It happens. Business slows down.
Most people look at slow periods as a bad thing. But not you! You are a super-star! You refuse to think like everyone else around you. So let’s shout a collective, “Bull Feathers!” to being discouraged during slow times. This time is a gift. Use it to do good things for your business, like:
1. Evaluate and Execute
Remember the goals you set for your business at the beginning of the year? Now is the time to take a look at them (not October or November).
- How far have you come?
- What have you achieved?
- Do you need to make up some ground in any areas?
- What needs to happen for you to accomplish your goals in the next six months?
- What is working well?
- What activities are a waste of your resources?
2. Get ‘er done!
This is your perfect opportunity to clear your plate of the unfinished projects and administrative bits that have been yapping at you like a little ankle biter.
- Taxes – put your year to date files, receipts, bank statements and mileage reports in order.
- Projects – make a list or use a mind-map to help you determine what needs to be done and when. Delegate and outsource where you can.
- Complete your important but non-urgent Administrative tasks. Get them off the to-do list.
3. Talk To Your Employees
No, this is not as obvious as it sounds. If you’re worried about it being slow, your employees are 10x as worried. This is a fantastic time to talk with them about:
- Their performance. A 2006 study from the Corporate Leadership Council says that ongoing, regular feedback about performance can improve productivity up to 25%.
- Your year end goals
- Their goals
- Their ideas
- How they contribute to your company. The Corporate Leadership Council study also says that “…more than 50% of employees do not understand how their skills, behaviors and outcomes contribute to the overall success of [their] companies.”
- What they need to do a better job for you
- How to gear up for your busy season
4. Learn
“An invasion of armies can be resisted, but not an invasion of ideas.” Victor Hugo
We expand our knowledge and creativity by exposing ourselves to new information:
- Get a book! I highly recommend anything by Jeffrey Gitomer. Gary Vanyerchuck has a new one out called Crush It. If you need to be pumped up, Tony Robbins has excellent materials. And if you want to work on your leadership skills, John Maxwell & Ken Blanchard have fantastic books.
- Watch videos on TED. Some of the most brilliant (and sometimes a little weird) minds in the world speak at TED events. Some of my favorites are: Dan Ariely, Johnny Lee and Benjamin Zander.
- Read blogs. My regular go-to blogs are: Harvard Business Review, Entrepreneur.com, Chris Brogan, Sonia Simone, Neuromarketing, Seth Godin, Simon Mainwaring, Intrepid Marketer, She-Conomy, Social Media Marketing Magazine, Fast Company and a whole bunch of HR blogs because I am an HR nerd.
5. Create Content
With all your new knowledge and inspiration, you should be able to crank out blog posts, newsletter articles and video blog posts. When business picks up, you will be short on time and energy to create; you will be so grateful to have these in your reserve.
6. Connect
If your business is slow, use this time to expand your network and strengthen your relationships.
- Visit networking groups you haven’t had time to attend.
- Do you have any business cards of people you’ve met at networking events or conferences? If they are your target client or could be a good strategic alliance for you, now is the time to call them, skype them or meet them for coffee.
- Get in touch with former clients to see how they are; make it all about them, not about you.
- Give a little extra to the clients you currently have. Surprise them with a small gift or thank you note.
7. Experiment
Have some ideas you haven’t tested yet? Do it now. Use this time to run a pilot or a beta test. You’ll know if you’ve got a viable and profitable product/service and you’ll have time to work the bugs out.
What else do you suggest business owners should do when it’s slow?
Photo courtesy of John Mahowald.
{ 2 comments… read them below or add one }
Wow, what a cool post. This is outstanding stuff when business slows for sure. But, honestly, this is great stuff no matter when…
[And wow, honored to be included in that list of go to resources...]
Thanks Todd. I’ve run into a lot of discouraged business owners who are panicking because business is slow. Our success depends greatly on the way we think, so I thought this might be a valuable post. Have a great week!