What ever the reason, when running any kind of business it's inevitable that sometimes business will slow down. As a small business owner you have a choice about how you react to it. It can be a time of high stress, worry and fear or you can view it as an opportunity.
Ways to Work Through a Business Slowdown
| Author: Rich Phillips | Posted: 11/25/08 | ||
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What ever the reason, when running any kind of business it's inevitable that sometimes business will slow down. As a small business owner you have a choice about how you react to it. It can be a time of high stress, worry and fear or you can view it as an opportunity. Many times our reaction is to stop a lot of things we have been doing and hunker down waiting for the business to come back. Instead let me offer 6 strategies you can use to work through a business slowdown.
1. Market more concertedly.
This is a good time to get creative and launch another or a new marketing initiative. It is important to continue to promote your business and take advantage of the opportunities that exist. Just think, if your competitors are taking the 'hunker down' approach this could be your chance to pick up new customers and market share.
2. Invest in training or learning.
Take a class, bring in a training program for your team or research the industry and trends. Become more valuable to your customers by improving your and your teams knowledge, skills or adding new products or services.
3. Follow up with existing customers.
This is a perfect time to reconnect with your good customers and continue to build your relationship with them and their loyalty to you. Remind them you are there to help and get feedback on what they want/need. Maybe a special offer or discount during this time will build business and loyalty to your brand.
4. Plan for your business success.
Take time and review your progress to date against your goals. Revise and update them as necessary and determine what changes you need to make to accomplish them. How will you deal with new projects or trends in the industry. Should you expand your business or add new offerings. Take time to do a complete analysis and talk to others in the company, industry or community.
5. Network.
Use some of this time to get out and meet people. Start developing new relationships. Ask the question, "who do you know who _______." Fill in the blank with what you need for your business. Help them connect with resources you know that could use their services and you will be building strong relationships you can rely on into the future.
6. Chill out.
It's important to take a little time and re-energize yourself physically and mentally. Don't let the worries of the slow down stress you to the point that you are unable to relax and then when the business picks up again you find yourself exhausted and not ready for it. Keep a positive belief that this is temporary and if you the right things during this time the business is going to grow and you will succeed. Keeping the right mental attitude and beliefs is a powerful tool to get you through. Stay focused on promoting your business, improving your skills and developing relationships and you will emerge the winner.
Rich Phillips
Certified ActionCOACH
(619) 892-4919
richphillips@actioncoach.com
www.actioncoach.com/richphillips for complimentary Business Health CHECK!
