Every business will have its quiet periods. These can be caused by gaps between client projects, slow seasons or even cancellations and delays.
As an entrepreneur, these quiet periods can make you feel a little uneasy. You don’t want to sit around waiting for the next opportunity. You want to be generating sales and pushing your business forward.
One of the risks of quiet periods is that they can force you into making decisions and doing things that you wouldn’t normally. You may decide to take on a client who doesn’t fit your usual client profile, just so you can generate some additional income. Or maybe you will start a side-project as a distraction to keep yourself busy.
But if managed correctly, quiet periods can prove to be very beneficial to your business. Here are three things you can start doing if your business has gone a bit quiet recently.
1. Invest in some training
It is not very often that we have some free time to dedicate purely to our own self-development. Client demands and office distractions can easily break our concentration and pull us back into the business.
Having a quiet time is an excellent opportunity to learn and build upon your business skills.
Maybe you have been meaning to research different marketing techniques or you have wanted to research and trial some new accounting software or a business app. Use the quiet time as your chance to focus on learning a new skill and acquiring new knowledge that you can bring to your business.
2. Think about your businesses processes and systems
When your business is growing rapidly, and you are very busy, it can be near impossible to find the time to focus on your processes.
If there is a part of the delivery of your product or service that feels clunky or inefficient, a quiet time is a good opportunity to take a step back and review your businesses processes. Is there something you could do better? Does one of your workers hold all the knowledge or do they deal with their clients in a different way to the rest of your team?
Mapping out your processes can be a valuable exercise that will help you to improve your business. If these are documented, it can also help your business to remain consistent while it grows and can also act as guidelines and training manuals to new employees.
3. Organize a team event
If you have employees, a quiet period can be an ideal time to organize a team event.
A team day could help to strengthen bonds between employees and work departments. A team day can also give you the chance to ask employees for feedback and suggestions on how they feel your business could be improved.
You employees could be feeling frustrated by an inefficient system or have received feedback from customers that may be useful. It is important to keep all feedback constructive. You may find the insights your employees are able to give invaluable and highly useful.
If you are going through a quiet period at the moment, contact us if you would like to take this opportunity to review the finance function of your business.