In Canada, August tends to be an incubation time for many businesses. As people take their holidays and enjoy the break of sun, business can wind down and business owners find themselves with some extra time on their hands.
Some businesses take time off, take a vacation or just fight through the summer chasing leads. Not that a business owner should ever drop their guard but you should evaluate investing your crucial time just as you would any other investment.
Chasing leads can be in vain when many of the contacts are in and out of the office and as a business owner you have to wonder if your time could be better spent.
Here are 5 ways to invest in your business more effectively.
1. Set goals
Goals and resolutions aren’t just for January first. To ensure you business direction aligned with your objectives it is important to regularly review and set important goals. Downtime in the business can be a great opportunity to reset and focus the business.
2. Project cashflow
August can be a great time to take a second look at annual cashflow projections and take a real look at what the picture really looks like and make changes and preparations to tackle the next few months.
3. Survey customers
While the sales front is quiet, spend time on asking your current customers how you are doing and why they buy from you. Sometimes taking the time to talk to your customers can be the best and cheapest market research you can do.
4. Train employees
While employees might not be as busy as they are used to help them optimise the free time by increasing their knowledge, skill set or even spend time team building to make your company a more efficient machine.
5. Educate yourself
As a business owner the most important investment to manage is yourself. Take the opportunity to focus your mind, read and educate yourself.
Invest in your business during downtimes to hit the ground running when business hits.