Small Business Owners Use Slow Times to Get Organized, Save Money

For many small businesses, this time of year slows down a bit.  Back-to-school shopping is over, Christmas shopping hasn’t started yet, and consumers are in a quiet “Indian  Summer” mood.  If you own a small business, this is your chance to catch up on all those things you’ve been meaning to do, but haven’t had the time.

You’ve probably got a mental list of things already.

This is a great time of year to get your website in shape, especially with Christmas just around the corner. 

• Make sure your contact information, store hours and product lists are up to date.
• Remove any old products you no longer carry, and highlight the things you know will be hot during the 4th quarter. 
• Is it time to update the look of your site?  A few new graphics can really renew the energy level, and give repeat site visitors something fresh to look at.

This could be the perfect time to clean out the file cabinets.  Make sure to shred everything containing account numbers or private information.

Things to Review to Save Money for Your Small Business

Review choices in vendors and products – could you find suppliers with better products or deals?  It never hurts to ask.

Review your operating costs.  A good place to start is your insurance coverage.  Do you have the protection you need?  Consider adjusting deductibles, modifying coverage levels, and confirming policy provisions based on any new equipment purchases or technologies which could leave you vulnerable.

Make sure you review your small business health insurance policy too.  Make sure that records are up to date on employees and their families.  Set up a small committee to shop around for quotes to see if lower cost coverage is available.  Consider changing the deductible and see how that affects the cost. 

You’ll be amazed at the difference raising the co-pay can make in health insurance premiums.  In fact you could come out significantly ahead by raising the deductible and co-pay, then giving your employees a small allowance to make up the increase.  Odds are they won’t spend the full difference, and the good will you create among your employees will be a nice bonus.

So instead of looking at this slow period as a negative thing, consider it a huge opportunity to tune-up your business.  Remember, attitude is everything.