What is Ghost Month and How Do You Keep Your Business Protected?

What is Ghost Month and How Do You Keep Your Business Protected?

Business Development

UnionBank Publication

UnionBank Publication

14 Aug 2018, 13:58 — 4 min read

Ghost month may not necessarily be “eerie,” but it has its own scary feel on businesses; especially with the idea that you cannot do a lot on the said month, for fear of attracting negative vibes for your business. This year’s ghost month falls on August 11 and ends on September 9. With the infamous reputation it has for being bad luck for businesses, it may be a period of slow growth. Originating from Chinese beliefs, it has been closely observed by a lot of businessmen and entrepreneurs.

 

Read on to learn more about how this Chinese belief has influenced Filipino culture, and how you can deal with its effects as a business owner.

 

The Legend

Ghost month is a term coined by the Chinese to refer to the seventh month of the lunar calendar. According to Chinese customs, it is a month where spirits (both good and bad) from the lower realm can wander and interact with the world of the living. Evil spirits are said to take advantage of this month to disturb living beings in different aspects of their lives. It is said to be inauspicious to do, (even partake in) significant life decisions during this month, whether it be personal or business-related. As a result, a lot of businesses experience drops in their profits or go on a standstill during the third quarter of the business year, which is when ghost month usually occurs. While Filipino entrepreneurs do not necessarily need to follow these customs, it is not uncommon to find superstitious business owners and partners believing in ghost month whats and what-nots.

 

The Facts

A slow business month does not have to mean that your business would be on a terrible standstill. Use this month of pause and turn it into a month of growth with these handy tips.

 

  • Revisit Business Strategies: Take advantage of this slow period to know what works and what doesn’t for your business. Use this slack season to do a midyear assessment of how you are handling your business as an owner.

 

  • Reconnect with Employees: Ease off on the normal hustle and bustle of deadlines to meet and quotas to fulfill as we tend to lose sight of what truly matters. Take time to connect with your colleagues and employees. Sometimes, valuable business inputs and insights can come from employees who see things from a different perspective. Make the most of this opportunity to get nuggets of wisdom from them.

 

  • Plan Ahead: Strategize what you can do for your business for the upcoming months. The year’s fourth quarter is often the busiest and most profitable for businesses, so use this period wisely to allocate the resources you need for the busy days to come. Plan out promos that you can implement for the holiday season.  It’s the perfect time to recharge and re-think your plans to beef up the coming months. 

 

  • Create Your Own Luck: Respecting the practices of your business partners is essential in fostering good relationships, but nothing should stop you from growing your business in this period, considered by many as “stagnant”. Learn new skills and explore what other business tools you can implement for your business. In the long run, these things will be valuable to you as an entrepreneur and as an individual.

 

Check out the UnionBank GlobalLinker site at https://unionbank.globallinker.com/ and find out what fellow entrepreneurs plan to do this coming month.

 

Download the UnionBank GlobalLinker App, available in both Android and iOS.

 

Sources: http://cebudailynews.inquirer.net/144421/business-slows-amid-ghost-month

http://business.inquirer.net/74791/what-companies-do-during-the-ghost-month

https://mybusinessacademy.ph/resources/tech-tips/5-things-entrepreneurs-can-do-during-ghost-month/

Comments

Posted by

UnionBank Publication

We are a team of professionals providing relevant content to startups, micro, small and medium enterprises.

Join a growing community of 350,000+ SMEs. Create your account now.

Already a member?

Log in

Join a growing community of 350,000+ SMEs. Create your account now.

Already a member?

Log in