What Should I Do When My Business Slows Down?
There will likely be times during the year when business will be slower than usual and slower than you would like it to be. This might be the result of a holiday, seasonal variations or circumstances totally beyond your control.
As a business owner, you can choose how to the view the slowdown: a time of stress, frustration and worry; or an opportunity to catch up; improve your business processes and catch your breath. Time is a valuable resource and must be used wisely. Here are some suggestions on how to use the gift of time during a business slowdown.
- Keep a positive attitude – remember who you are, visit past successes, learn from mishaps, manage expectations, and get perspective.
- Dream, build and visualize. Strategically reevaluate your business.
- Get into research mode and write or update your business plan. Conduct in-depth analyses to better understand the market, economy, your customers and competitors.
- Become goal oriented – create a detailed list of goals.
- Reduce expenses where possible – identify three areas of life/business where you can start saving money.
- Analyze your cash flow. What are your financial statements telling you that will help you capitalize on opportunities?
- Prepare for tax season – catch up on your accounting.
- DO all the things in your “to do” pile – everyone has one!
- Look at your client processes.
- Step up customer services. Improve relationships with your clients – follow up with previous and existing customers.
- Analyze your marketing strategy – market more concertedly. Create a marketing planner that breaks down your key promotions into weekly and monthly tasks.
- Network. Find a peer group.
- Evaluate and revamp your website.
- Create a website blog post audit.
- Read a good book on business, social media, etc. that has lessons you can apply to your operation.
- Ask you clients to provide you with testimonials.
- Clean up your social media feeds.
- Write an article or press release that will position your business favourably.
- Evaluate the viability of your product line.
- Have a sale.
- Host a giveaway for your business and promote the heck out of it!
- Change displays.
- Invest in additional training/learning.
- Upgrade equipment or processes.
- Put attention on what is working.
- Embrace the downtime – take a mini-break to relax. Spend time with family and friends. Get some personal chores done.
Dun & Bradstreet
Amanda Miller Littlejohn – Blog
What to do when business is slow
Women in Biz Network
– Pat Sargeant