Summer Work Ideas: Preparing for Your Best Fall

By Arlene Moss

As the warmth of summer approaches, it's the perfect time for you to make the most of the slower client load planners often experience. Instead of seeing the summer as a lull, consider it an opportunity to work on critical aspects of your business that often get neglected during busier times. From financial check-ups to personal development, let’s get ready to make the most of your summer.

Check Your Numbers

I hope staying on top of your key performance indicators (KPIs) is part of your routine but in case it isn’t, take a moment to check your financial metrics. Review your revenue per client, advisor, and teammate as well as overall profit margins. Tracking these over time will help you ensure your firm is headed in the right direction. General trends in the industry show a 25% profit margin.      

Your revenue per client, advisor, and teammate can vary widely depending on your client base and fee structure. You can review industry benchmarking surveys to find similar firms as well as those in the cohort of firms you aspire to. My personal favorites are those my clients get from Schwab, Dimensional, FP Transitions, and (shameless plug) XY Planning network. Watch for your own growth trends and see that you are trending up. 

This analysis may lead to work on your fee calculator, reassessing expenses for the firm, or perhaps a shift in engagement structure. Or you may just pat yourself on the back for a great first half of the year. Analyzing these figures regularly helps to identify areas for improvement and adjustments you can make during the summer to set the stage for a successful second half of the year.

Tackle Unfinished Projects

Summer provides a great opportunity to tackle projects that have been lingering on the back burner. It is time to create a cache of content in whatever forms you prefer. You may want to record a stockpile of podcast episodes. It’s fine to record a season of episodes for release beginning in the fall, or whenever you want to begin your season. Take time to find some solitude to write that book you’ve had in your head. If you have the luxury of working remotely for the summer, you can be productive and recharge at the same time. If videos are on the agenda, this is a perfect time to create a stash of them with evergreen subjects for use throughout the year. Whatever creative bug you have, now is the time to bring these ideas to fruition. Use the slower period to unleash your creativity and develop valuable assets for your business. They will bear fruit throughout your busier fall and spring seasons.

Review Workflow Optimization

You may want to use this time for polishing your workflows and automations to take a step forward in your efficiency. Evaluate your current processes and identify areas for improvement. Implementing automation can save time and reduce manual errors. Create templates that you are missing or improve the ones you have for a more customized appearance. Streamlining your workflow ensures that when the pace picks up again, your business operates with maximum efficiency.

Explore Tech and Artificial Intelligence

Summer is a nice time to evaluate technology solutions you might need. I encourage clients to set aside specific “shiny object time” and often tech solutions fall into this area. You don’t want to go find a problem that goes with a new solution but rather take a measured approach to finding solutions for known problems. Summer is a wonderful time to be intentional about this rather than scattering your tech demos throughout the year.

I absolutely recommend taking some time to research artificial intelligence (AI) and how it can help your firm run more smoothly. Experiment with using AI to enhance your firm's operations and efficiency, from crafting emails and meeting notes to generating blog post ideas or social media posts. Just keep playing around with it to see how you might like to use it. You can put the heavy brain work into a project but have AI polish it up. Perhaps feed your recent blog post into ChatGPT and ask for it to create 10 social media posts from the content. Just keep experimenting. Be sure you research the compliance aspects of incorporating AI into your firm where specific client notes are concerned.

Just Catch Up

If spring has been a whirlwind, use the summer to catch up on the everyday tasks you may have neglected. One item often on this list is your firm’s compliance tasks. Evaluate your compliance tasks and get back on track to stay proactive and minimize potential risks. By digging in when it is a bit slower, you can stay on track the rest of the year.

Recharge and Reflect

Not feeling any of these pain points? Congratulations. You may just want to use this slower time to recharge and reflect. Recharging is essential for sustained success. It’s a great time to read books you have been meaning to read. (The Gap and the Gain, I am looking at you.) Schedule some time away from work to relax and reflect so you are energized for the fall season. 

If you think there's no such thing as a quiet time, consider restructuring your meetings and client engagements to create that quiet season. You can make this happen with a meeting cadence that allows you to take the time you need to rest. Create a standard client engagement structure and get all of your clients on the same schedule. Communicate openly with clients about your downtime, create coverage structures, and empower your team to handle routine tasks in your absence.

Handle Contingency and Continuity Planning

If now you are saying, “I could never go away, there’s no one to cover trades,” then consider this your summer project. Develop contingency and continuity plans to address the “what if” scenarios. Plan for short- and long-term absences, as well as unexpected issues such as fire, flood, or evacuation. We hope this planning is just for a trip to Croatia—but you owe it to your clients and your business to plan for potential emergencies, ensuring your business can function smoothly even in your absence or if disaster strikes.

Summer is more than just a season of relaxation; it's an opportunity for you to recalibrate, innovate, and prepare for the challenges that lie ahead. By investing time in financial check-ups, unfinished projects, workflow optimization, learning, compliance, and personal rejuvenation, you'll position yourself for a productive and successful fall. Use these summer months wisely, and you'll head into fall ready for the crazy fall meeting, tax planning, year-end busyness that inevitably awaits. Have a wonderful summer! 

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Arlene Moss is an executive business coach at XY Planning Network, LLC. Arlene works with members as they create and grow sustainable businesses. Through one-on-one coaching and consulting, she provides the support needed to overcome the challenges that come with entrepreneurship. Contact arlene@xyplanningnetwork.com.

image credit: istock.com/Konstanttin