Now might be a good time to focus on large-scale issues and lay the groundwork for future productivity and growth.
Ready or not, busy season is almost over and slower months lie ahead. How do you keep momentum moving forward during the slow months and make sure that your bases are covered?
Now might be a good time to focus on large-scale issues and lay the groundwork for future productivity and growth. It’s a good time to review internal practices and discover areas that are holding your business back. What’s impeding your growth? How can you clean up your business and get organized for future success?
It’s important to know your customer base. What are your top customers buying? What do they have in common? Do you know why customers have withdrawn or reduced? Downtime can offer a great opportunity to build closer connections, market to new clientele, and to create great deals for new and existing customers. Are your shelves crowded with inventory that isn’t moving? Give some freebies! Customers love feeling valued and important and it gives them a chance to try something new. Create special deals, or maybe start that rewards program you have always thought about, and limit it to the slow months. Start a referral program – customers like to be shown appreciation and sometimes, the smallest effort goes the longest way.
Review your inventory. Knowing what you have on hand improves the effectiveness of your internal controls. Are there bookkeeping inaccuracies? Has there been theft, or any other internal issues?
Did you bulk up your team for the busy season? It may be time to cut some expenses, which may mean cutting some staff. We understand that employees count on their employers, and that this can be a tough decision; but it makes more sense to trim fat during slow months than to run out of money due to payroll issues. But are you properly protected against potential claims made by employees? Employment Practices Liability Insurance (EPLI) is an important coverage to have. This covers various types of discrimination, wrongful termination, harassment and other employment-related allegations. Even with thorough records and realistic expectations set during the hiring process, employees can still accuse you of a wrongful act. If you are even the slightest bit concerned about these scenarios, call your insurance agent for a quote on EPLI. You might be surprised and find that it easily fits within your budget – especially when considering its importance.
Combine work and play – and encourage your team members to take breaks. If you do decide to reduce your staff to help reduce expenses, it will probably mean that the remaining employees will work longer and harder. This could mean that some have to work through the day without taking any breaks. While this might sound like a good plan (less staff = less payroll), it can actually cause more harm than good. Not taking breaks can lead to injury and also to lower productivity. We suggest that your staff take breaks throughout the day; overworked employees form bad habits, which in turn can lead to more expenses incurred by you. Poor performance and laziness tend to cause mistakes which can cause injuries. Injuries on the job fall under Workers’ Compensation, so you want to make sure you’re properly covered there, too. Unproductive staff can also create unsatisfied customers, so making sure your team is happy and healthy will contribute to your success – even in the slower months.
