Positive things you can do when business is slow
You could get stuck in a funk, but that does no good and can only lead to depression, inaction, and as a result, more problems. Instead, here’s a list of things you can do. Some recognize that when things slow down, there
How do I handle a slowdown?
- Market your Business
It seems obvious, but some people don’t immediately jump into overdrive. If you don’t, try it. Not only will you eventually get more business coming in, but you can learn a lot about what works and doesn’t in your marketing.
2. Personal promotion
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.
3. Rethink your business model and processes
No company does everything right. When there’s slack, you have the opportunity for reflection, refinement, and redesign that you probably regularly wish was available.
4. Strategic planning
If things generally run well, look at markets, customers, and other trends. Is your strategy still on target? Are there new things you should be?considering
5. Ask for help
Entrepreneurs might find this tough because you have to admit there’s a basic problem beyond a periodic aberration. Look to others who know more than you and get solid advice that you can take.
6. Take a course
There are many areas of learning that could help you in your business or that might bring new ideas and knowledge, which is good for creative thinking and innovation. Check out the number of online classes in any field (many free or inexpensive), or see what’s available in a traditional class if you’re craving some human interaction.
7. Study another industry
The longer you work in an industry, the more you risk becoming myopic. Look at what other types of businesses and endeavors do. How do they solve a problem and what might be applicable with a twist to yours?
Get involved with business groups. Stay in touch with colleagues. Feed and expand your network.
9. Do competitive research
Invest some time in better understanding your most significant competitors. Are they also having a problem? If not, what might they be doing differently? If they are, take stock of their current strengths and weaknesses.
10. Upgrade your office
Whether it’s new tech, new furniture, a coat of paint, a thorough cleaning, or general organization. Prepare yourself and become efficient.