Are hot temperatures drying up your business? Let's Party Magazine shares financial, marketing, and business tips for surviving the summer slump from leading professionals.

Elizabeth Goff, CPA, says the key to survival is smart planning in anticipation of the slower season.

“When doing your annual budgeting and planning, assume you will need to use revenue from other busier months of the year to cover summer months. Set aside some cash from the busy months, and then use the cash during the slow months.

Plan to cut back on any variable expenses you can during the slow time. For example keep less supplies in inventory during slow months, knowing you will not use as much as you use during the busiest months. Be honest with your employees about the situation and ask them for suggestions of where you can cut back on expenses. You can also ask employees to work less hours or for less pay. Even the big employers have done this in these trying economic times.”

Yvette Craddock of Click Marketing Solutions and StyleFolio shares creative ways to augment your marketing initiatives.

“Make busy season marketing plans now, so that these items are turnkey during the hectic times. Try hosting an event-planning seminar, or a series of seminars, focusing on styles, budgets, and trends. Create a co-branded campaign with past or existing clients that feature success stories. Host a series of indoor site tours for partnering vendors and potential clients. Develop public relations stories on creating easy and fun events for the triple digit months. Or try to build a new audience base by focusing on a different market, such as family and small groups versus corporate.”

Stuart Preston of MyBusiness Advisors, Inc. suggests enlisting aid during troubling times.

“Get help. There are so many resources to help, from the local small business development center to chambers of commerce, from SCORE to hired hands like coaches and consultants.

Please, if you're struggling, ask for help! [Try] knocking on doors, attending networking functions, or other activities. I know it can get very dark and depressing - I've been there myself!  However, before you get to that point, get out there and dig up some business.”

Heather Miles Austin, Public Relations Manager of Off Madison Ave, says that utilizing free social networks can boost your business’ profile and generate new clients. 

“Social media sites create a perfect opportunity for businesses to reach out at a grassroots level to invite individuals to events, engage target audiences, and increase visibility.

Families are always looking for things to do, so have a presence on moms’ sites like momslikeme.com and with local mom bloggers to get the word out about your [business]. Inviting some of the area’s most popular Yelp reviewers to an exclusive event or tasting can generate rewarding buzz. This idea also works well for Facebook followers. In fact, any opportunity to reward loyal social media followers through exclusive discounts or events is always a smart idea.

Finally, don’t forget to research the multitude of free local event listings and calendars for promotion. Oftentimes these grassroots and social media efforts can create a much greater return on investment that traditional marketing and advertising.”

Chet Ross, Director of SCORE Arizona, urges small business owners to take advantage of the many free services and programs his organization offers small business owners.

“Greater Phoenix SCORE provides free, one-on-one, confidential business counseling to the small business community A resource partner of the SBA, we have 95 counselors in 16 locations throughout the Valley, and offer well over 100 business-oriented seminars during the year.”

It’s normal to worry about your business’s financial survival during the slow times, but remember that just because your business is slow doesn’t mean it has to be invisible.

Recessions often bring about bargains and opportunities for deferred payment. Look beyond the summer slump and take advantage now of seasonal deals in advertising, services, and supplies to prepare for the upcoming event season; you may just end up with your busiest year yet.