Time is on Your Side: 10 Ways to Reinvest in Your Business During a Slow Economy

When the economy is slow, many business owners tend to pull back. Some even throw in the towel. But what if you change your mindset, and look at this recession as an opportunity to "reinvest" in your business? If you have funds set aside for slow periods, good for you. If not, then all you have on your side now is time. If business really is slow, chances are you aren't working as much. This may be the perfect time to do some of the business-building activities that you never have the time to do when you are too busy working in the business. This may also be a golden opportunity for professional development, reflection, and brainstorming. n
If time is on your side, here are some ways to reinvest in your business during the downtu
in the economy. They will stimulate and rejuvenate your business. When the economy picks up again, and you get hit with a ton of new business, you will be in a better place than before.

1. Incorporate Your Business - If you have toyed with the idea of incorporating or becoming an LLC, now is a great time to do so. You will be able to research which business entity makes the most sense, work with a business coach or atto
ey, and file the necessary paperwork. Come boom time, you will have all of your ducks in order.

2. Hire an Overqualified Employee or Try Out an Independent Contractor - If you have been grappling with the idea of hiring an employee or independent contractor for a while, now is an ideal time. Due to the many layoffs, there is a large pool of qualified professionals just waiting for a career opportunity to come their way. Take the time to interview properly and try someone out before you get so busy again that it becomes a distant and fleeting thought.

3. Familiarize Yourself with Tax Deductions - You just filed your taxes, but still never took the time to really learn which tax deductions can be taken. Even if you have an accountant, a basic understanding of what deductions you can take will help you track expenses better throughout the year. Take the time to learn how to maximize business deductions and keep more money in your pocket when business starts booming again.

4. Get Testimonials From Clients - We all know how powerful testimonials can be, but when many business owners get busy, they forget to ask. Do it now, while you have the time. Then put those testimonials to good use on your website and in business marketing materials.

5. Get Out and Network - When business owners are crazy busy with work, they often do not make the time to network and feed the funnel. This is a great time to attend live networking events with chambers of commerce, business networking groups, and the like. Be visible, so when the money starts flowing again, your business will be top of mind.

6. Develop a New Product, Program, or Service - If you have been itching to add on a new product, program, or service, develop and test it now. When business picks up again, your new offering will be in place and ready to go.

7. Sharpen Your Skills - We all know how important professional development is to success, but many entrepreneurs short change their professional development when business is booming. If time is abundant, attend a conference, or take a teleclass or webinar. There is a plethora of offerings available in every price range nowadays. This may be the time to get certified in your area of expertise, take continuing education courses, or just explore some educational options that would be beneficial to you and your business.

8. Audit Your Business - Do you have adequate insurance in place? Is your client contract in need of some revamping? Are there any policies or procedures that need tweaking? This is a great time to examine your business to see if there are any areas that need improving and get to work on them.

9. Update Your Marketing Materials - Have you been eager to create a new logo, redesign your website, or get new professional photographs taken? The time for this could not be better. Due to the recession, there are deals to be had. Approach professionals that can assist you with these projects. You may be pleasantly surprised at the rates you can secure.

10. Keep Advertising - The first thing most business owners do when the economy takes a nosedive is to stop advertising. Don't jump on the bandwagon. Why? Because if all the other business owners are pulling ads, you will be the last one standing. If a prospect is looking for what you have to offer, they will find you. There will be less competition and clutter for a prospect to sift through. If you have refrained from advertising in the past due to the expense, check again. You may very well be able to afford it now.

Copyright © 2009 Lisa Montanaro