Every small business goes through phases. There will always be a few months, like the holiday season, when the sales are slow or even non-existent!
This is the time you can use for things that you have been ignoring or which are usually left out until the last moment… like filing your taxes!
Here are some of the tasks you can get done when the business is slow!
Ways To Keep Yourself Busy When The Business Is Slow!
Let’s look at a few ways to use the ‘slow’ phase of your business effectively!
1. Catch Up With Your Past And Existing Customers!
This is a good time to connect with your existing, and past customers. Send them greetings for the holiday season, drop them an email, or simply follow-up on a project you delivered earlier in the year.
Adding a personal touch will not only get customers returning to you but establish a good image of your business.
2. Look For Ways To Cut Costs!
It is difficult to analyse situations where you can cut costs, when you are in the midst of meeting delivery schedules, managing the working capital, paying your staff, etc.
When the business is slow, you have ample time to check expenses and identify those that can be controlled (without hampering your growth, of course!). For eg., you could strengthen your hiring policies, since the cost of a bad hire can be extremely high.
You could also look for opportunities to save on tax-related expenses.
3. Try To Optimise Time-Consuming Processes!
Look for ways to save time and money, by auditing your business processes. Keep track of the time spent on each business task and discontinue or delegate activities that are not productive.
You can invest in software that streamlines time-consuming work and leaves you more time for more productive work.
4. Work On Your Content Marketing Strategy!
Customers, today, are tech-savvy and want an interactive experience with the brands they support. Creating a blog related to your business gives you a chance to connect with your audience and also help people find you!
Social media marketing is no longer an option for small businesses, but it can be a time-consuming activity. Use this time to create a presence of social media channels like Facebook, Twitter, LinkedIn, etc.
5. Plan Your Taxes!
March can be an extremely agonising period for you – if you haven’t worked on your taxes!
Use the slow phase of your business to plan your investments and look for ways to save on tax-related expenses. Try and organise all documents needed while filing your taxes, and save the ‘last-minute’ stress!
6. Network And Build Personal Skills!
Participate in events where you can meet and converse with fellow small business owners. This is often a great opportunity to learn what the competition is doing to stay ahead, and also meet potential stakeholders.
You can sign up for online courses and upgrade your skills – you could either learn a soft skill or sharpen your technical skills.
Use this time wisely to improve your business!
For quick, unsecured small business loans, get in touch with Gromor Finance today!