Fri 12 Oct 2007
Making the Most of Slow Periods
Nearly every small business has times when business slows down. This is especially true if you have a service-based or seasonal business. When this happens, it is almost always predicable. But just because you aren't busy doesn't mean that you shouldn't have anything to do.
When your business slows down, this is the time to take a step back and analyze the direction of your businesses. Take a look at what you can do in the meantime to make your business more productive.
Catch up on Correspondence
Review and respond to all your business correspondence like email and voice mail - including bills, invoices and business leads. This way, you are organized and preplanned for when business is back to normal.
Make Major Business Purchases
Since you were previously busy with the clients, this is the real time when you can focus on any business purchases that you may have been planning on making, but couldn't quite find the time.
Make an effort to enhance your business by updating software, arranging for some refresher courses or training or working to improve your website. Make sure that you are really getting the best deals from the vendors you already use; this is one area that can fall by the wayside when your business is busy.
Review Your Business Plan and Update It If Required
Analyze your business plan to see if you can make some positive changes to gain more profits. If you find that some sections of your business plan are outdated, or the market conditions have changed considerably, amend your plan accordingly.
This is the time to gain more knowledge and understand new trends in the market. Take the time to read and do a bit of research while business is slow — because when it speeds up again, you probably won't have the time.
Use slow periods to your advantage. When you have a small business, you can't afford to waste time!