All businesses have cycles. Highs, lows, lows, highs. What do you do when you hit a lull that doesn’t seem to end? You might have a new competitor with a real differentiator who has stolen your customers. You have a competitor who introduced a revolutionary new product that has captured the fancy of your customer base. You might be impacted by environmental factors that are not totally in your control. Any or all of these scenarios might have occurred. Or it will, so have a plan B ready to go if and when your business is in the doldrums. What might this plan B look like?
Create an addendum to your annual business plan. Good plans are laid out based on a probable scenario of sales revenue and projected expenses based on plan assumptions. It is a good idea to lay out what your strategies and tactics will be if a “low” scenario occurs.
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Adopt a new habit. Many times we can cope more effectively with a changed scenario if we are regularly adopting a new habit. Read at least one business article a day. Read a nonfiction, business-based book each month. Learn how to use a new tech product to improve your productivity - ChatGPT, QB, CRM systems. Being nimble by adopting a lifelong learning philosophy that makes you more adaptable to change.
In the doldrums? Do something new. Ask about adding a new product line or service.
Do something new. When you find your business is in the doldrums, ask what you can do to add a new product line or service that will attract current customers to come back or new customers to seek you out. How do you know what product or service to add? Ask. What are your customers’ needs, wants or desires? Then see if you can get innovative. One new activity might be sending handwritten “thank you” notes to customers who bought $50.00 or more and include an incentive to buy again and even more incentive if they refer a friend.
Update your website or even redesign it if possible. Your website is your front door. It is the portal through which most buyers pass to get to you. Add photos, video, new images, fonts and colors that give the “portal” a new look and creates excitement when visiting you.
When business is slow, invite your current customers and potential new ones to a social event
Host an event. When business is slow, invite your current customers and potential new customers to a social event at your location to display your offerings both old and new. Also ask your current customers to bring a friend and reward them for doing so.