21 Feb How downtime in your business is a good thing
Depending in which industry you are in, your business will always have busy times, and not so busy times. I work with a number of business owners that get a little concerned when things are slowing down, mostly because we think that the future is uncertain. However, if you were to look over your annual business cycle you are most likely to realise, that it is a normal pattern, repeating itself year in and year out.
So before things will pick up again, use this time to do things that will further your business in the future, those things you usually don’t get time to do. Here are a few suggestions.
- Review your website
- Review your business plan – If you don’t have one, create one!
- Set new long-term & short-term goals and share with your staff and colleagues
- Staff time: Discuss how everyone is going and where they see themselves in the future
- Review your processes, systems & pricing
- Identify risks and establish strategies to overcome those
- Review you values and share with your staff & colleagues
- Identify new income stream opportunities or new markets you could explore
- Up-skill yourself or your staff in areas you want to improve
- Create a vision board
Get into the habit of using your down time wisely. Each step will contribute to the growth of your business and also identify practices that are no longer necessary.