Build for Growth During Slower times
Business slow down is a natural occurrence and will happen many times during the lifetime of any business. But is business slow down an excuse for lower sales and how many times have you heard this? And when did slow times become worse than no business at all?
Its when times are economically subdued, for one reason or another that we get the opportunity to review our business, sharpen it, and then search for new streams of revenue. And there is the opportunity to focus on elements of your business you wouldn’t necessarily get time for.
The problem is that the ‘global’ psyche becomes all-encompassing and this leads to attitude and belief degradation. People simply begin to see the downturn and accept that there is nothing to be done.
They may even consider that there could be internal causes, and this in turn leads to doubt about whether the business can whether such conditions. A certain level of closed thinking prevails, and this prevents a healthy review of things. A condition that commits people to negative thinking and results in a “hamstrung’ mentality.
Much of the time the slowdown is essentially the same customers spending less. This cannot be ignored and with good commercial application you will keep these clients and gain some. They will be your customers for the future as well. So in the interim do the right thing by them and improve your business. In so doing you do the right thing by your business.
Look at your POS and see if it helps or hinders. Its easy to say ‘I don’ need to change’, but often this is the very best time to introduce new technology. From a customer perspective this is a sure sign that you are in for the long haul and you are really interested in your customer.
And there is always elements of new technology that assists your business improvement program. And by introducing new concepts you cover two things.. a) improvement in process and b) lifting the game with staff. These items provide for activity during slow times, and lift moral of people operating your business.
Here are other activities that can be applied :
Review your industry
What is going on ‘really’? Find out how other similar businesses are performing, and compare this to your business. Look for key distinctive trends, and more importantly, what others are doing to be competitive.
If someone is being particularly effective, what are they doing? Spend some time thinking about what is working in your business. Develop strategies that enhance these items or draw more from them.
Often nifty options will present themselves, and taking action to apply them can make a big difference. Action that can bring you new business and more money.
Challenge your Definitions of Target Markets
Consider your marketing and whether you are structured for the right audience. Maybe the target should be a different demographic, or you need to cater for a change in demographic behaviour.
Social Media is impacting in a big way and have you considered how this impacts on your industry, and on your business. Do not ignore this.
See Social Media post.
Is there a type of customer emerging that adds greater value through their spend. Or are they spending in a way that offers the business improved opportunity while they obtain value for themselves?
Research Ideas and Put them into Effect
Avoid the thought that there is no other way of ‘doing’ your business. You should know by now that everything changes, and business comes to those that meet those changes. Success can often be those that take advantage of the change and invest in it. Have you seen this already?
During good times we can often miss these things, and slower business times really do give us the opportunity to pick up on the changes and incorporate them to move forward.
Read books and talk to others.
There is plenty of advice around and there some that have great foresight. New business books give insights into trends and activities that work in today’s commercial environments. Especially trends with technology.
And talk to industry peers. The truth is most people are willing to contribute news and information. By expressing interest you may often receive key detail that will help your business considerably.
And at the end of the day, any slow down is temporary. It should be something to encompass as part of the business cycle, something that allows you to launch for the next boom period.
