Tackling Business Slowdowns
Here are some otpions you can consider to deal with business slowdowns.
Face it… there will be times when business slows down. And you can't waste time waiting and hoping for things to change on their own. You'll need to step up to the plate and take matters into your own hands. Some of these things you might try are listed below, but these are only a few suggestions among dozens of other possibilities.
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Improve or Enhance your Customer Service
If you've been smart, you already offer quality good customer service, as this is a vital component to the success of any business. But during uncertain times, customer service becomes even more important and you have to be willing to go above and beyond to let clients and customers know that you appreciate their business. You might start offering faster turnarounds on orders or services. Take the extra step and thank your customers with a card or a phone call. When problems pop up, jump on them right away and make sure you solve it to your customer's satisfaction. One customer has the potential to either promote or demote your business by word of mouth.
Keep Your Chin Up
When profits are at stake, every day can seem to last forever. Don't pass your frustration on to your clients or customers or let them know in any way that business has been slow. They'll inevitably want to know why and that's not such a good thing. So keep a smile on your face and appear cheerful. Your customers will pick up on your attitude and react accordingly.
Increase Marketing
When sales are down, your budget tightens, so the first thing that usually gets cut is the marketing budget. But this move is a mistake. Marketing sells yourself and your business, not only today, but also tomorrow and next week and next month. Research shows that most marketing efforts won't being to show or pay off for at least the first six months, so be willing to go for the long haul. If you cut back on marketing now, in summer and somehow manage to ride the wave until things start picking up again for the pre-holiday shopping and buying season, you'll be far behind your competitors. Since you halted your marketing efforts in summer and began them again in the late fall, it will be spring before those efforts will begin to show, and then where will you be? Now is the perfect time to increase your marketing. Touch base with prior clients or customers, attend a seminar or public event, or even pass out fliers and brochures. What else have you got to do?
Grow Branches
Take the opportunity and the slow time to do things you have wanted to do for your business, but never had the time for. Research new ways to promote your business or product. Study what your competitors are doing. You can write articles and e-books that promote your service or product and then start looking for publishers. If you want something with more immediate results, why not teach summer or community classes that relate to your field. Volunteer. The exposure you'll inevitably receive may pay off in the long run. Give a speech at a local event or offer some sort of online course.
Add Services and Products
It's tempting during slow times to cut back on your expenses, but just be careful when you decide where and how you're going to do that. Cutting back on your catalog of services or products can be a huge mistake. Instead of cutting back, try adding services or products based on the needs of your current client list. Take a web-design business. You get hired to complete an initial design, but then that client has to find someone else to create his content, design his logo and host his website. Why not just add these services to your list? Keep the customer. If you don't have the knowledge or experience to offer other services, make a deal with another local business and share the profits. You'll both benefit in the long run.
Just don't sit back twiddling your thumbs while you wait for things to improve. Be proactive with your business. Be creative and use that drive and ingenuity to bring in business. Whatever you decide to do, just don't stand still. You'll get nowhere fast.