Small Business Owners: 3 Tips if Your Business is Slowing Down

Small business owners put a lot on the line for their business. They often invest their life savings or put up personal collateral to get the venture off the ground. Slow times in sales can be terrifying in these situations. Small business owners may start to panic and start thinking about extremes, like bankruptcy. Take a breath. You may just want to try a few “pick-me-ups” for your business to get it back out of its slump. The following suggestions can get you started.

  1.     Revamp your “electronic” presence.

Virtually everyone is online these days. To attract customers, you need to be on the cutting edge of technology for your marketing as well. However, you do not have to invest a great deal in getting your social media or web presence started. If you haven’t already, create social media profiles for your business on sites like LinkedIn, Facebook, and Twitter. Use those platforms to get in touch with your audience through giveaways, special deals, and fun contests. Link back to your website frequently.

You could also spend some time developing a newsletter with valuable tips and tricks for your customers. Creating a persona that allows customers to see your business as one that has experts in your field will be extremely beneficial. You can also take some time to build up your website with more information, tips, and reviews.

Use the slow period to get your creative juices flowing and create helpful tools for your customers that they can use for years to come.

  1.     Learn more!

If business is slow, it may be a good time to invest in yourself. You can take a small business class or marketing course that will help you get some ideas on how to better your company. You likely do not know everything there is to know about getting the most out of your marketing tools or increasing efficiency within your company, and learning more about the process can be extremely helpful for the future of your business.

  1.     Plan for the future.

If you have some downtime, it may be a good time to consider some long-term plans for your business. What type of marketing or sales do you want to do in the upcoming months? Set out your goals with specific numbers and timeframes. Having hard goals (and writing them down) will help you hit them in the future.

If you do not already have a formal business plan, it might be a good time to develop one. Having a business plan helps you put your short-term and long-term goals in perspective. It also enables you to focus your company. The document may also be useful if you need to get financing for your business in the future.

MaxwellDunn offers business advisory services that can be extremely valuable for your business. If business is slow, it may be a good time for a legal audit to ensure that you comply with federal, state, and local laws. Give our team a call at (248) 246-1166 for more information.