What to Do When Business is Slow

When business is slow, it’s easy to get down and wonder when the good times will come again. Businesses are rarely consistent and work comes and goes in waves. Just because you don’t have a lot of business at the moment, doesn’t mean that you can’t put work into your business. 

When business is slow, take time to work on things that you don’t have a lot of time for when you are busy. Here are a few things that you should do when business is slow. 

Review What You’re Currently Doing

First off, before anything else, you have to make sure that what you are currently doing is working. In this step, you have to analyze your business more thoroughly in terms of your marketing strategies, products, and even the prices you’re offering. 

This way, you’ll be able to determine what changes need to be made in order to improve your business so that you can bring in more business and have fewer problems going forward.

Develop New Products and Services

If you have some downtime, spend it developing new products or services. They could be the key to bringing in new business or maintaining long-term relationships with clients that need more from you than you currently offer. 

The main thing to remember when working on new products is that it’s always a good idea to keep what you are doing at the core of your business and things that you can add on as extra services. This way, you won’t have a lot of problems confusing your customers and it will be easier for you to market new products.

Cut Products and Services That Are Not Working While Business is Slow

Take a good hard look at your products and services, and cut anything that is not working. Offerings that underperform or don’t deliver the value that you expect it to can drain your resources. You want your company to focus on what works and making those offerings better than having too many offerings with only some of them delivering value.

Write a Marketing Plan

If you’re in a situation wherein your marketing strategies aren’t working, then you may need to re-evaluate your marketing plan. Ask yourself questions like:

  • What do you currently do for marketing? 
  • Are you currently investing in the right marketing channels? 
  • What are the results that you’re currently getting? 

Write out a marketing plan so you’ll have a better idea of where you need to improve. 

It’s also a good idea to write a marketing plan if you are currently using effective marketing strategies. There might be room for improvement if you can’t see how to increase the effectiveness even more.

Step Up Your Social Media Game

There are a lot of businesses that have successfully brought back customers by stepping up their social media game. Make sure that you’re posting and keeping your social media pages updated. 

Don’t just update your social media pages once in a blue moon, update them often so that you can stay relevant to your customers. You can even try out posting about different topics other than your business every now and then to see if you can get a better response from your audience. 

You can also try and hire a social media manager to manage your social media accounts so that you will have more time to try out other marketing strategies.

Put Ads and Promote Your Business

Businesses that have seen a decline in terms of customers have tried putting ads for their business and have reported that it’s been a huge success. If you’re in a situation wherein you have very few customers coming in, try putting ads for your business. 

There are many different types of ads you can try out such as Google Ads, Facebook Ads, and many more. Also, don’t forget to promote your business in places where your customers go. 

This means that you should also get your business name and details out in as many places as possible. Many businesses have had great success with this particular strategy.

Try Out Different Marketing Strategies

There are tons of small business owners who’ve had their businesses go through rough patches, but they still managed to bounce back stronger than ever because they tried out different marketing strategies. You need to be open to trying out new strategies even if you’ve tried them in the past and have seen no results from them. 

In fact, many business owners have had great success with marketing strategies that you wouldn’t necessarily expect would work. Marketing is a constantly evolving field. Sticking with previous strategies can leave you behind, and maybe a part of the reason why you have fewer customers coming in.

Automate Your Business as Much as Possible

When business is slow, it’s easy to get overworked and stressed out. However, this is not a good thing for your business since you need to take a step back and be more efficient in your work. When business is slow, try to automate as many tasks as possible. This way, you’ll have more time to work on other aspects of your business that you may have not had the time to work on when business was booming. 

Automation is available for a wide range of tasks, including communications. You can automate by using technology to handle specific processes, but you can also outsource to companies that have people standing by to help you. This is often the easier way to automate since it keeps things under the control of people. There are no difficult technologies to learn and manage. You just get help from people who specialize in different areas. 

Renegotiate Contracts With Vendors

If you use services or products that are expensive, try to negotiate lower rates with your vendors. You will be surprised to find out how easy it is to get lower rates when you renegotiate a contract. 

In fact, many businesses have saved thousands of dollars each year by simply renegotiating a contract. Renegotiating can help you lower costs in the short term, which is great for helping you keep going until business picks up again. However, don’t forget about the long-term. Make sure that you negotiate contracts that won’t hurt you once business picks up again. 

Narrow Down Your Niche

Remember that you don’t need to be everywhere, because it will only lead to your business being swamped by competition. By narrowing down your niche, you are creating a smaller and more versatile area that you can take advantage of to reach a larger audience. 

Identify the audience that you serve and look at how well you are serving them. If you are not doing well with a particular audience, consider removing that audience from your target group. This will slim down your niche so that you can focus on serving the people  that you can provide value. 

Keep Your Customers Happy

When business is slow, you can use the time to keep your customers happy. You want to make sure that they are satisfied with your business and everything that you do. This will lead to more referrals for you. 

Establish Partnerships with Other Businesses

When you think about ways to improve your business, partnerships should be on the top of your list. This way, you can combine forces and take advantage of each other’s resources. When you are putting together partnerships, it’s a good idea to focus on other businesses that can help you and not businesses that will do nothing for you. 

The best way to find these businesses is to make a list of other businesses within your industry and contact them in the name of networking. You never know what you might find out until you talk to these people.

Connect With Your Target Audience

This is a vital step that a lot of people don’t take advantage of. By connecting with your target audience, you will be able to understand your audience much better. When it comes to reaching out to your audience, you have to make sure that the things you are doing will actually help you build relationships with them. You also have to make sure that you are engaging with them as much as possible and not just pushing them away.

Contact Us to Improve Your Business’s Communication

If you don’t have a lot of business at the moment, then spend as much time working on improving it as you can. That means outsourcing parts of your business that others can do so that you can focus on what is important. Answering services, for example, let you stay focused on what you are working on while others handle communication with your customers. Let Answer Aide help you improve communication with customers by outsourcing your answering services when business is slow and when it is busy.

If you’re ready to get started with a professional answering service, we’re here to help. Contact Answer Aide by calling (866) 427-3500 or by filling out our online form. We’re happy to partner with you to support your business while it grows.