HOW TO WORK THROUGH A BUSINESS SLOW DOWN

 

10 strategic ways to work through a business slowdown

 

How to work through a business slow down is fundamental knowledge for every serious minded business owner. You will lean ten strategic ways to work through a business slow down. When you are through reading this article you will be able to get your business up on its fit again and move in the direction of excellence. In running any kind of business, it is inevitable that sometimes business will slow down. There many reasons why this happens; 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. To wade through this moment of business slow down, you need to put everything in perspective and realize that your greatest opposition is your greatest opportunity for engaging the forces that brings out excellence.

I am committed in this article to introduce you to ten practical strategies for working through a business slow down. Take to heart all the instruction in this article; it will prove to be valuable in the time of need. Here are the ten strategic ways to work through a business slowdown:

1. Training and learning: Take your time to invest in additional training/learning program. The period of business slowdown is a great time to upgrade your knowledge and skills; you have the time and the incentive. Take classes, you are your skills, learn more about your industry, become even more valuable to your customers by adding new products or services based on your new knowledge.

2. Employ aggressive marketing: For your business to grow and make more money, you need to embrace aggressive marketing. Research and Statistics suggest that new businesses should spend about 40-60% of time in marketing and related activities. In the period of business slowdown, it is always a good time to create and launch another marketing initiative. It is important to continue to promote your business creatively and cost-effectively. There can be no better way to spend a slow period than in taking actions to attract new business and also taking action that will keep worry or stress from overwhelming you. This will lead us to the third point worry free living.

3. Embrace worry free living: Worrying over the slow pace of your business will never make it improve. In fact you can worry for one hundred years and see no meaningful result than killing your self and ruining your business. In the time of business slow down, count your blessings and be grateful to God. Relax your mind and listen to divine instruction and you will receive rare insight that will make you a winner in the end. Take satisfaction in your accomplishment and feel good about your business. 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.

4. Get ahead: Tough time stops the mediocre, but inspires those who are determined to succeed. 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.

5. Network/socialize: Too many business men do not take time to connect with others. So in time of businesses slow down they have no body share their experience with. This is an error of the greatest magnitude that needs immediate correction. Use this period of business slow down 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 and also valuable information that can help to guide your business in the path of profitability.

6. Establish and Build quality relationship: 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 and you will have more to withdraw at the time of need.

7. Follow up with old/existing customers: Use the time of business slow down to follow up with old and existing customers. Learn the skills needed to have and keep quality and loyal 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 is always easier to sell to someone who has bought from you before than to someone who has not done business with you in the past. Therefore, make the extra effort to stay in touch.

8. Offer free samples or giveaways: Use the business slow down time to offer free samples, hold contests, or offer giveaways to bring new energy and potential customers to your door. Use this time do things that will your business to attract new prospects.

9. Engage effective Planning: Those who fail to plan have inevitably plan to fail. Take time to review your progress so far, checking it against your goals, and making any necessary adjustments. Use this period of business slow down to plan for how you will tackle new projects, or expand your business or offerings.

10. Upgrade equipment and processes: Too many business owners do not know the wisdom in upgrading their equipment and processes. During a business "slow down", it is a great time to find easier, more efficient, and better ways of running your business. Upgrading your equipment will enable you to serve customers more effectively. Decide to automate parts of your sales process, or invest in additional training for your staff. Use this time to make sure you are in compliance with all the relevant state laws, or to paint your office space.

Business downtime is present a major challenge for business owners, but instead of complaining and worrying, putting it in perspective will help you to make the most out of it. Instead of breaking down you will break through because you view it as learning and an upgrading time. While occasional business slowdowns might be inevitable, these strategies discussed above will ensure that you are making the best use of the downtime; allowing you to attract and keep your ideal customers and making you and your business much better positioned to maximize your market.

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Wishing you the best in your business!