In the current economic downturn, some small business bosses have found themselves with more time on their hands than they are used to. It is vital that this time is used to the maximum benefit for themselves and their business.
In some cases there are other things that small firm bosses can do with this extra time, and they need to ensure that it is utilised effectively for the benefit of their company.
Training
There are a raft of different training courses that business owners can take. Courses in computer skills, accountancy and management can build up your skills set and be a very productive use of time. Many of these courses are online and can be completed in your own office.
This may also be the perfect time to take on an apprentice or an intern. Interns are often only paid expenses and apprenticeships often have their wages part subsidised by the government or educational agencies. Businesses can train these new intakes so that when the economic recovery happens they are ready to hit the ground running and are already fully integrated into your business and ready to fill a full time position.
"Apprenticeships can deliver real value for employers and more needs to be done to drive home this positive message," said Dr John McGurk from the CIPD.
Get out of the office
In busy times it is often impossible to attend business events or network meetings. However, it maybe that there is now time available to get out of the office and attend all those meetings and events that you used to have to pass up on. As long as you are contactable by staff for emergencies, then leaving the office should not pose too many problems.
Using this opportunity to network, attend meetings, trade shows, dinners and events with other people in your industry and potential clients could be invaluable. By putting yourself out there you are ensuring that your company's name is being heard in the right circles and is in a good position to pick up new business when the economy recovers.
Communicate more
This applies to your staff, customers, suppliers and competitors. Whilst a year ago you may have gone into your office, shut the door and not seen staff all day due to the work that was piled up on your desk, you should now be able to use the time to speak with these key people.
Speaking more with staff may also enable you to have a better grasp and understanding of the dynamics in the office, and you may discover strengths and weaknesses of staff and products that you were not previously aware of.
The key is to identify any spare time that you may have and ensure that you use it as efficiently and effectively as possible to improve the chances of business success.
