What to Do When Things Are Slow

For some businesses, summertime is slow time. Still, many companies retain all their workers even though customer demand is down. What can you do to maximize your business activities at this time?

Let your staff take vacation time
Summertime is vacation time for many workers (77% plan to do so this year according to the Wall Street Journal). The smaller your company, the more challenging it is to schedule time off, so do this as soon as you can to make sure your bases are covered. Consider:
  • Engaging temporary workers if vacations leave you uncovered
  • Using summer interns (as long as you comply with federal rules regarding payment to them)
As the owner, you might also want to take time off, even if only a long weekend, to relax and regenerate. It's been reported that vacations make you more productive.

Encourage staff training

If your staff typically continues with training, now may be the ideal time for workers to take the courses they planned.

Special marketing activities

It's often difficult to schedule meetings with clients and prospects during the summer because of vacation schedules. Instead, devote your marketing time to strategizing for the fall. After Labor Day you can put your plans into action.
 
Do strategic and other planning
It's usually difficult to meet with your tax advisor during tax season, other than to cover your return needs. Now may be a slow time for your advisor and an excellent time to do mid-year tax and financial planning.
  • Review your tax strategies to date
  • Go over cash flow projections for the next quarter
  • Research any major projects you are contemplating
It's hurricane season: Are you prepared? Now is a good time to review your emergency plans if disaster strikes. Make sure you have a disaster recovery plan in place and have schooled employees on what to do in case of an emergency.
 
Conclusion
Summertime may be slow for business, but it's an ideal time to do the things you claim to be too busy to handle the rest of the year. Enjoy!
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