5 Things Entrepreneurs Can Do During Ghost Month

Turn this month into a productive one for your business. Here's how.

Many Filipino entrepreneurs refer to the month of August as the “ghost month” — a time many believe to be filled with bad luck and misfortune. This idea stemmed from Chinese traditions, which mark the 7th month of the Chinese calendar (which usually falls on August) as a time when hungry spirits roam the Earth to make their presence known to the living.

During this month, many businessmen avoid investing in the stock market, signing deals with partners, and engaging in other risky activities that may affect their ventures. Some of them even credit their prudence during this time for the success of their businesses.

Whether or not you believe the idea of a ghost month, there’s a lot to pick up from entrepreneurs who live by the concept, such as how you can avoid potential losses in times of risk and how you can overcome challenges that come to your business.

If you’re looking for a way that’s guaranteed to bring you gains despite ghost month, check out these tips that will help you turn this August into a launch pad for your success:

Review your processes

Whatever industry you’re in, there’s a process that your business follows to make sure that your operations run smoothly. Ghost month might just be the time to check on them.

Every now and then, checking on your operations helps you assess how well your step-by-step system works and whether it’s actually delivering results for your business.

Taking the time to evaluate your processes gives you a chance to adjust and align your actions to your goals. This helps you optimize and make sure that you are using your resources efficiently for maximum benefit.

Talk to your employees

It’s easy to overlook the importance of communicating with your employees. However, it is necessary to constantly speak with them to know what drives them to work and how you can better motivate them.

For big companies, sitting down with employees one by one can be a long and arduous process. But for SMEs, it’s as easy as having a candid face-to-face conversation during break time or even over lunch.

Speaking to your employees makes them feel important and hearing them out projects the image that you value their insights. Doing so not only increases your rapport, but it also empowers your employees.

Plan and strategize

Once you’re done checking on your processes and speaking with your employees, you’ll have a basic idea of how your business is doing. This gives you a headstart on planning and strategizing for the future.

Time is a luxury in business, but luckily ghost month usually comes in the middle of the year. This gives you ample time to work your way through the challenges your business faced so far and adjust promptly to meet your overall goals for the year.

Look at your data and see what values are important to you. Check the processes that affect those values and know the people working in that facet of the business. From there, see how you can improve things, then plan, strategize, and commit to your objectives.

Learn something new

Learning is a never-ending process and it doesn’t stop even during ghost month. As a business owner, it is important for you to constantly gain new knowledge and skill.

There are a lot of seminars, conferences, and workshops that you can attend that will help you gain new insight on how to be a better entrepreneur and what tools you can use to innovate your business.

If you’re looking for events to aid you in improving your operations, marketing, or people management, there’s a Globe Business event that will surely help you get the knowledge and skills you need.

We would also like to invite you to join Globe Business Upstart, a Loyalty Program for MSMEs who rise up to today’s seemingly insurmountable challenges.

With Globe Business Upstart’s digital leadership, business enablement, and exclusive partnership pillars, we continue to strengthen our partnership by helping you realize your digital transformation journey, no matter what stage you’re in. Sign up for Globe Business Upstart here.

 Check out new technologies

Using technology for your business is a necessity in today’s fast-paced world. Not only does it help businesses keep up with competition, it also presents an advantage against competitors who may not be as advanced technology wise.

There are a lot of business solutions that can help you improve each individual part of your business. Still, many entrepreneurs are looking for tools that help them improve various parts of the business, all at the same time.

A productivity tool like Microsoft 365 or Google Workspace is one way to keep your team and business efficient, even if working remotely or at the office. Collaborate in real-time, use tools to connect and gather data from customers, and more. You also get to store your files safely on the cloud, which helps your business access them with ease whether through computers, tablets, or mobile phones. Learn about these solutions here.

Don’t let this ghost month scare you away from finding the way to success. Think of it as a time to prepare for a brighter future for your business. With the steps we’ve listed above, you’re sure to come ready for the entrepreneurial success that you’re meant to achieve!

HELPFUL PRODUCT INFORMATION:

Get Google Workspace or Microsoft 365 for your business! For only PHP125 per Microsoft Basic license, you get a suite of productivity tools that will help your business keep up with changing times, no matter the month. Sign up here.

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