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

---

Behavioral Extensions and Its Implications at Workplaces

The study of Behavioral extension involves investigating the source of... Read More

How to Get the Best from Outsourcing

There's a great little article ('Business Lifeforms') on... Read More

When Business Becomes A Battlefield

"We have to be careful it's like a minefield out... Read More

Enable Continuous Improvement of IT Services through ITIL

One of the major benefits, if not THE benefit of... Read More

2 Steps For Increasing Company Profits or Performing Business Turnarounds

1. Eliminate wasteEliminate reports, habits, products, duplicate input, and processes... Read More

How to Coach Your Emplyees and Increase Motivation

It is easy to spot the difference between a work... Read More

Help Your Employees Prepare for a Performance Appraisal

PREPARING EMPLOYEES FOR THE PERFORMANCE APPRAISAL INTERVIEWS: Remind employees to... Read More

Mantra for Managers

What do organizations look for in a prospective employee with... Read More

Issue Management Methodology for Tracking Project Issues

1. What is an Issue?An issue is an incident, circumstance,... Read More

Get Over Yourself

Let me tell you a secret.Things don't always go the... Read More

Few Things Are More Destructive Than An Insecure Boss

Few things are more destructive to a career than a... Read More

Creating Advisory Boards

There is no substitute for soliciting the opinions of the... Read More

Why Free Agent Thinking Is Good For Your Company

It's no secret! Day after day the news is riddled... Read More

Management to the Vision-Contribution and the Role of Compliance

As a manager our role is to:1. Establish the vision,... Read More

Management - Mary Poppins Style!

Mary Poppins describes a style of management which has for... Read More

Managing Rebellious Employees

Surveys of executives reveal that many companies fall short of... Read More

Organizational Culture and Creative Blocks ? the Similarities

Few Decision makers see the link between between creativity and... Read More

You Cant Afford the Luxury of Disengaged Employees

In today's business environment with increases in staff reductions and... Read More

Give Yourself a Boss? Day Gift

Become a better boss and reap the benefitsAnother interesting study... Read More

Rapid Culture Change is Possible

Purpose: Show how immersion leadership training makes strategic initiative success... Read More

Creativity Management and Behaviour

What behaviour maximises the chances of thinking of great ideas?... Read More

Million Dollar Support System For You and For Your Business

Whether you are a consultant, coach, business owner, doctor, professional,... Read More

Planning Your Recruiting Efforts Can Help You Find Great Employees

Today, companies have an ever-expanding list of options available to... Read More

Paretos Law- Your Formula For Success

A 'dirt-world' retail business I used to manage had a... Read More

Treat Employees Fairly, Car Wash Entrepreneur sets Industry Standards

I believe that whether corporations expense their stock options is... Read More

Business Innovation ? Organizational Structure

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

Avoiding The Sheep Dip

It is a sad fact that many employees are still... Read More

Spinning Gold from Straw: Low-Cost Employee Retention and Motivation Tools in a Changing Economy

New York, NY, February 25, 2005 ? Employee retention and... Read More

Accountability Equals Meeting Success

Leslie was the new manager of the group. She was... Read More

Business Fit

I have been an entrepreneur for over twenty years and... Read More

Creativity and Innovation Management: Incubation and Insight

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

Are You in AWE of Your Employees?

Employers have become so concerned about seeming "unfair" or worse... Read More

The Few & the Many: Free Trade, Outsourcing, & Communication

Have you noticed that some sound ideas get bad publicity?... Read More