For some businesses, especially those seasonal ones like ice cream stands and beach supplies, summertime is very lucrative; for others it is the slowest time of the year. Here are some tips for both scenarios:

VERY LUCRATIVE:

1. For every dollar you make in profit, save one to keep you ahead if times slow down. Open a special savings account for this money. This will become your emergency fund, or your business improvement fund. You will not touch this money for any reason except the purpose for which you are saving.

2. Add every new customer you get to your customer database. If you do not have a customer database, start one. This applies to all businesses that look for customers to return - you want to keep track of them for many reasons.

3. For every new product you sell, keep track of the item, how many sold, and the profit to assess if you have assigned the correct pricing. Do this soon after you begin sales of the product; adjust price as necessary.

SLOWEST TIME OF THE YEAR:

1. Utilize down time to plan your business for the next six months, which takes you up to the end of this year; then do another six- month plan for the beginning of the next year.

2. Determine if there is anything you can do during the slow period to earn $$ - such as lease your space if you own your building or you are able to sub-lease. For example, my company – The T.Byrd Center, is busy from September until June. July and August are extremely slow; in the past I have allowed summer youth programs to rent my space for those two months to run their programs. I give them a good rental rate that includes utilities, use of equipment, etc. I also assist with their curriculum since we are a computer center.

3. Do something great for yourself; close the office half day to cut down on operating costs and enjoy the summer so when you return you are more relaxed and focused for the busy time of your business. During the half-day hours, use the time to get more organized, caught up on record and bookkeeping tasks, document updated procedures and policies.

4. Investigate starting a new business utilizing your existing resources that will also enhance your business during the busy season, but allows you to continue with a steady income during the slow period.

5. Assess what is selling and why, document everything for future business planning.

6. Take pictures of everything you own for business documentation and in case of a loss.

7. Scan every important document you have for the business including bank statements, insurance policies, certificates, etc.

8. Purchase at least a 2-gig memory stick and copy everything to the memory stick and place it in a safety deposit box or send to your accountant. These important documents will come in handy in the event of an emergency.

 - MORE BUSINESS TIPS FOR JULY -

EMERGENCY PREPAREDNESS FOR YOUR BUSINESS

Disasters can strike your business any time. A sound emergency preparedness plan can help protect assets, diminish damage, and put your business on the road to recovery. Ready.gov, the official website of the U.S. Department of Homeland Security is a onestop source for emergency preparedness planning tips.

At www.Ready.gov users can follow step-by-step suggestions to create a sound emergency plan. You can download Brochures, Posters, Checklists for FREE!

CREATE A BLOG FOR YOUR BUSINESS

If you have a business, a blog (short for web log) is a marketing tool that can further position you as the expert in your industry. Your prospects and clients want information about your products and services. They are hungry for it! In addition, a blog gives you the opportunity to share your expertise with people across the globe. Once they are set up, blogs are easy to update. The typical blog entry is short and informal, making it easy for you to write - and easy for your customers to read. Because blogs are filled with a bunch of little blurbs, your readers are more likely to visit on a regular basis to read your latest commentaries. For more information on blogging, call the Score Center.

TAKE ADVANTAGE OF THE SLOW ECONOMY

As we all know the economy is very slow, this is good news for a startup business. Small businesses are what bring the economy back on track. Take advantage of the fact that you may get the ear of your banker since he is desperate to do a deal that is solid and strong. A business plan is the key to any business – new or existing, so get started with that business idea. Go to our website www.tri-countyscore.org and click on free counseling, download the forms and follow instructions.

The Tri-County SCORE center is temporary closed. We suffered severe water damage from the last major storm – it took the roof off the building and we are currently under repairs. We plan to re-open in mid July. Anyone interested in Score services, please contact us via e-mail at: tricountyscore@ hotmail.com. You may also leave a message via phone, however it may take a few days to contact you.

Score programming will resume in mid July, where we will offer numerous free seminars on getting your business started. We will also offer a large number of business products at very low cost. In the meantime go to www.score.org where you will find plenty of resources. E-counseling will be provided via e-mail.