before contacting a supplier,” Hobden says.

Also, determine ahead of time how you plan to make the most of your new content.

“Plan a social media strategy and timetable for the rest of the year,” Sebag-Montefiore says.

That way, you won’t have to think about marketing on a week-to-week basis, when you’re busy helping clients.

4. Keep in touch with clients – and farewell non-clients

“Not all existing and prospective clients will be away over the summer,” Sebag-Montefiore says.

“Call them, keep in touch by email and use social media platforms to keep interested parties up to date with news and developments.”

It could also pay to spend some time finding out what’s on your clients’ minds.

“Reach out via a new campaign,” Hobden says.

“What can you offer that clients aren’t aware of, or had forgotten about? What outlooks can you provide that would bring in more strategic consultative work?

“An accountant who is proactive over the summer when others are not will stand out.”

At the same time, review your client lists to refine your leads and targets, advises Sebag-Montefiore.

5. Invest in your team

Even the most conscientious business owner can struggle to find time to look after their employees all year round. Summer presents a great opportunity to invest in your staff.

“Spend time looking at operations, and talk and listen to employees about training and upskilling,” Sebag-Montefiore says.

“Focus on development and career path objectives. It’s a good time to re-evaluate goals – to look at what’s working and where adjustments could improve productivity and engagement.

“[You might run] a survey, or set up team-building activities and engagement schemes to enhance retention, foster loyalty and enhance morale.”