For any entrepreneur, there are periods of time when things can get slow. Seasonal trends, like during the holidays for most businesses, or perhaps a lack of demand may arise. Within some sectors, the interest of customers can turn somewhere else in the summertime.
Macroeconomics might play out cruelly in your field, or you might be experiencing a recession. Perhaps there has been some unusual regional or local event which hurt your flow of business. And no matter how productive your company is, it’ll eventually suffer a slump. It might be difficult on any entrepreneur. You’ll be concerned about your bills, your employees, your income, the health of your business, as well as your obligations.
You might get trapped in a rut, yet that doesn’t do any good and may just lead to inaction, depression, and in turn, more issues. Instead, here are some actions you can take. A handful are associated with your business. A few recognize that as things get slow, there might be other aspects of your personal life to take care of.
How to deal with a slowdown
- Market your company. This one seems obvious, yet some folks do not immediately hop into overdrive. If your marketing has fallen by the wayside, try it. Not just will you ultimately jumpstart more business coming your way, yet it’s possible to learn more about what’s working and what’s not in your marketing. Is your marketing not working? Allow Kristen from Kaboom Social Media to jumpstart your business by expanding your network of followers who will eventually become customers. Check out our social media packages here.
- Personal promotion. It is different from marketing your business. Spend more time on your public recognition and personal brand. The better known your brand is, the more opportunities are going to flow your way. Spend time spreading the word about your business by announcing newsworthy events in press releases. Kristen with Kaboom Social Media can write and distribute your press release. Check out more details here.
- Rethink all of your business processes and model. No business does everything exactly right. When there is a slack, you’ll get the opportunity to reflect, refine, as well as redesign. Perhaps a website redesign might help. Kristen with Kaboom Social Media can redo the copywriting for your website and add keywords that target your audience in a more natural way, allowing Google to rank your website higher. Check out more information here.
- Strategically plan. If your business usually runs smoothly, look at customers, markets, and additional trends. Is your strategy still working? Should you be considering new things?
- Request help. Entrepreneurs may find this difficult, because you must admit that there is a fundamental problem beyond the occasional aberration. Get advice from people who have more knowledge than you do.
- Take a little down time. Avoid getting burned out. You may even fit in a brief vacation.
- Take a class. There are several paths of learning which might help you within your business or which may bring fresh knowledge and ideas, which is great for innovation and creative thinking. Browse the internet courses in any industry or browse what is available in a course if you crave a little human interaction.
- Start a hobby. You can enrich your life by checking out an activity that always has interested you.
- Study an additional industry. The longer you work within a field, the more you’ll risk becoming myopic. Browse what other kinds of businesses do. How do they normally solve a problem and how might you apply that to your business?
- Network. Become involved in business groups. Remain in contact with colleagues. Grow your network. Connect with Kristen on LinkedIn.
- Create new business offerings. Consider if there are any new services and product your existing markets and customers may appreciate.
- Perform competitive research. Spend a little time in better understanding your most substantial competition. Are they additionally experiencing a problem? If the answer is no, what are they doing differently? If the answer is yes, take stock of their present weaknesses and strengths.
- Strengthen critical relationships. Forget doing any networking and think about those who are important to you. Think about the last time you paid them any attention. If it’s been awhile, reconnect.
- Spend more time with friends and family. This might fit under number 13, yet consider it to be separate, so you can exclusively consider your personal life, and not merely the business aspect.
- Get involved in the arts. What a fantastic way to broaden your cultural horizons within your perspective and thinking. Walk through a museum or art gallery, attend dramatic performances, listen to music, or read.
- Develop a new skillset. Whether that be in your personal life or business, you likely may catch yourself wondering, “I wish I could do that.” Now is the time to develop yourself.
- Improve upon time management skills. Business will speed up once again and you might discover yourself fondly remembering the additional time you had. Open up more time by wisely using what there is.
- Upgrade your home office. Whether it is new technology, fresh paint, new furniture, a full cleaning, or just general organization, get yourself ready and be more productive.
- Personnel development. There is more to your business than just you. You can help to develop your employees and expand their skillset.
- Survey your customers. What are your customers actually wanting, thinking, and feeling outside your assumptions? How’s your business doing regarding them? Receive some harsh yet necessary answers.
- Survey staff members. Knowing what is happening with your employees is as important as understanding what your existing customers are doing.
- Write. Churn out some blogs or articles. If you’re so inclined, write a book. Nothing will cement comprehension like the process of teaching. Don’t have the time or skills to write a blog, an article or eBook? Allow Kristen of Kaboom Social Media to take care of it for you. Check out more details here.
- Teach. You can sharpen knowledge by telling others about it. You can, at the same time, work upon your interpersonal skills.
- Volunteer. You may select a non-profit or professional body. Whatever you choose, do a little good for others.
- Work out. You do not have any excuses now.
- Tend to any medical problems. As you experience downtime, check if it’s possible to move up an optional procedure, annual physical, or necessary trip to your dentist.
- Do your taxes and bookkeeping. If you are behind on paperwork or recordkeeping, get it completed.
- Start up another business. Maybe you have had another concept you wanted to take up. Now’s the perfect time. Kristen with Kaboom Social Media also offers a variety of pet services. Check them out here.
Kaboom Social Media is a service that helps small business owners create content and increase their online presence through digital marketing. Because we mainly work with small business owners and entrepreneurs, we keep our prices very affordable. Check out our social media packages and content creation rates here. When you decide that you’d like to move forward with us, please contact Kristen, who is the owner of Kaboom Social Media by phone at (281) 682-1272 or feel free to fill out our easy online form.