10 Ways to Work Through a Business Slowdown
by Dr. Rachna D. Jain
In running any kind of business, it's inevitable that sometimes business
will slow down. This might occur due to an upcoming holiday, seasonal
variations, or uncontrollable circumstances. As a small-business owner,
you have a choice in terms of how you view the slowdown - it can either
be a time of increased stress, frustration, worry - or you can view
it as an opportunity to upgrade your business processes or improve
the quality of your life.
Here are ten strategies you can use to work through
a business
slowdown:
1) Market more concertedly. Statistics suggest that
new
businesses spend (or should spend) about 40-60% of time in marketing
and related activities. If you are experiencing a business slowdown,
it's always a good time to create and launch another marketing initiative.
It is important to continue to promote your business creatively and
cost-effectively. What better way to spend a slow period than in taking
actions to attract new business? (Plus, taking action will keep worry
or stress from overwhelming you.)
2) Relax. This strategy works if you are feeling good
about your
business and your accomplishments. Use this time to catch up on some
sleep, read a few good books, in short, take some time off for rest
and relaxation. Sometimes, time away can help spark creative ideas
or profitable insights.
3) Get ahead. Use slow time to get ahead on weekly or
monthly
projects. Look ahead to future months and see if there are any steps
you can take, today, that would position you more solidly in the future.
This can help you feel more in control as the pace picks up again.
4) Invest in additional training/learning. A business
slowdown
is a great time to upgrade your knowledge and skills, you have the
time and the incentive. Take classes, learn more about your industry,
become even more valuable to your customers by adding new products
or services based on your new knowledge.
5) Follow up with old/existing customers. Most small
businesses
focus more on getting new customers rather than retaining old ones.
A business slow down is a great time to get back in touch with your
customer base to find out what needs they have, to remind them of
your service, or to offer them special discounts for reactivating
their accounts. It's always easier to sell to someone who has bought
from you before - so make the extra effort to stay in touch.
6) Offer free samples or giveaways. If your business
needs to
attract new prospects, use the "slow time" to offer free
samples, hold contests, or offer giveaways to bring new energy and
potential customers to your door.
7) Plan. Take time to review your progress so far, checking
it
against your goals, and making any necessary adjustments. Use "slow
time" to plan for how you'll tackle new projects, or expand your
business or offerings. This can be really fun.
8) Relate. Use this time to add a little extra to the
"bank
account" of your important relationships. Spend more time with
your spouse, significant other, child, or friends. Put some extra
kindnesses into your close relationships - you'll have more to "withdraw"
when you need it.
9) Network/socialize. Use "slow time" to get
out and meet more
people to talk about what you offer, learn what they need, help them
connect with appropriate resources. Take this time to increase your
contact base, and to attend meetings or events you might not usually
have time for. An added bonus to this tip is that you might perceive
new trends in your industry which can help you guide your business.
10) Upgrade equipment or processes. During a business
"slow
down", it's a great time to find easier, more efficient, and
better ways of running your business. You might upgrade equipment
so you can serve customers more effectively. You might automate parts
of your sales process, or invest in additional training for your staff.
You might use this time to make sure you are in compliance with all
the relevant state laws, or to paint your office space.
While occasional business slowdowns might be inevitable,
these strategies ensure that you're making the best use of the downtime
- allowing you to attract and keep your ideal customers.
© 2003. Dr. Rachna D. Jain. All Rights in All
Media Reserved
BIO : Dr. Rachna D. Jain is a sales and marketing coach
and Director of Operations for SalesCoachTraining.com. Sign up for
her free email newsletter, "Sales & Marketing Secrets"
<mailto:
sams- subscribe@salesandmarketingcoach.com> To learn more or
to contact Dr. Jain directly, please visit http://www.
SalesandMarketingCoach.com
