When Business Is Slow – When work is plentiful and your cash flow is secure, it can feel like the future is yours for the taking. Then suddenly, everything comes to a standstill, and you’re left wondering what to do when business slows down.
A business slowdown can strike anywhere in the trade and service sector, even after an extended period of positive growth. Sometimes it’s a lack of consumer spending that leads to slow business. Sometimes it’s a sudden change in the world that stops businesses and cuts incoming work to a trickle.
When Business Is Slow
For a commercial or service business owner like yourself, your options during slow business times can seem very limited. Either you’re waiting for things to be taken care of or you’re thinking hard about your current finances and whether you can keep your team employed.
Slow Business By Slow Business
But there are steps you can take and ways to help ensure your business is doing the best it can.
In this article, we’re going to discuss a number of ways you can use to stay afloat when the business is selling and catch more work in ways you might not expect.
When the amount of work available is limited, the best way to keep things moving is to shift your focus to areas where customers are still spending their money.
Changing focus sounds like a no-brainer, but for many trade or service professionals, this can mean changing the way you do business, at least until things pick up again.
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For example, if your business primarily works on new installations, it may be worth focusing instead on service and maintenance of existing equipment.
The reason for this is that customers tighten their belts when the going gets tough. Where they tend to buy something new, instead looking to make what they have last as long as possible, that’s where a knowledgeable trade or service professional comes in.
By identifying what customers do during slow business times and building your service around that, you can quickly do any additional work.
But this is just one example, and there are no doubt many opportunities to pursue by tailoring your service to meet customer needs when business is slow.
What To Focus On While Business Is Slow
Just remember that the more work you put into practice now, the less time you’ll spend thinking about what to do if business slows down again in the future.
Moving on from our first post, a great way to increase your inbound activity during slow business is to look at what your customers rely on your service for. You will quickly discover that there are many underlying reasons why they first interact with your business and why they return as repeat customers. Repeat customers are very important, so use this as an opportunity to keep them coming back when times are tough by offering value for their continued loyalty.
How you add this ‘value’ is up to you, but the goal is to ensure that the service and experience you provide is so good that customers choose you again and again.
A great place to start is the system you use to respond or track work. By getting back to customers quickly, you are actively showing them that they are important to your business. You can set up discounts or offer other incentives to customers who do business with you on a regular or long-term basis. It may sound strange to reduce your income per job when business is slow, but a repeat customer is often worth more than the extra cost to keep.
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A problem many tradesmen or service professionals face during slow business is what needs to be done with all the extra hours in their workday. You may think that being ready to take on any job that comes along is the right decision, but if that job fails to appear, your downtime increases.
When a business is selling, it’s always a good idea to invest hours into creating as many avenues as possible for the business to reach you. In other words, instead of wondering what to do when business is slow, ask yourself what you can do with all the extra time you have now.
If you haven’t been paying attention to your social media, now is the time to get connected and start building buzz for your business online. Or you can update your Google Business listing, making it easier for customers to find you with a single search.
You can take the time to follow past texts and see if there is any work you might have missed while you were busy.
Things To Do When Business Is Slow
Choose the plan that works for you and use all that extra time to explore all the options available.
It can be difficult to change the way you work, especially if your commercial or service business has been around for a long time.
But continuing as if nothing is wrong during a business downturn can have serious long-term effects on your bottom line, and sometimes holding back is the best course of action.
This can be as simple as ordering less inventory than usual or making sure your business expenses are tightly controlled. It may mean taking a step back from hiring new staff and focusing on the staff you have now, rather than trying to push into a difficult area with growth.
Mini Lesson: What To Do When Business Is Slow
If scaling back isn’t an option, however, consider ways to cut costs that involve running your business more efficiently instead. A labor management software package can help you track billable hours and get paid faster, making it a great asset even when work is slower than usual.
These types of choices can be difficult to make and require a lot of thought and research before deciding on the best option for your business. But the hardest decisions are often the ones that have the biggest impact on your success when business is slow, so don’t be afraid to make them.
If you feel uneasy about what the future holds during a business downturn, chances are your employees are worried about what will happen if things go wrong.
When making decisions that affect the way your business runs or putting strategies in place to combat a slow business, it’s important to make sure your team is kept in the loop. Fear spreads quickly, especially when it involves financial security. Transparency is the key to putting these worries to rest and keeping morale high in your business while you face the question of what to do when business slows down.
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Always remember that slow business times don’t last forever, and having a strong team that can weather the tough times is more important to your future success than anything else.
Looking for more ways to combat slow business? Check out one of our articles on bringing more customers to your business using simple marketing tactics. there is no one to prepare him. Don’t worry, it’s just one phase of business ebb-and-flow!
If you feel that at the moment, your business is slow, the offices are not exploiting the work as they were before and you feel sad sitting in the chair without any work, it may be the result of a terrible epidemic, economic disruption that has led to a decrease in demand.
When your business is struggling to grow, shift your focus to these 7 things that will make you thankful, when your company gets up and running again!
When Business Is Slow, Sms Can Revive Engagement
Slower business times can give you more time to properly monitor your sales team’s performance. Having a good conversion rate (your average lies between 2.46%-3.26%) is great, but you want to make sure that it is the highest rate possible and that your team can’t go any higher than that.
You can choose from a collection of analytics software available online or create your own metrics to measure their success.
When you look at this information, you can determine how much your team scored during the quarter, your conversion rate, the revenue you earn, and the amount of leakage that occurs in your sales funnel.
These statistics will not only help you to estimate the overall performance of your sales department but also show you the gaps that need to be fixed, which you would otherwise avoid in a busy day.
What To Do When Business Is Slow
When you track your business success, you do it on the basis of reaching your monthly or yearly goal, and the same goes for your professionals.
In times of business downturns, it is imperative that you look at your goals. Changes in market trends will cause changes in business as well. And you don’t want your reps to feel overwhelmed or overwhelmed by the goals.
Consider redefining them to fit your current situation. You can also introduce other types of targets such as meeting with consultants, closing deals, and other incentives
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