The recent stock market gyrations in October dampened more than a few investors’ enthusiasm for a never-ending bull market. October has a reputation for being a scary month for investors. Black Tuesday was in October 1929 and Black Monday of 1987 was also in October. These memories often override the facts though. According to Bloomberg, October’s Dow was positive in 15 out of the last 20 years. But there are lessons in all of this madness for small business owners for never having an “October surprise”.
- Never take your customers or clients for granted. Stay in touch, even when things are going smoothly. Demonstrate how important they are to you so when they have a problem they turn to you, and not to your competitors.
- Never assume that you know how your customers are doing. Make a phone call and ask whether they have any concerns or headwinds and, if so, what you can do to make things better.
- Never put all your eggs in one basket. If your livelihood depends on income from one or two really large customers or clients, make an extra effort to seek out new business on a steady basis.
- Never assume that just because your business is doing well that it always will.
As a trusted financial support team, we are always on the lookout for unusual fluctuations and trends for our customers and communicate what we see so that clients can choose to respond. And we don’t just do this in October, but throughout the calendar year.