Entrepreneurs usually avoid August, also known as the Ghost Month,” when venturing into new projects. It is a popular belief that undertakings during this period tend to encounter bad luck and misfortune, as the “gates of hell are open” and spirits are roaming the physical world. Although the idea stemmed from Chinese traditions, many Filipinos adhere to this practice and steer clear of the 8th month in the calendar.

Seasoned business owners tend to take it seriously. Meanwhile, starting entrepreneurs would rather avoid negativities that may come their way and learn from those with first-hand experiences. Whichever of the two you may be, the good news is there are some steps that can be taken to make sure that the ghost month will still be fruitful even without major activities.

 

1. Take advantage of the time

As Ghost Month discourages starting a business or venturing into partnerships, you can use this period to look into the things that you usually have no time for. During this time, you can have the luxury of time to:

• Assess your business processes
• Adjust plans to align with your goals
• Identify opportunities to reach your business goals.

 

2. Invest in self-improvement

There is always something new to learn! With the Ghost Month limiting business steps, you can prioritize self-improvement instead. Whether you are a starting entrepreneur or a seasoned business owner, you should not disregard opportunities to learn new things.

Look for business seminars, training, or expos, especially those that are relevant to your industry. These events open possibilities to build networks and gain new ideas that may be applied to a business. If going to an event is not your cup of tea, educational materials for entrepreneurs are available online to help enrich your knowledge.

 

3. Explore innovations

Technology is very powerful that it plays a role in business success nowadays. Innovations are available to make work faster and easier to accomplish. There are various devices and productivity apps that can be explored.

Knowing the business solutions that are available today can help you in your entrepreneurship journey, so you can keep up with your competitors. As technology keeps on evolving, options should be sought continuously and not just during Ghost Month.

 

4. Future-proof your business

Look beyond what can be done today. It is also important for you to anticipate the future and prepare for uncertainties that may arise. Create a business continuity plan that you can put into motion when situations change. One option to consider is availing of insurance plans for your business.

Sun Life offers Business Owner Insurance Packages (BIP) that intend to protect business and personal financial goals. With these business insurance packages, your financial needs for every stage of your business would be met.

Sun Life’s BIP packages include:

• BIP Emergency Fund + Lifetime Protection - This provides an emergency fund for a business and lifetime insurance coverage for the owner. It can serve as a contingency plan to ensure proper management of cash even during uncertain times.
• BIP Health Protection - Starting entrepreneurs also need to be financially prepared for the cost of critical illnesses in case they strike. With this insurance, business owners can find a partner in health to take care of medical costs and preserve savings and funds intended for business.
• BIP Retirement Fund Before business owners retire, they can secure their future so they can be mentally, emotionally, and financially prepared to leave the business and live their retirement dreams.

 

Interested in our BIP packages to future-proof your business? Sun Life can help meet your business and personal financial goals. Talk to a Sun Life advisor today!

Ghost Month may limit the activities of entrepreneurs. However, instead of seeing it as a cause of delay for rolling out plans, consider it an opportunity to engage in activities that can propel your business and protect your goals.

Remember to make August a productive month. Ponder on the tips to do it right and use this period to future-proof your way to success!

SOURCES: moneymax.ph unionbank.globallinker.com camellamanors.com mearth.com.au

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