5 ways your business can survive a slow patch
With just 2 months left for the year, many business owners are heading into their most quiet period, which can stretch from December to February.
We all know how scary the prospect of 3 months of slow business – or no business! – can be. So now is the time to start thinking about how to keep your business ticking along.
Here are some tips to get you started:
1. Put extra cash aside now
While you still have steady cash flow coming in, see how much you can put aside to draw on in the quiet times.
This is also a good time to review your expenses. Is there anything you don’t need or can cut back on? Products, services, subscriptions – go through all your outgoings and see where you can free up some more cash.
2. Ramp up your marketing
What can you do to get more clients from now until the end of the year?
- The number one thing is marketing: getting your brand out there. And it doesn’t have to cost much. Check in on your existing clients – how can you nurture their needs while meeting yours? There are also plenty of free or low-cost networking events you can attend.
- Gear up your social media marketing. What social channels work best for you? One great way to get more visibility and potential leads are participating in the many Facebook business groups. Check out our Sassy group for starters.
- Create some time-limited special offers and promote them in social media and to your database. They can be end-of-year savings, ‘gift with purchase’ and so on, depending on your products and services.
3. Reflect and restrategise
Use this quiet time to reflect on the past year and plan for 2018.
What can you do better?
What’s worked that you can keep repeating or improving on?
Quiet times are also a perfect opportunity to explore introducing some innovative approaches into your business. Check our series of blogs on innovation for ideas.
4. Tick more off your To Do list
We all have those niggling jobs on our To Do list that get waylaid as paying work takes priority. Whether it’s admin tasks, catching up on business development reading, even an office clean out, a quiet period is a great time to tackle these tasks and tick them off – once and for all.
5. Take a break and celebrate!
Don’t forget to plan some downtime. Maybe a holiday with your family? A retreat by yourself?
It’s important to step out of your business regularly to gain a fresh perspective and to celebrate your successes. Our upcoming Fearless event is a great way to do this.
If you know when your business gets quiet, take advantage of this to get away for some relaxation and fresh perspective.
You’ve earned it!
I hope these tips have got you thinking – and planning – ways to survive the end-of-year quiet time.
Have an awesome week!