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A Business Owner’s Manual to Surviving Ghost Month - go!
Career & Money

A Business Owner’s Manual to Surviving Ghost Month

How you can navigate August 2022

Here’s the thing about superstitions: Putting aside any belief in them on an individual level, it’s pretty difficult, still, to unseat the ones tied to cultural traditions. These are beliefs people tend to bring into their day-to-day—and can be true for entire businesses. In August, this means observing certain rules to establish a sense of protection from bad luck. Now, what kind of superstition could hold such power?

Welcome to the observance of “Ghost Month” in August. This is a time where Filipino entrepreneurs operate with extra caution, as it is believed that they are susceptible to misfortune. If you are eager to learn more about these superstitions and how your business can get through the dreaded ghost month, then the roundup ahead ought to help.

Ghost Month and What to Expect From It

Ghost Month can be traced back to Buddhist and Taoist beliefs. According to tradition, spirits are said to break free during this time to roam the living world.

This is observed on the seventh month in the Lunar calendar, from early to mid-August until early to mid-September. For the Chinese, in particular, this is also a chance to commemorate and honor the spirits of departed loved ones. 

While there are several things to celebrate this month, many entrepreneurs make sure they follow certain traditions to mitigate the risks of mishaps involving their enterprises. This can be caused by the general perception that the stock market tends to slow down during this time of the year. As such, it has become common practice to know the dos and don’ts during ghost month.

6 Ways Your Business Can Survive Ghost Month

While ghost month can be intimidating for some, there is no reason to shut down your operations entirely. Since all beliefs are generally rooted in some form of logic and practicality, there is also no harm in adopting a few traditional practices during this time.

Here are a few things you can consider during the month:

Avoid unnecessary spending.

The Chinese believe that making big purchases during ghost month can cause bad luck. According to them, ghosts may grow envious of your new assets and cause you misfortune. 

What can you do instead? You may cut down on big expenses during this time to help your finances. This period can assist you, for example, in your goal of setting aside emergency funds that are useful should your business experience any trouble in the future.

Focus on accomplishing pending tasks.

Managing a business can be difficult, especially when tasks pile up. But rather than focusing on trivial and repetitive assignments this month, it’s best to prioritize your backlogs. Since many companies experience slow operations during ghost month, this can be your chance to sort out and accomplish items that have long been overdue. 

Connect with your team consistently.

Establishing good connections within your team is crucial to a successful and efficient workplace. When everyone is satisfied with their roles, after all, there is a higher chance of better collaboration and a renewed drive to lead your business toward success. Simultaneously, this prevents conflicts and decreases turnover rates.

Improve your business process.

In the age of modern technology, digital tools can enhance your operations. Here are some strategies you can use to level up your business processes during ghost month:

  • Implement new technologies: Utilizing tools and applications can help your business speed up its operations and reduce human error. Whether this is a new version of Microsoft Office or a simple organizing app, there are digital solutions you can implement to upgrade your daily workflow. 

  • Upgrade internet access and cybersecurity protocols: With factors like e-commerce on the rise, having strong and reliable internet is a must. But before you shift your business to digital, you will also need to find ways to maintain a secure network to prevent fraudsters and cybercriminals from accessing your sensitive business data. 

Hold off on starting a new business.

August is typically seen as a time when general sales and revenue slow down. Instead of rushing to release new items or expanding your brand around this period, your company can instead work on looking for new ways to save on resources and plan a better strategy when operations finally speed up.

Access your current ventures.

Ghost month can be a good opportunity to look at your business strategy since activities aren’t as busy. This can help you reassess and see if any parts of your business plan aren't doing as well as they should.

You can also use this time to determine if your organization should make major changes to improve your overall structure and processes.

Keep Entrepreneurial Spirits High During Ghost Month

Tradition has often helped large enterprises connect better with the local community and offer products and services dedicated to a particular demand. It can be seen as a guide to learning what strategies and SME solutions you can adopt, too.

As we settle into ghost month, learn about how else you can expertly navigate this period with Globe Business’ solutions and services. 

Art Matthew Fetalver

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