Managing Slow Business Periods: 15 Effective Strategies Can Help You Out
In slower business times, various factors could be affecting it. It might be related to the season, holidays, shifts in what customers are looking for, or a signal that you need to ramp up your client connections. As an independent professional, your workload can vary from month to month. One day, you might be super busy with projects, meetings, or events, and the next day, you might not get a single call.
1. Connect With Past Clients
In times of slow business, reaching out with a personalized email or a friendly phone call can be a great way to let your clients know you're ready for new projects. Check in on how they're doing, ask about any questions they might have from the last project, and inquire if there's any new work you can assist with. You might be pleasantly surprised with a new project opportunity.
2. Run Advertising Campaign
During business downturns, it's common for companies to scale back on their marketing expenditures. However, this presents a golden opportunity for you to elevate your own marketing initiatives and specifically reach out to the customer base of these businesses. By strategically increasing your marketing efforts during these slow periods, you position yourself to capture the attention and interest of potential clients who may be seeking alternatives or new solutions. This proactive approach not only helps you stand out in the market but also allows you to capitalize on the void left by businesses that have reduced their marketing presence.
3. Create New Content
If you find yourself with some free time between projects, consider creating content to draw in new clients. You could develop an eBook or white paper on a pertinent industry topic and offer it as a free download on your website. Longer-form content, like an eBook or white paper, serves as a valuable thought leadership piece, establishing you as an expert in your field. Additionally, use the download as a way to expand your email marketing list, enabling you to
reach a wider online audience and increase your pool of potential clients.
4. Review Your Business Plan
Chances are, you crafted a business plan when you launched your company, but when was the last time you revisited it? A period of slower business can offer an excellent opportunity to review and update your business plan and goals. Reflect on the reasons that initially drove you to start your business. Do these values still align with your current situation, or should you make adjustments to match the evolution of your business? If you aspire to reconnect with your core values, consider how you can modify your business activities accordingly. Evaluate both your short- and long-term goals. Are you progressing as planned? If not, identify the necessary steps to get back on track. This introspective process can provide valuable insights and guide your business in a positive direction.
5. Team Up with Another Independent Professional
During a slow period in your business, it's possible that another independent professional is experiencing a busy phase. Collaborating with a peer in the same situation can be a fruitful strategy to secure new work. Reach out to your network and explore opportunities to assist on upcoming projects or establish a lead-sharing arrangement.
Additionally, consider forming partnerships with individuals whose expertise complements yours. For instance, a writer could team up with a graphic designer to offer a comprehensive range of services to clients.
By joining forces with others in your industry, you can enhance your business opportunities and provide a more well-rounded set of offerings.
6. Expand Your Network
During slower business periods, especially during times like the holidays, consider investing time in networking activities. Connect with friends and colleagues, seeking recommendations for individuals beneficial to engage within your industry.
If there's someone specific you've been wanting to connect with on LinkedIn, try finding a mutual connection for an introduction.
Explore local networking events, talks, or meetups in your area. Actively participating in conversations and meeting new people can serve as a potent marketing tool.
Expanding your network and contacts contributes to building a robust foundation for your business, fostering potential collaborations and opportunities.
7. New Service Offerings
If your business is experiencing a slowdown in project opportunities or client interest, it's worth exploring new service offerings. Begin by reassessing your target audience to ensure you're effectively connecting with them in the right manner and through the appropriate channels. If adjustments are needed, consider refining your audience to better align with the services you provide.
Explore supplementary offerings to complement your core services, such as selling online products like training courses, e-books, or subscription-based content. Another strategy is to restructure your services into a recurring model.
Selling clients on a monthly retainer or package can provide more stability to your income during slower periods.
8. Update Your Online Presence
During slower periods, it's important to ensure your online presence stays current. Dedicate some time to update your social media pages, blog, digital portfolio, or personal website. Plan and schedule blog posts, social updates, and other content marketing activities in advance, ensuring consistency in your branding across various social profiles. A robust marketing strategy is crucial for maintaining visibility and attracting potential clients, so use this downtime to your advantage.
Consider joining an online consulting job marketplace like MBO’s to broaden your reach to potential clients. Establishing a presence in these marketplaces provides an opportunity to promote your skills and experience, effectively showcasing your business to a wider audience. This proactive approach can lead to new opportunities and connections in your industry.
9. Seek Testimonials from Your Clients
Securing a commendable client endorsement serves as a potent strategy for fortifying business credibility and acquiring fresh clientele. Nevertheless, the endeavor of obtaining and composing a testimonial demands a considerable investment of time.
This becomes an opportune undertaking during business lulls. Initiate the process by connecting with a previous client with whom you share a solid rapport. Inquire about their willingness to collaborate on a testimonial project. Facilitate their input by offering a structured form, exploring the option of a concise video testimonial, or proposing joint efforts on crafting a succinct case study.
10. Try Something New
Optimize those additional hours in your day for substantial progress. Consider enrolling in a class, pursuing a certification, or mastering a novel technology. Not only will you augment your skill set for your resume, but you might also discover inspiration in your newfound proficiencies, fostering innovative ideas to attract clients.
Upon obtaining the testimonial, express gratitude to your client and leverage its potential by showcasing it on your website or accentuating it on social media.
When your business encounters a sluggish phase, resist the urge to panic. Instead, implement these strategies, take a step back, and capitalize on your downtime for maximum efficiency.
11. Refresh Your Website
Is your website outdated or running on an old platform? Is it fully compatible with mobile devices? Is the content strategically optimized for your targeted keywords? Does it effectively represent your business in the most favorable manner?
If not, take corrective action to ensure your website portrays the best possible image when potential customers visit.
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12. Revisit your sales training.
If your representatives consistently fall short of targets, it might be time to reassess your training and coaching programs.
Training plays a crucial role in positioning your team for success, yet many organizations adopt an informal approach, typically concluding after the onboarding phase. Consequently, 26% of representatives express dissatisfaction with their training.
As a sales manager, ponder these questions:
Are your new or junior-level employees commencing on a strong foundation, or could they
benefit from additional training?
Are your experienced representatives staying current with the latest technology and strategies?
Are your reps maximizing the potential of your CRM system?
Which areas require the most enhancement, such as prospecting or nurturing?
Let your responses to these queries shape your forthcoming training initiatives.
13. Refine systems and processes.
To achieve successful sales outcomes, your sales team must operate with a well-defined system and process. How does your sales team effectively track prospects? How do they monitor the progress of deals in their pipeline?
During slower periods, take a moment to step back and evaluate your sales systems and processes. Cambria Davies, a product manager at HubSpot, suggests, "Consider what is and isn't working for your reps and prospects to tailor your new process to better fit their needs, so more deals are closed, and more customers are delighted."
Evaluate your sales process by closely observing your representatives. Pose questions like, "What does the trajectory of their deals look like from inception to conclusion?" or "What is the time span between each stage?" Once you've scrutinized the process, discern what propels prospects from one stage to the next. Armed with a comprehensive understanding of your sales system, you can analyze its effectiveness and identify areas for improvement.
14. Develop a future-proof sales plan.
To prepare for the future, crafting a comprehensive sales plan is essential. If you haven't formulated one yet, your sales plan should outline specific strategies for your team, encompassing objectives, tactics, target audience, and potential challenges.
Consider, for instance, the sales methods your team can employ to secure more deals. How will your team assess and qualify leads? In what ways does your product stand out in comparison to competitors? Address these inquiries and devise sales tactics and team structures that will position your sales team for success.
During periods of business slowdown, seize the opportunity to scrutinize your sales strategies, paving the way for intentional growth planning.
15. Set goals for you business sales target.
Sales representatives typically adhere to monthly quotas or sales targets, yet these shouldn't be their sole objectives. Especially during sluggish business periods, consider formulating additional goals:
Mentorship goals: Schedule weekly meetings with a mentor
Activity goals: Increase the frequency of asking "Why?" questions
Win rate goals: Achieve a specific number of closed deals
Incentivized goals: Introduce bonus structures
You can also strategize promotions to aid your sales team in accomplishing these objectives. Establishing smaller goals, such as determining the number of phone calls reps should conduct with prospects or increasing the volume of prospecting emails weekly, positions your team for success. Utilize slow business periods to meticulously device these goals for your representatives.