Make the Most of a Business Slump

With most businesses, there are busy seasons and slow seasons. If your business is seasonal and usually experiences a slower season, don’t let the slump get you down! You can take advantage of the time to prepare and better your business for what is ahead. Check out these ideas for maximizing the slow season: 

Put Time Towards Your Biggest Investment – Your Employees

During a slow down is the perfect time to refresh your employees on training. This could mean adding a new requirement that will boost customer experience or even offering more advanced training for your veteran employees. Putting time towards your employees can help boost productivity, job satisfaction, and morale. 

Interact with Customers/Use Feedback

Your business likely responded to feedback, both positive and negative, in real time, but now with this extra time you can focus on using that feedback to make any necessary improvements. You can also take any positive feedback you received and post it to your social media or website. Lastly, many customers appreciate the personal touch they get from small businesses they work with – now could be a good time to reach out to customers to check in, provide updates, etc.  

Promote Your Business/Sales

This is a good time to assess your marketing strategies from the past year and to see what is working and what isn’t. You can also refresh your website and social media channels. Social media marketing can take a lot of effort, so you could use this time to build up a large bank of content to use for the rest of the year. It may also make sense for you to promote an off-season sale, to help move merchandise during the slump.   

Prepare for the Upcoming Busy Season

Planning ahead now can help ease burdens and stress when things become hectic again in the future. Preparations can look different for each business, but consider checking your inventory and stocking up, planning for future sales and promotions, reviewing your budget and employees’ schedules, etc. This is also a good time to prepare for any hiring you will need to do to be fully staffed during the busy season.

At the end of the day, all of these efforts tie back to protecting your business for the future. OKFB can be your partner in protection, check out our commercial policies and our newest addition of the businessowners policy, specifically crafted for certain types of small businesses.

Commercial Insurance 101

Owning a business takes dedication and vision, and preparation for the long-term is necessary. No matter the size of your operation, part of preparing for the unexpected means securing protection for your employees and assets with commercial insurance. The right policy could save you money when accidents cause damage to equipment or property. If you’re new to owning a business, or just need a refresher on the basics, here are some coverage options to keep in mind when considering a commercial policy: 

Commercial Property

The property you choose for your business operations is crucial to its overall success. So is the coverage you select to help protect the property and everything inside of it. Things like building structures, inventory, equipment and leased property can be protected under commercial property insurance. This is a great place to start when getting a policy. 

Commercial Auto

From hauling parts to delivering flowers, your company vehicles work as hard as you do. If you have company vehicles, you’ll want to secure commercial auto coverage for them. Features such as auto liability and uninsured motorist will not only protect your vehicle, but will also provide extra coverage for you, your passengers or other drivers of the automobile. 

Commercial Liability

We know small businesses don’t always feel so small. Let us help take one worry off of your mind with a commercial liability policy. Liability claims can be devastating to a small business, so this insurance option can help protect your business from expensive liability lawsuits. Commercial liability coverage ensures that you and your assets are covered in case of an injury or property damage to others that occurs as a result of your operations. 

Commercial Umbrella

Umbrella policies are named for the overarching protection they provide on top of general liability coverage. A commercial umbrella policy can provide additional coverage to your business that may not come with your general liability policy. This will help make sure your business is still covered in a situation where your general liability policy doesn’t fully cover the cost of a lawsuit. 

When it comes to deciding what coverage fits your unique business needs, your agent can help you choose the right policy. Contact an OKFB agent today for more information about how we can help keep your business protected from the unexpected with our Commercial Insurance coverage.