Tough times, when a business experiences a slowdown, are inevitable. However, this slowdown is an opportunity for you and your business to grow. How? Read on.
In business, there are good and not-so-good days. It isn’t always sunny. Sales won’t always be sky high. There are times for most businesses when things seem to slow down. This business slowdown can be brought about by seasonal trends, lack of demand, competition, bad decision making, recession, etc.
However, you can turn this what seems to be a negative event in your business into something good. Here are only a few of the positive and productive things you can do when business is slow:
Work on your personal branding.
While your business is slow, take the extra time you have for marketing your personal brand. If marketing your business isn’t doing that great, try marketing yourself instead. The better known a personality is, the more the opportunities that will be coming on the way. While working on your personal brand, you’re doing your business a favor as well.
Send thank you notes to your clients.
Personally, it feels good to receive a thank you note, right? Imagine the joy of being appreciated and receiving something personalized. Your clients are sure to feel the same if they receive a thank you note or custom made token from you. A happy customer can then connect you to new business opportunities and new clients as well. Total win!
Consider doing a rebranding.
Now may be the best time to rebrand and touch up your website and other social media profiles a bit. Update your logo and product packaging. Try out different themes and templates for your website. Switch some colors. Explore other ideas to make your business stand out even more. Have an A/B Test to see which will work best for your site.
Revisit and review your business plan.
If you already have an existing business plan, revisit and review it. If you’ve been in the business for so long, chances are you’ve outgrown your business plan already. Evaluate which among the listed strategies did and didn’t work for your business. Improve those that did and remove those that didn’t. Make sure your business plan is up to date.
Host workshops, seminars, etc.
While your business is on a slowdown and not requiring much of your time and schedule, invest in developing yourself, your personnel, and other people. There’s more to your business than just merely selling your products and services. Help other people develop their skills and potential by hosting free (or paid) workshops, seminars, and webinars.
Carry out different kinds of surveys.
Conduct surveys for both your employees and customers. By getting feedback from your employees, you can gauge your leadership style, and discover issues and how you can address them. A customer satisfaction survey is also a must. Both can help you and your business grow by gauging how you’re doing and how you can improve more.
Learn and do something new.
If you consider yourself an entrepreneur, you must never stop learning, unlearning, and relearning things. There will always be something new to learn to improve yourself and your business. One example is to learn a foreign language you can use to connect with foreign business partners and a wider audience. Try something you’ve never done.
Think of a promo or price slash.
Promotions, whatever they may be, will always attract both new and old customers. If your budget allows, create great deals like package deals, price slash, discounts, etc. for your customers. Offer consumers something with greater value, and they’ll surely draw closer to your business. You can also do an online contest or giveaway for them.
Tap influencers in your campaigns.
Influencers can help improve your brand’s marketing and sales. Influencer marketing can be dated back to the late 1800s when popular celebrities or personalities are leveraged to market different products and services. At present, you can partner with social media influencers to promote your brand and your business in their posts.
Maintain a positive attitude.
Tough times are inevitable in businesses. However, these tough times shouldn’t put you down. Don’t let a business slowdown hinder you and your business goals. Make the most out of this season. Enjoy it. Use it for your and your business’s growth. Don’t lose faith in yourself and your business. Always maintain a positive attitude. Always.
“Losers quit when they fail. Winners fail until they succeed,” says Robert Kiyosaki, a renowned American businessman and author. Consider your business slowdown as another step closer to your business success. While you’re at it, do other productive things like those listed above!