When work is plentiful, you may get so deep in the weeds working in the business that you don’t have time to work on the business. Many companies are cyclical and have a time when things naturally slow down, whether for a few days, weeks, or months. If this is the case in your business, the first task is to make sure you have set aside some cash reserves to carry you through the slower period. Then, my advice is to take advantage of the slow time with these tips.
1. Catch your Breath
Use this time for some self-care. Enjoy that hobby you don’t usually have time for, or pamper yourself. Catch up on those personal appointments you haven’t had a chance to attend. Even if it is just one day, do something that makes your heart sing.
2. Reflect on the Business
Take the opportunity to review your goals. What do you need to adjust? Is there a new offering to incorporate, or something you want to discontinue? This is also the time to take stock of what is working with the business and what is not. Use this time to make some needed changes.
Take advantage of the free time to connect with vendors, referral partners, industry association contacts, etc. Networking allows you to promote your business, but you also learn some best practices and expand your contact sphere.
4. Reach out to Customers
While there are many opportunities for customer contact, take a moment to reach out to your best customers to see how they are doing and get feedback on your product/service. The personal touch will go a long way.
It can be challenging to stay up on local business news and industry trends. If you cannot make it a priority throughout the year, take some time to get up to date on what is going on in your community and industry.
6. Evaluate your Marketing
Have you reviewed your website lately? If not, some content updates will likely need to be made. If you are investing in marketing for your business, how is the Return on Investment (ROI)? Evaluate whether that ROI is worth continuing the investment, or if it is time for a new strategy. Also, make sure you are maximizing any marketing investment to the fullest.
Contact Flourish Today
There is so much more to running a business than many business owners appreciate. But one thing successful entrepreneurs learn, especially once their business is established, is to appreciate those slower times. Have the confidence in yourself and in your business model to know that the slowdown is temporary, just part of the annual cycle; so enjoy it, and use these tips to make the most of it. Then when business picks back up – as you know it will – you will move forward with a Flourish!
If you’re using your slow period to research business consultants in Phoenix and found me, know that I’ve spent years helping entrepreneurs manage business growth effectively; I would love to help your business Flourish! To schedule a complimentary consultation, email Info@FlourishBiz.Consulting, call 480-980-6066, or use the contact form to reach me.