8 Things to do now if Business is Slow

We all experience quiet periods in business, and while it’s easy to panic, it’s actually the perfect opportunity to work on your business, not just in it. Here is a quick summary of the eight critical things you should be focusing on right now.

• Strategy & Marketing: Review your current business plans and market trends, then analyse your tactical marketing efforts to refine your future plan.
• Networking & CSR: Delve into your professional contacts for growth opportunities and use the time to cultivate your Corporate Social Responsibility (CSR) to become more appealing to consumers.
• Internal Efficiency: Use this productive quiet time to tidy up processes, conduct a stock take, and upskill yourself or your employees.
• Financial Resilience & Well-being: Ensure you budget well for future ups and downs, keep on top of cash flow, and most importantly, take a break to avoid burnout.

Read the full article below to discover all eight critical steps and get your business back on track.

By Hayley Campbell

Hayley Campbell, Durham Startups Solutions Advisor North Durham from TEDCO Ltd, experienced business owner specialising in practical guidance for new entrepreneurs.

All posts by Hayley

All businesses have busy times and quiet times. It’s normal, but when things slow down you might start to panic. However, it’s better to have things in place so that when it happens you can cope.

If your revenue has dropped, you’ve had fewer enquiries or not as many website visitors, you need to act now to deal with things being quiet.

Here are eight things you can try straight away.

Get Strategic

Review your current business plans to ensure they’re up to date in the marketplace that you’re in. Conduct any relevant market research and look at how trends have changed since you last reviewed your top-level documents.

Does your review identify any problems? Alternatively, this process could identify new avenues for market penetration or product development, which you can follow up on to boost your revenue.

Review Your Marketing

Take a look at your tactical marketing. What has worked well and what has fallen flat? Check the optimal times to be sharing content, on social media or email. Look at your Google Analytics to check whether there’s anything that could be improved or spot any changes.

Use your learnings to improve your future plan. Sell to your audience in a way they’ll warmly respond to – not every persona reacts well to a hard sell.

Reach out to Your Network

Networking is much more than turning up to an event. Delve into your contacts and see if they can help you to identify opportunities for growth.

Follow up on previous communications, ask your connections for support and offer your own where you can.

Tidy up

Use your quiet time productivity. Do a stock take, update your processes or do all those little tasks that have been on your to-do list. These not only release revenue hidden away on a shelf, but can improve your productivity, saving you time and money on inefficient processes.

Upskill

Use the time to better your own or your employees’ skills, by finding ways to learn new skills or grow your knowledge. This could be getting a certification in something you’re already doing or a brand new skill that will help your business. Alternatively, it could allow you to offer a new product or service, further boosting your revenue.

Cultivate Your CSR

Corporate Social Responsibility isn’t a new concept but may be something you haven’t considered or had time for previously.

However, in a global marketplace, the effect you have on the wider world is becoming more important for consumers. Developing your purpose and incorporating some charity or community work into your business will be rewarding both on a personal and business level.

Choose a cause you’re passionate about, or that fits well with what you’re trying to achieve as a business to demonstrate you’re not just ticking a box.

Budget Well

Whether the downtime you’re experiencing is a one-off, seasonal, or part of your ever-evolving business plan, budgeting for long-term ups and downs will help to protect your business from failing.

Keep on top of your cash flow, or hire an accountant to do it for you, and build strong relations with your clients where they pay their bills on time.

Have enough in the bank to tide you over for any predicted quiet times and educate yourself on what financial support is available.

Take a Break

Something often at the bottom of entrepreneurs’ to-do lists, taking a break when things are quiet can be THE most important thing you can do to make your business a success.

Burnout can leave you feeling low on energy, cause a creative blank or make you dread doing any work, none of which are good for business. While doing nothing may seem counter-productive, the break will leave you refreshed and revitalised to tackle any challenges once you return.

If your business is going through a quiet spell, Durham Startups can help you get back on track with practical advice and support. Call us on 03000 261261 to speak with one of our startup solutions advisors and find out how we can help your business grow in County Durham.