When Your Business Is Slow, How Do You Ride The Tough Times?
If business could have their way, there would be no down time in their businesses
. Unfortunately, we live in a real world where there are good and bad times. For instance, economic slowdowns force people to cut back on non essentials like going out to the movies, eating out, vacationing. When people cut back on their expenses, it impacts businesses.So what could companies do during the lean seasons? Here are some practical and doable tips:
Review or Assess Strategies
During a dry spell, you have enough time to sit back and evaluate your business strategy. As a business owner, you often fail to do this because you just do not have the time. But in a lean season, where there are not much transactions going on, you can call your team to a half-day brainstorming session to think about how your strategy have fared so far and how you could improve on it. Take this time to think about innovations for your company that would spice up business once it springs back to life. For instance, if you are into a restaurant or fast food business, examine your print menus. Note which ones should be retained or removed, and new products to introduce then start new print menus so when people start trickling in, your restaurant is ready with something new to offer.
Market
Low income or low profits during tough times is no excuse not to be visible. In fact, studies show that business should be more aggressive during lean seasons. While people may not go to the beach resorts during summer, there are other facets of your business that you can explore like targeting honeymooners who want peace and some alone time. Since your beach resort is almost empty, this presents the perfect ambience for those seeking some time away from the crowded areas. If you are in a restaurant business, continue to advertise your menu by offering new menu printing to prospective customers. Entice them to try your new creation. The point is: customers or clients should be able to remember your business at any given time.
Be Optimistic
Yes, it is possible that you can slip into depression and melancholy after months of dry spell but it is important that you keep a positive attitude. Times are hard and the pressure is on, but that is no reason to wallow in self defeat as you see your hard earned money slowly slipping away. Do not let this feeling overcome you; the more you think about it, the more it becomes real. Remember that no one wants to be in the company of negative people. This is also true for your business. What you do is to condition your mind that this downtime is only temporary and that business will soon pick up.
Explore Other Services or Products
Focus your attention to new of ways of making money. It could mean learning a new skill or focusing on your secondary talents. Who knows, maybe this step would take your business to a whole new different level.
Most importantly, and I think this is my personal favorite, take time out to have some fun while business is slow. There is no use going crazy over something that is beyond your control, especially if you have done everything you possibly can. Think about the downtime as an opportunity for you and your family to take some time off. Recharge your spirit so when the dry spell ends, you would be up and kicking and ready for real action again.
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