As we approach the middle of the year and reassess how 2017 is going, business owners should be prepared for a slump in business growth. Think about it, we are past the beginning of the year when all things are new and shiny and anything is possible. It isn’t the end of the year when you are trying to finish with a bang. We are somewhere in between.
How can business owners avoid this slump and re-energize business growth during this less hectic time of the year?
1. Focus on Self
Investing in your small business by investing in yourself. Most business owners know it is important to never stop learning. It typically isn’t the knowing that is the problem, but rather the money and time. For this year, if time and money are a real problem, find a great book or online course that can help you learn new things about your business and how to run it. Get to work now building money into the budget to do even more next year.
Try to learn something new about management styles, or learn new techniques for running a business and managing employees that you may want to try. The sky is the limit, there is never a shortage of things to learn, and taking the time to learn something new will help motivate you to boost your business growth during this mid-year slow down.
2. Focus on Systems
Take a look around your business and consider what could be working better. What can you change to become more effective and efficient? These things are easier to thing about and work out when you aren’t caught up in the hustle that comes with the new year or the end of the year.
Look at everything. Consider hiring processes, collections, pricing, inventory, and whatever else you can imagine. You can do this in conjunction with your education endeavors by researching new or different ways to accomplish tasks that must be done each day.
3. Focus on Networking
Work on your business relationships. Nurture the ones you have by hosting a partnership dinner or a networking after hours. Even something as simple as a card or chocolates thanking them for their business can go a long way.
Attend networking events and forge new business relationships. Consider not only what they can do for your business, but also what you can do for theirs. Work on making relationships two-sided rather than one-sided.
Biz2Credit can help you implement whatever you find to work on that will help your business avoid the middle of the year growth slump. Our network of lenders offers small business loans of various types: commercial real estate loans, equipment loans, working capital, and lines of credit. Visit Biz2Credit.com today to get started.