Making the Most of Downtime

Take advantage of downtime by analyzing your business

By Stephanie Fagnani, Freelance Writer/Editor

Every business eventually experiences a dry spell. It’s tempting to vacation during the slow periods, but downtime can be converted into future profits by staying focused on long-term business goals. To capitalize on downtime you need to:

1. Know your business objectives.

2. Be prepared to conduct a thorough evaluation.

3. Pinpoint internal and external factors that could affect growth.

4. Locate outside vendors that can help you reach your goals.

Conduct an internal audit

One of the best ways to plan for future performance is by reviewing past performance and making adjustments where necessary.
Try: I recommend: Seek the services of an established audit firm such as Hudson Financial Solutions or BKD. If you prefer to conduct the audit yourself, invest in internal audit software from companies like Pentana and ApexAnalytix.

Review your inventory

Discovering exactly which merchandise is selling and which isn’t can reveal a lot about your business.
Try: Invest in an inventory management system to keep track of what is in stock, on order and being shipped out. For help, see this Guide to Inventory Control Software. Also, consider investing in an inventory software solution from vendors like Procuri, which target small businesses.

Put your customer base to work

Word of mouth is one of the best methods of proving value to a customer.
Try: To find out what customers like and dislike about your business link your Web site to a polling service like Allegiance Customer Voice. Get permission to use customer testimonials, then have them verified, for a small fee, by Trusted Testimonials.

Conduct market research

Knowing your marketplace and competition are imperative to the success of a new product launch or advertising campaign roll out.
Try: An online tutorial on KnowThis shows you where to find market research from government and industry. When you are ready, StartUpNation can assist with creating market surveys and conducting focus groups.

Plan new product launches

New products are key to growth and profitability. A new launch should start with identifying sales channels and planning a media campaign.
Try: Agencies specializing in new product launches such as Entity Marketing Consulting can help you write a business plan and develop a marketing campaign, while a firm like Maritz Learning can provide pre-launch training for your sales force.

Update your equipment and technology

Just because something isn’t broken doesn’t mean it shouldn’t be replaced. Evaluate your current office equipment and the technology you use to determine what could benefit from an upgrade.
Try: BuyerZone lets you request quotes from various dealers on items like telephone systems, copiers and file cabinets. If it’s your technology that is in need of a boost, Microsoft has recently released a number of new products including Windows Vista and Office 2007.