All businesses go through a quiet month or two. It’s the nature of the beast. For most tradespeople, it’s the Christmas period when works starts to slow down. While spending time with the family is often appreciated, why not take the time to get on top of another (less fun!) area of the business? Our tips below will help you make the most of some extra free time.
1) Create a customer database and contact previous customers
Now’s the time to get in touch with previous customers to see if they need work doing. Write notes for each job that you’ve completed so you can look back at work you’ve done and pre-empt what that customer might need. If they had a great experience last time, they’re unlikely to take objection to you giving them a quick call, providing the time period between then and now make sense.
2) Catch up on other business tasks
There’s no better time to look over your taxes. It’s easy to put them off when work is flowing in fast!
3) Become a cost-cutter
Think about ways that you can cut costs until work picks up again. Try to arrange bills to be paid out at times when you expect to have a lot of work on – paying your MOT in the winter might not be the best idea! That way, you won’t get caught out next time around and you’ll have a good handle of your finances. Paying your income into a business account is a great way of obtaining a decent sized overdraft. While we don’t recommend dipping into it too often, it’s handy to have a fall back in reach.
4) Create a cash-flow projection
Reflect back on your income and outgoings this year and make a cash-flow projection for next year. It’ll help you identify months when saving extra money is do-able – helping you out when next year’s quiet period hits.
5) Add events to your diary
Why not make a calendar that reflects industry events for the year ahead? Whether it’s a tool fair or another trade event, it’s good to identify when you can expect to make savings on tools and other business needs.
Once work picks up, you’ll be grateful for the time you spent planning ahead and getting on top of your business.