Tuesday, 30th April 2019 | Sales,Marketing,Management
10 Ways to Survive Slow Times
Seasonal slowdowns are a common occurrence for many small-business owners. Here are some tips on how to survive the slow months and make the most of your time until sales spike again.
Spring has finally sprung across Canada! While most of us are excited for warmer weather, many small-business owners are fearing the start of a slow business season. Depending on the nature of your small business, there’s typically a season (or two) when you see a spike in sales and another that represents your biggest slump.
Regardless of when your slow business season takes place, it’s entirely possible for your business to survive–if not, thrive–with a little preparation and planning. Here are some ways you can make the most of a slow business season, and a few ideas on how to survive any slips in sales.
1. Anticipate your small business’ slow months
As a business owner, you know your operations better than anyone. So, looking back on previous years, it should be easy for you to predict which months will see fewer sales. As you plan out each year, avoid basing your sales targets on strictly your best months. Maintain a conservative approach with your budget and spending so that you don’t face a budget shortfall when sales are slowing down.
2. Strategize your savings
If you’ve planned ahead, you should be fully aware of when the slow business season will set in. With less revenue to work with at this time of year, many small-business-owners will need to implement a cost-savings plan, including some (or all) of the following measures:
- Reduced operating hours
- Fewer shifts for employees
- Smaller inventory purchases
- Discounts on excess or aging inventory
Remember: your savings plan needs to account for fewer customers and less revenue. Before you implement the savings tactics above, be sure to forecast your anticipated sales and budget needs based on the activity of previous years.
3. Plan for the rest of your year
When sales are slow, you’re likely to have extra time on your hands. Use this time to plan your marketing activities, budget forecast, inventory orders, staffing plans and more. Using the time you have now can set you up for success when business picks up again.
4. Undertake renovations and other fixes
Many small-business owners fear disrupting their operations with a renovation or upgrade, especially during their peak sales periods. This is why a slow business season is a perfect time to fix up your storefront or office space. If you own a restaurant or service-based business, slow months are also a great time for refreshing your menu and service offerings.
5. Rethink your marketing tactics
Some small businesses just aren’t seasonally relevant, such as landscaping companies trying to operate in the winter, or a snow-plow operator trying to drive sales in the summer. It can be hard to find market relevance, but a little creativity in your marketing will go a long way.
In your slow business season, consider hosting a giveaway that customers can redeem when the season is ripe; this can help your business name to remain top of mind year-round. You could also sponsor an event or hold a contest to ensure your name still generates a word-of-mouth buzz that carries you through the slow season.
6. Optimize your operations plan
Updating your operations and testing the validity of any new processes is something business owners simply can’t do during busy periods. When a slow business season approaches, it’s the perfect time to change course. Take a look at your regular procedures to evaluate where and how you can improve. This can include everything from customer service to accounting, shipping, inventory management and even invoicing.
7. Broaden your knowledge and network
It can be tough to take time off as a business owner. Slow times are the best time to take a day or two away for a conference, course, seminar or another event that will better your business. Not only will a learning opportunity to improve your own knowledge, but industry events provide ample networking options for you to gain partnerships that can better your overall business.
Connect with your local Chamber of Commerce or Board of Trade for details on upcoming events for small businesses in your area.
8. Reflect on customer feedback
Let’s face it: customers are leaving you reviews on Google, Yelp and other social media outlets whether you like it or not. Even though it’s a best practice to respond to your reviews (even the positive ones), it can be tough to carve out the time to do so regularly.
Use the extra hours you have during a slow business season to not only review and respond to all of your feedback, but also implement any changes required if you receive recurring negative comments regarding your products or services.
9. Revisit your website
Even if your website is brand new, there’s always room for improvement where SEO is concerned. A little effort goes a long way when it comes to optimizing your search ranking. A few quick checks you can implement include:
- Ensuring you have title tags, headings and alt-tags on your site
- Updating and implementing keywords throughout
- Fixing any broken links
- Checking your page-load speeds
10. Evaluate your social media efforts
While you’re updating your website, a slow business season is also the perfect time to check in on social media. Even if you have an agency or freelancer running your channels for you, how often are you looking at your ROI?
Now that you have a few extra hours, check up on your social performance and metrics. Ask yourself if you’re reaching the right audiences on the right platforms. If not, consider rethinking your approach to ensure you’re making the most from your investment on social.
When your slow times rolls around, don’t panic. With solid forecasting and planning in place, you should be able to predict when your slow times will occur each year. With this additional foresight, you’ll be able to make the most of your time, ensure you have processes in place to account for any slumps in sales and avoid the fear that can come when sales slow.
Read Also
Marketing ideas for your business in the new year
As the end of the year approaches, it’s time to revisit your marketing strategy to meet current consumer expectations. Forecasting trends is tricky, but what’s clear is that in 2023, customers value privacy, inclusivity, transparency, and overall authenticity, and it’s your job to show them how your business practices meet these ideals. Read on for six steps you take right now to market your business in 2023.
Understand your changing audience
The first thing you need to do is revisit your market. Review your sales and marketing data to make sure you have a realistic grasp on the size, demographics, and character of your target market. Pay close attention to any changes in your ideal customer and use this updated intel to seek out new opportunities. For example, if your business has grown or taken a new direction in recent years, it might be attracting a new audience. Make sure you’re communicating with the most appropriate market segment.
Update your website
Your website is one of your most valuable marketing assets so it’s crucial that it be in good shape. Review your site to make sure all the content is correct and up-to-date. Check to make sure that it loads quickly and displays correctly across desktop, tablet, and mobile platforms. You probably look at your site regularly so consider getting someone with “fresh eyes” to take a look. Ensure that your site works intuitively and offers a seamless customer experience. A site that’s pleasant to use will help you convert new visitors and retain returning ones.
Maximize the potential of social media
With more than 4.7 billion people using social media, your business cannot afford to ignore it. If you’re just starting out on social platforms, now is the time to claim your presence. Set up accounts for your business on top platforms like Instagram, Facebook, and TikTok. Investigate which sites your ideal customers might be using and ensure you’re on them too. Post relevant content, regularly, and make sure that you keep your profiles fresh and current. Try running contests or promotions to boost engagement, and take advantage of the built-in shopping capabilities available on many platforms. You can communicate a lot about your brand values by aligning yourself with other local small businesses through collaborations or sponsorships.
Leverage video content and live streaming
Video content has been a rising trend for the past several years, and is well-suited to businesses who want to increase awareness, improve lead generation and sales, and reduce support calls. Consider how video content might work for your business, keeping in mind that consumers appreciate being entertained. Live streaming is popular and an effective way to connect with your audience in real time. Engage your audience with quality storytelling. Inform them with a clear and concise script. Be creative.
Get interactive with your audience
When was the last time you did an online quiz or game? How about worked with an online calculator or map? Interactive content is engaging, which is why audiences–and marketers–love it. It’s low-cost and can help you increase brand loyalty, generate leads, and drive sales. Think about ways your business can use interactive content to grab your customers’ attention.
Respect consumer privacy
More than ever, consumers are concerned about privacy. Demonstrate respect for your customers’ privacy by compliance with standards like GDPR, by properly acquiring and using user data, and by continually informing your customers of exactly how you’re handling their information.
If you want to stay ahead of your competitors in 2023, now is the time to fine-tune your marketing efforts to communicate your business’ authentic brand and values. Take an inclusive, transparent, privacy-first approach, to reach your target audience.
Marketing