School’s out for summer! Thanksgiving weekend! Holiday vacation! Spring break!
To some business owners, these times are synonymous with a slow down. But do they have to be? Can these slow times be an opportunity for growth? These are great times to focus on the four core areas of your business that make up our VICE Analysis™ (Vendors, Inventory, Customers, Employees).
VENDORS– Ask vendors to come to your office. Most will jump at the chance to get face time with an important customer. They can offer product demos, discuss new R&D, and get a better sense of how they can service your company’s needs. It is also a prime time to renegotiate your pricing, terms, and exclusivity agreement with the vendor.
INVENTORY– Do a spot check on inventory. Give non-warehouse employees a detailed tour of the warehouse and those hard-to-sell items, and ask for their feedback and ideas on how to move them.
CUSTOMERS– Reach out to your best customers and offer to visit them, buy them lunch, and try to solve more problems for them. Offer them a deep discount to keep sales up. Propose something unique to help them grow.
EMPLOYEES-If everyone is gone, how can anything get done? Pick a traditionally heavy vacation week and black it out well in advance so your whole team is at the office. “Shut down” the company to the public and have a targeted, focused week on the strategy and projects that you’ve been putting off. Focus on the back burner R&D and fast-track feedback to end with a focused project with timeline and launch date at the end of the week. This can be a great time for interdepartmental bonding and teamwork for employees who don’t often collaborate. The teamwork is invaluable for camaraderie, employee relations, and culture maintenance, which can suffer as a company grows.
By focusing on these areas, you can continue to grow your company without losing momentum during traditional vacation times. If those aren’t feasible for you, try cleaning the office. Have an end of week BBQ. Do a team building charitable outing. Don’t just let the days tick by!
And there is never a bad time to maintain your network. Have coffee with an old contact. Bring ideas as to how you can help their business grow. Continue to get fresh perspectives and you’ll be amazed at how it can clarify your own ideas.
How do you keep the ball rolling during vacation times?