Small business so often comprises highs and lows. Sometimes I’m rushed with adrenaline and feel invincible, yet other times, well, I wonder why I bother. The hardest thing is that slow times, officially called “slumps”, frequently have no rhyme, nor reason, or occur just when I need to make a large financial outlay. This makes it all too easy to fall into a pattern of helpless thinking, which, of course, is the exact opposite of what we need to be do … and that’s to stay cool and deal with what’s happening.
Take a deep breath
First, we need to accept that small business is unpredictable, and slow times arepart of the deal. Unfortunately, you can’t always be in control, so choose to remain focused and not give up,nor lay blame. Sometimes, I think what we do is more about patience and persistence than anything else. The temptation is to ditch your strategic plans and hunt for quick fixes. Instead, take a step back and brainstorm reasons for the lull:
- Does it reflect the stage of your business? For example, are you a start-up on a learning curve or an established business on the plateau, waiting to explode?
- Have you recently made significant changes? Good or bad, they may take time to take effect.
- Do you need to take your business education or understanding of your market to the next level?
- Has a competitor had a major publicity coup, such as big sale, an award or a lot of free press?
- Is it an awkward time of year for your industry? For example, winter or when the post-Christmas credit card bills are due are often tough.
- Has something substantial happened in your industry overall?
- What’s the state of the economy?
- Has a world event occurred to make consumers tighten their belts or shop conservatively?
Whether or not you uncover a reason for the lull, an action plan will lessen its impact and keep you motivated.
Connect with people
During tough times, it’s easy to go into hiding or indulge in a self-pity party. Forget that… right now, you need people more than ever! Start with providing excellent service to your existing and potential customers. And I don’t just mean the usual definition, the one business consultants propound that’s all about sales technique. Instead, be a real and genuine person, and treat others as individual human beings. We live in an extremely privileged society, but the more we apparently “advance”, the lonelier and more isolated people get. We crave interaction … cheerful banter, questions the asker really wants to hear the answer to, and a bit of fun. Provide this — in person or through social media — and you’ll truly get to know people. Share generously from deep within and you’ll get more joy from your business and people will come back again and again. Sometimes, of course, you’re the one who needs perking up. This is when you turn to your mentors and business associates. Shout a small and trusted group to coffee or lunch, share your frustrations and brainstorm solutions. Then put them into action! You don’t have to tell everyone your woes to get help, though. Chat to your suppliers, contacts and best customers to get referrals and ideas, not to mention keep up-to-date with your industry. This can be as simple as asking questions, such as:
- Do you know anyone who needs…?
- Where else are customers buying…?
- What are other businesses doing to have success with…?
- What are the latest techniques or trends to achieving…?
Kick-Start your marketing
No, I’m not talking about mammoth campaigns that require famous faces, a lot of paper or a second mortgage … I’m talking about quick boosts for sales and morale. Here are some ideas:
- Distribute a short-term special offer to existing customers through free channels, such as email or Facebook.
- Run a competition that people want to win and use the opportunity to add to your mailing list.
- Hold a free seminar or webinar. Either invite existing customers and contacts or work with a local organization, service club or charity.
- Demonstrate your products or services: make a video, do a podcast, write a blog post, host an event.
- Build relationships and have fun at the same time: hold a party with a wacky theme, take your team out to lunch, drop afternoon tea to a helpful supplier.
And if you still have extra time
If you’re still twiddling your thumbs after all of the above, I have even more ideas to make sure you’re well-and-truly exhausted by bed time!
- Tackle those jobs you’ve been putting off, such as organising your office, doing the accounts, reviewing your strategic plans, creating a website or starting a newsletter.
- Write an e-book and distribute it as a gift.
- Hit the business section of your local library (and buy yourself a coffee at the same time!).
- Check out what your competition is doing and “borrow” their best ideas.
- Find out what your customers really want and need by conducting a survey, offering a prize draw as an incentive.
