A slow business period tends to carry less demanding workloads, it is also prime time to do housekeeping to get your business in order.
Depending upon the industry your business is in the slow period varies due to the culture of the industry, to the national holidays or time of the year. For some it is the summer months or maybe the months of December to February. Either way you may want to consider being constructively productive during that period by what I term doing a business tune-up.
Here are seven ways you can tune-up and adjust your business during slow periods:
1. Check annual goals:
Has your business’ focus changed? Go back and alter the goals you set to reflect this evolution. Flexibility is crucial to effective goal setting.
Read the article Achieving Your Targets: The Ladder of Commitment
2. Re-examine employee goals:
This ensures that goals you have set for key staffers still make sense and that employee development is on track.
Read the article Power Up Performance: 9 Ways to Keep Employees Engaged
3. Find ways to cut costs:
Re-evaluate your suppliers of insurance, phone service, member associations and other business services to make sure you are getting the most for your money.
Read the article “Expense Management: How to Cut Costs and Collect More Money.”
4. Update your database:
Check to make sure you have the right mailing addresses, email addresses, and phone numbers for all key contacts. At the same time, weed out old contacts that are no longer active.
Read the article Review your Customer Acquisition and Retention Strategies
5. Re-evaluate advertising choices:
Were your selections beneficial to your bottom-line. Seek out new possible venues to advertise. If you have not yet devoted dollars to this area, should you start to consider it.
Read the article “Advantages and Disadvantages of Various Advertising Mediums.”
6. Review your marketing strategy.
Scrutinize marketing and business development strategies to make sure they are leading you to your goals.
Read the article 7 Key Marketing Strategies for the Small Business Owner
7. Give yourself a break.
And the last most important thing is once you have tuned-up your business, tune-up yourself with a vacation in this period. You’ll not only find fewer interruptions and be more relaxed but your spouse/family will be happy to see you too.
Read the article 5 Reasons Why You Need a Vacation
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Category: Business Management