Months of endless sunny weather and cloudless skies came as a welcome opportunity for holiday parks, caravan sites, hotels, tourist attractions and shops up and down the UK this summer.
Even businesses that have been operating for generations may not have experienced a season like this, with a record number of people flocking to the nearest beach and ice cream stands to get a taste of the Costa del Sol just minutes from their homes. However as the summer comes to an end, the art of managing the irregularity of turnover comes into focus as winter approaches.
No matter how long you’ve been in business it never gets easier to balance a short, booming summer and a lengthy, quiet winter, but future-proofing your finances now can make a real difference. As an accountants to a range of businesses in the East Midlands, including caravan and coastal park operators, we frequently see the importance of making the most of summer customers so that seasonal businesses can weather any storm.
Business owners should avoid treating the highs and lows as a routine because every year is unpredictable and it isn’t simply the great British weather which can turn the tables on even the most experienced business owner. Hopefully, an exceptional summer has put businesses in a better position than ever before but anything from changes to the living wage, VAT rules or scheduled roadworks can complicate matters.
If you’re counting up a big summertime surplus this year, it might be time to set some money aside to undertake any costly jobs now before the quiet period truly kicks in, and in case we aren’t as lucky with the weather next year. Early planning and preparing for the worst can make all the difference as we look forward to another summer season next year.
With a little caution and some foresight, you can future-proof your finances to ensure that the only thing you have to second guess over the coming months is whether you’ll need an umbrella.
If you’d like expert business advice and accountancy support as you prepare for the off season, contact our team on 0808 169 1196 or visit www.duntop.co.uk