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6 Ways To Grow Your Business During Downtime

Laptop computer, phone and coffee in the garden - freelance or remote work concept. small depth of field, focus on the keyboardDuring the summer, many companies experience a lull in business. Your customers are most likely taking time off, cutting hours in the office, and enjoying the summer sun. Instead of caving to the inevitable cash flow issues you may be having, we have compiled 6 tips to help seize your extra time and grow your business.

1. Summer Cleaning

If you are like most, you probably missed spring-cleaning. This summer, take your newly acquired down time and get organized. Clean out both your physical and virtual space to ensure that your business is ready to take on the busy upcoming months head on.

Start with one room at a time. Starting with your office, clean up and clean out anything and everything that is not needed. Jump into your inventory room and ensure that all of your materials and paperwork is organized to optimize your staff’s efficiency.

2. Update Business Systems

If your business uses any technology or software to run payments, schedules, or other operation, ensure that it is up to date. Check for updates in your setting and ensure that your staff is up to speed on new versions. Before you update, be sure that all of your devices are compatible with the new update.

3. Learn A New Skill

The chance of your business growing to new heights is slim if you are not expanding your current set of skills. Tackle a new venture and learn something new about yourself or your business. No matter if that is a physical skill that can better your performance, or an online skill that can help your business reach more customers, there are many things to try. You never know where your new skill will be used to increase growth.

4. Try Out A Promotion

Although you may be experiencing a low cash flow due to lack of business, testing out a promotion can bring in unexpected customers that you may not be able to reach in busier months.  By using business factoring, you will be able to better control your cash flow in this slow time. A factoring company will purchase your invoices or accounts receivables to get cash faster to help budget a promotion in your current business plan.

5. Touch Base With Customers

Instead of reaching out to loyal customers that stick with you in slow times, reach out to those that you haven’t seen in a while. They are more likely to be more relaxed in the summer. This will allow for a natural conversation that may bring your business in the future.

6. Review Your Finances

It is crucial to analyze your business’s finances in slow periods. Many business owners neglect and avoid checking finances when they are bad. Instead of hiding from your finances, take them head on. You will be better aware of where your business is in terms of competition and in growth.

We hope that these 6 tips will help you take advantage of slow period in your business. Utilizing extra time to better review business goals, organize operations, and try new things will help your business grow larger than you once thought possible.

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About the Author:

Robert Bernfeld started in the commercial finance industry in 1974. His early years included positions with Aetna Business Credit and Foothill Group. During the next thirty five years. Mr. Bernfeld established both equipment leasing and accounts receivable factoring companies. He partnered in founding Business Facilitators, Inc. in 1999. Mr Bernfeld graduated from the University of California, Riverside in 1974 and received his Juris Doctorate from Loyola University School of Law in 1977.

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