Keep your Company Productive During Slow Times with These 10 Helpful Tips
Life comes in waves. And as they say, you can’t stop the tide, but you can learn how to swim along with it. If you’re reading along, chances are you are a business owner struggling to hold on to the tide. But don’t worry, today we share our founder, Lindy Nowak’s collection of reliable and essential business advice for when the market is just not (let’s say) flowing.
1. Avoid burnout
This tip is for you, the business owner. Times are slow, and it’s easy to get anxious and push yourself to do more. But, stepping away from the desk can help you see your business from a different perspective—like brainstorming ways to improve the company outside existing methods and systems.
Stressing out won’t help. It will just drain you even more. Instead, take this rare opportunity to rest your brain and your cortisol levels. Your mind will reward you with a slew of fantastic ideas later. We promise.
2. Refine systems and processes
It’s essential and healthy for you to reevaluate your systems and processes at least twice a year to ensure they align with your core values and business model. Check-in on efficiencies with your marketing, advertising, and sales team. What can be improved? Are the CRM programs up to date and being used appropriately? Is your team armed with the tools they need to work efficiently and smartly? But most importantly, are they happy with the current systems and processes? Getting these answers out of the way will help your business run more productive day-to-day.
3. Work on professional development
Join a local business owners group such as BNI or an entrepreneur organization to meet your community, obtain support, and build upon your referral network. These Rolodex moments are essential for your business reach and growth.
Other resources for professional development include:
Be open to learning. Read or listen to some business books.
Meet people like you. Join one of the many networking apps out on the web. We love Clubhouse.
Lead. Host a webinar on your company or personal LinkedIn.
4. Perform competitive analysis
Now’s the time for a little R&D. Your comp set is out there. Do you know who they are, where they live, what they love, and how to turn them into customers? Well, now’s the time to find out. Perform a Google search of your comp set and see what comes up. Ask your employees for help.
5. Come up with new products or services
This downtime is significant for coming up with new products and services to offer your current customers or even a new set of customers something they need. This opportunity also allows you to create new marketing channels. Ask yourself, is your target market large enough? Your current product or service may be an excellent fit for your target market, but if that segment isn’t growing, it will be nearly impossible to grow your venture as is. The path to growth lies in reaching other customers in other elements, either through new product offerings or by recreating your current services.
6. Clean out and categorize your CRM
Going through your CRM is a lot like going through your storage unit or deep inside that walk-in closet you’ve been avoiding for months. Yes, it’s dreadful, but it’s so worth it in the end. Organize your contacts and audiences. But also delete those really old emails who do not engage with your newsletters or those you suspect to be fake e-mails so that your data can be more accurate when you are running reports.
7. Set goals
Setting goals can boost motivation and give your team better direction. Have you set your quarterly goals? And if so, have you set your month-to-month goals within the quarter? What about your 2-year plan? G big and think strategically. You have the downtime to focus on what’s ahead, how you will get there, and who will be accountable to get the business there.
8. Analyze your current marketing strategy
When you have a new business, product, or service, a large part of its success comes from trial and error. Ask yourself some questions. Is demand low, or is your marketing plan not reaching enough customers in your target. What’s going on in your market? Are your salespeople not getting through? Or, are you still solving your customers’ problems? A good marketing strategy and plan will help to scale your business as you grow. We like to generate a two-column list that we call: “what’s working and what’s not working.” Revisit every quarter and make adjustments to this list based on your sales strategy.
9. Connect with your network
Disconnect to reconnect. This downtime is a great opportunity to connect with your internal and external networks. Think business, former colleagues, and even friends. Have one-to-ones with them on the phone or video. You’ll be surprised at what comes out of these reconnections.
10. Update your website
Of course, as experts that know how important your site is to your business, we’re going to make this a suggestion. Is your current website working for you to generate leads and convert them into paying customers? When was the last time it got a REAL backend and design update?
Your website is the first place your potential customers come to find out more information about you and your offerings. Think of it as your virtual business card. You only have about 3 seconds to capture their attention. Make sure your headline and subheadline are straightforward, quick, and speak to your customer’s problems with an answer on how you will improve their lives—followed by a CTA.
