10 Ways To Work Through A Business Slowdown

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.

(c) 2003. Dr. Rachna D. Jain. All Rights in All Media Reserved

About The Author

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" To learn more or to contact Dr. Jain directly, please visit http://www.SalesandMarketingCoach.com; coach@salesandmarketingcoach.com

---

Rethinking the CEO-Chairman Split

Traditionally, in American businesses, the same person occupies the role... Read More

Leaning Toward Change

Seduced by the publicity surrounding the impact of Lean on... Read More

4 Steps to Success In Life, Business, The Universe And Everything

Everyone wants to succeed in life. And no one starts... Read More

Why Do Managers Create Low Morale? Or Does My Bum Look Big In This?

Why do managers create low morale as a product of... Read More

Innovation Management: The Hype Cycle

Creativity can be defined as problem identification and idea generation... Read More

Money, Motivation, Success and Who?

It was 7:30 on a Saturday morning, and I was... Read More

On the Road to Assertiveness

Learning to be assertive takes time, courage and the ability... Read More

How to Use an HR Consultant

Bringing an HR consultant into your organisation can often be... Read More

Understanding Every Aspect of Your Organization

GET TO KNOW YOUR ORGANIZATION: If you don't understand an... Read More

Communicating In Chaotic Environments

How do you, or would you, communicate in a chaotic... Read More

Results of Poor Cross Cultural Awareness

Results of Poor Cross Cultural Awareness. Having a poor understanding... Read More

Performance Evaluation: How To Create Change

STEPS TOWARDS GIVING A GOOD APPRAISAL INTERVIEW: Give specific feedback.... Read More

Show Me the Money!

Are you ready to raise money for your startup?Leslie Mitts,... Read More

Effective Meetings - Quick Survey

Here's an easy quiz to check the health of your... Read More

Quality Improvement is Free

The point of a quality improvement program should not only... Read More

Ringing Doorbells Without Howitzers

Many operations leaders have been there, done that with re-engineering.... Read More

Disaster Prevention Tips For Hiring A New Manager

It happens over and over in businesses every day.Within large... Read More

Bringing Ideas to Life: Seven Principles for Pulling Together

You're so excited you're practically bouncing off the walls. This... Read More

Use Noncompete Agreements To Protect Your Business

Q: One of my former employees has launched an online... Read More

Creativity and Innovation Management: Specialisation or Generalisation?

Creativity can be defined as problem identification and idea generation... Read More

Get It Done! Soft Skills not Hard Tools are Required

If your organization has people, then interpersonal skills are needed.I... Read More

IT Expenditure - Why Businesses Spend Huge Amounts on Ineffective IT Investments

Another IT White Elephant!It seems that almost every day we... Read More

Are You Using the Right Form of Energy?

As we near the end of summer, here is a... Read More

Is Your Business A Dysfunctional Family?

The other day I brought my mother into an appliance... Read More

Resolve Differences

Resolving conflict doesn't come easily to too many people. Most... Read More

Attract and Retain Positively Great Employees - An Action Plan for Employee Training

Everyday a business owner, CEO, or manager somewhere is complaining... Read More

Organisation Tips For The Mobile Executive

Despite the fact that everyone sighs "How glamorous!", the life... Read More

Why Would Anyone Do That in My Meeting?

Imagine that you open a meeting by saying, "We need... Read More

Six Honest Business Friends - They Guide Me In All I Do

SIX "HONEST BUSINESS FRIENDS" - THEY GUIDE ME IN ALL... Read More

Recruitment - What Youre Really, Really Looking For

Imagine that you're a sports coach and you need a... Read More

Outsourced Learning: Are You Ready for Learning BPO?

As the business world enters a period of hyper-competitiveness, every... Read More

CEOs Are Great, Top CEOs Are Greater

People in leading positions are often in a dilemma: on... Read More

Turbo Charge Your Career With The Most Powerful Leadership Tool Of All: The Leadership Talk: Part 2

In Part One, I described the Leadership Talk and how... Read More