There are times when business is slow whether this is due to school holidays, weather disruptions, local or regional events that hurt your business or simply lack of opportunities. During this period you begin to worry about business, money and all your obligations that relies on your business being busy. You might start feeling depressed and irritated but instead of going through this here are 20 things you can do when business is slow:
1.Rethink Your Business Model
When business is slow it’s time to reflect on the goals and business plan that you set when you began your business, readjust certain goals if necessary and rethink how you will ensure your business model works going forward. No business does everything right and during slow periods is an opportunity to reexamine your business model.
2.Market Your Business
When was the last time you examined your marketing? You need to look at how you market your business, learn from what works and what doesn’t work and adjust your marketing plan accordingly. If you don’t learnt from your mistakes you will keep on losing money during slow periods.
Is your strategy still on target? If things are generally run smoothly then you keep the same strategy if not you need to look at your strategic plan. You need to look at your market, your customers and other trends that might affect your business. You need to consider any new trends, customer spending trends, maybe acquiring new services or goods for your business and what going on in your business and your competitors. Is your strategy still on target? Are there new things you should be considering?
Personal promotion is another form of marketing but separate from marketing your business. You work on your personal brand and public recognition so that people know the person behind the business. The better you are known It’s a bit separate from marketing the business. Work on your personal brand and public recognition, the better known you are the more opportunities will come your way.
5.Develop New Offers.
You should look at all your offers and separate those that are best sellers and those that are not. Examine all your lines to see whether having further reductions will sell the non best sellers. You might also should consider whether there are new products and services your existing customers and markets might appreciate more than what you currently have.
Get involved with various like minded business groups on social media platforms and in person. You can arrange to go to meetups that are taking place make sure you go with your business cards, leaflets or brochures to give out to those you are networking with. The more you feed and expand your network the more chances you have of growing your business.
7.Do Competitive Research.
Are your competitors also having a slow period? Invest some time in better understanding your most significant competitors by conducting some research. If your competitors are doing well find out why then learnt from them and improve your weakness into strengths.
8.Survey Your Customers
When was the last time your surveyed your customers? Conduct customer surveys find out what they think, what they want and what they feel about your goods and services that you have on offer. Your customers are vital to your business and knowing what they think is very important. You can conduct this survey online or put a link via social media.
9.Do Your Outstanding Paperwork
If you are behind on your bookkeeping the slow period would be the right time to update these records. Now is also be a good time to catch up on all your outstanding paperwork and arrange them in an organised manner.
Never stop learning and trying to develop new ideas and knowledge that will help you in life and your business. There are a number of free or paid courses that you can do to improve yourself which are online. You will have to research online which courses will be beneficial to your personnel development.
11.Organise Your Office Or Work-space
Whether you are working from home or you have an actual office you can find ways to upgrade this working space. It doesn’t have to be expensive it can be just rearranging your furniture around, dusting and cleaning, sorting out the paperwork or general organising. Prepare yourself Whether it’s new tech, new furniture, a coat of paint, a thorough cleaning, or general organization, prepare yourself and become more efficient.
Take the time to update some blog posts that you have written with new content on your website. You can go through all pages on your website and check that all content is updated and also all content on all your social media platforms. You can write future blog posts ready for when you need to upload them on your website.
Knowledge is power and when you learn it’s important to pass on the knowledge to others. When you teach others you work on your interpersonal skills which is a great skill to learn and improve. If you have employees help to develop and expand their horizon by teaching and training them. Your employees are only as good as they have been trained.
14.Spend Time With Family And Friends.
Aside from networking take the time out while it’s quite to spend it with people who are important to you. Your family and friends are part of your personal life which is an important part of you. Business can be busy and you might not have proper time to spend and engage with them as you would like too.
15.Use Your Time Wisely
The time will come when things will speed up again and you may find yourself fondly thinking of the extra time you had. Make sure you use the time you have wisely to do everything you will need to do when you become busy again. Don’t waste the time you have as you won’t get it back.
16.Start Another Business.
You might have thought of another business but didn’t have the time to explore it due to a lack of time. Now that you have time you can research another business idea or expand your business to another city or country.
17. Keep Fit
Good health and eating well are vital and when you are busy it can be hard trying to exercise or keep fit. While it’s slow develop a schedule that allows you to keep fit through exercise or yoga. Once you get in the routine you can incorporate this into your busy schedule.
You can choose to volunteer your time to a charitable non-profit, an industry or professional body. Think about the causes that are dear to your heart and do something good for someone else. Whichever choice you choose make sure you give it 100%.
19.Ask For Help
Never be scared to ask for help from those who have been running their businesses longer than yours. Get help from those who have knowledge and ask for advice about how they have effectively built their businesses to what they are. Every business once started small and every business has had it’s failures and successes.
20.Take Some Down Time.
Running a business and balancing your personal life can be tough and lead to burnout. When you have an opportunity handed to you like this make sure you take advantage. Take time out for yourself such as taking a holiday to rejuvenate and refresh yourself.
Does your business have the P Factor?
I would love to hear how you deal with the periods when business is slow.
Does your business have the P Factor?
I would love to discuss how you can profit, prosper and progress in your E-Commerce business.