You may not be able to control when people decide to buy from you, but there are still things under your control that you can focus on to make 2022 (or any slow period in business) profitable for the future. Another example: when I worked in marketing for a roofing company in dry climates, there was always an increase in business when it rained, because the rain revealed leaks and other problems. During dry periods, repairing or replacing a roof is not a top priority for consumers. This applies to a number of industries. During a slow phase of the business, it is common for business owners to be stressed. What happened?? Where did everyone go? How are we going to catch up? 1. How can you attract more leads/business in a sustainable way? A drop may indicate a sales or marketing performance problem rather than a business slowdown. However, if completion rates are healthy, you may simply have fewer trades in the pipeline – which is a potential symptom of a slow trade. Therefore, the goal should not be to grow quickly, but to grow better. So, if you encounter slow activity, remember that slow and steady growth wins the race. When lockdown became a reality in March 2020, we all sat for a minute with a big face « Is WTF happening? » and wondered what to do next. (This applies to both business management and life management.) Next, the reactions of entrepreneurs fell into a few clear categories: For many companies, the first thing they do in a quiet time is cut back on marketing spend. This means that this is a great opportunity for you to target their customers for your own business.
Henry Ford (The Car Fella) is a great example of how this can work, because he did it during the Great Depression and on the other hand, he came out on top and honestly. As Henry once said, « A man who stops advertising to save money is like a man who stops a watch to save time. » Do you have the skills, contacts or ideas to start a second business in another market? On the other hand, if there is no drop in sales, you should consider profitability as the culprit to confirm if the business is slow. Here, we`ll take a closer look at the symptoms of a slow business, external factors that could impact your bottom line, and 16 strategies to drive revenue growth. When we`re busy with business, it can be hard to find the time to research your market and see what others are doing. But in a slow time, you can be curious and see what everyone is doing. This is a great opportunity to identify gaps in the market and leverage them with new services or marketing campaigns for your business. 9. Verify online.
Google yourself and your business and see what comes out of it – are the profiles you control up-to-date, consistent, and brand-compliant? It`s easy to forget to update that old blog or take an old promotion offline, so be sure to actively monitor your manageable online presence. Slow deals can actually be a good thing for your sales team. You can use this time to grow better and develop strategies to increase your sales in the future by creating a sales plan. The study also looked at the types of digital channels that small and medium-sized businesses prioritize in their online activities. 70% of professionals who work for companies with ten or fewer employees said they were more likely to prefer Facebook for the majority of their online presence. This was followed by YouTube (46%) and Instagram (36%). Have your sales reps sufficiently automated their sales process? If not, periods of downturn in sales activity give your sales reps the ability to generate templates and extracts that can save them time during peak hours. Take your business, brand, and faces further. If your customers don`t see you or activate you on your digital presence (website, email list, social profiles, etc.), they`ll forget about you. Sad, but true. You want to be remembered by staying present. Because it`s the holiday season, it would be easy to say, « Well, it`s almost Christmas/New Year, let`s sail until the end of the year and we`ll take care of the rest next year.
It`s slow, after all. © Copyright 2021 NPR. All rights reserved. Visit the Terms of Use and Permissions pages of our website in www.npr.org for more information. However, this attitude in startups can lead to exhausted salespeople and a business that is ill-prepared to grow. The goal here is to focus on the things you can control, and that will benefit you later when customers arrive and your time is spent working in your company rather than on it. (And I assure you, if you do these things, if it`s slow, that pendulum will definitely swing too busy again.) These are the times when you don`t know which direction to go up, what day it is, or how long you`ve been wearing the same sweatpants. You don`t have time for anything else, because running your business is more than a full-time job. This slower stretch in customer work is the perfect time to do everything I`ve reported in favor of customer support. 3. Build and deepen relationships.
Who do you need to meet to take your business to the next level? The most successful business developments come from real-world relationships, so start making those connections with people you love and respect now – don`t wait until you need something from them to start a dynamic dialogue. Learn more about who they are and how you can help them move forward. Do you want to get out of a downturn with a stronger company? Here are our top 10 recommendations on what to tackle and what to focus your attention on: Here`s why slow business can be a good thing and what to do if business is slow to improve. With the advent of the internet and recent technological innovations, many industries can easily be disrupted when emerging (and perhaps more efficient or convenient) competition enters the market. Just as Uber revolutionized the taxi industry, other industries can slow down due to disruption or competitor innovation. Small businesses that stay year after year, without the annual revenue roller coaster, are run by owners who see slower periods as an opportunity to work on the business, rather than a) not seeing it as a) something that doesn`t suit me, or b) we just pack our bags and take an unexpected break. (Or worse, panicking at the thought that they will never be alive.) Medium-sized companies with 50 to 99 employees prefer Facebook, Instagram and Twitter. 66%, 61% and 50% of subscribers say they rely the most on channels. How can you know if the business is naturally ebbing or if internal factors play a role in influencing your results? The answer: eliminate variables while resolving your bank account errors backwards. If it`s a slow season, it`s easy to find an excuse to be late, leave early, or let a lack of momentum slow you down.
The holiday season is an example of seasonality, although not all seasonality has to do with holidays. For example, some industries, such as pool service or HVAC, tend to do better during the summer months, while others (such as retail) have busy seasons during the holidays. For this reason, it`s not advantageous to compare your slow season to your busier season, so be sure to measure the company`s performance accordingly. Bottom Line: Finding the right marketing partner can guide your future success and grow your business bigger than ever. Are you planning to sign up with a marketing partner? Meet WebTek here! During downturns in business activity, understanding how your product compares to your competitors can help you strategize for future success and growth. Skynova`s research provides useful information to small businesses, which other smaller businesses and larger competitors prioritize in terms of digital activities. It also shows the importance of adapting to new climates where a digital presence gains even more value in maintaining the customer relationship. Failure to improve technological and digital skills can hinder the success of small businesses. Here are some symptoms of slow activity that may be factors to consider: Large companies with 50 to 99 employees are most likely to report better sales since before the pandemic. 81% of this business size has moved its operations online. 60% of these respondents say they are technologically competent. These companies will likely have more staff since March 2020.
Instead of panicking, take a deep breath. Recognize that business goes up and down no matter what, sometimes it`s predictable and sometimes it`s not. If you`re in the latter case, as I am now, create a long-term plan for your business. There are four things I should think about: But recovering on Main Street wasn`t easy. More and more small business owners are predicting that their local economy will take longer to return to pre-crisis levels than it did two months ago. Half (50%) of small business owners do not expect their local economy to return to pre-crisis levels until the second half of 2022 or later, a 20-point increase from those who gave the same answer two months ago. Twenty-one per cent of homeowners say economic conditions in their area have now returned to normal. Another 6% of homeowners expect it to last until the second half of 2021, and 23% expect it in the first half of 2022 before economic conditions return to pre-crisis levels. Twenty-eight percent of small business owners are less optimistic, expecting conditions to not fully improve until the second half of 2022 and 22 percent in 2023 or later. So we`ve talked about diversifying your current business, but what about diversification? So, yes, your business just slowed down.
Is it really time to panic? No.