Don't wait await around for it to happen and thus release its to late. For those that take this approach they will discover them self falling short, stressed out, losing sales, and potentially going out of business. For those that are over achievers they will view this as an opportunity to improve industry efficiency and overall internal controls. Here are several ways to be more prepared!
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1. Go after and pursue old clients. The majority of small companies concentrate on getting additional fresh clients rather than keeping or serving old ones. When the business slows downward it makes for a great time to grow back in touch with your client foundation to discover out what needs they may have and or what you can do to gain their service back. Remember if you sold them in the past you can always sell them again. Stay positive and take this approach even if you have to offer them a bargain or free gift.
2. Offer free small gifts for those that purchase something or become a new client. If you and your company needs to magnetize brand new potential customers try to offer gratis samples, giveaways, bonus products, etc to bring fresh potential clients.
3. Game Plan. Check your current plan, strategy, and goals to see how you can improve them. Try to see what is working more effectively then what is not and plan to make positive changes to your business. Position new campaigns, advertise, marketing secrets, goals, product offerings and goods to discover key markets you have yet to tap into.
4. Networking. Meet new people, friends, business associates, and acquaintances. Whether you get out more or you start to join social and business networking sites like linkedin.com, xing.com, facebook.com, or ning.com this will help provide you with more connections and opportunities for your business & product offerings.
5. Upgrade equipment, gear, processing, packaging, equipment, etc. At some stage in during an business downtime you need to plan to review all assets of your business and how they operate or run. You can install better equipment, processing stations, automated systems, etc to make for a more easier, more efficient, and better ways of operating your company.
6. Market extra efficiently. Statistics says that new companies use roughly 40-60% of their time in marketing and associated actions. If you don't already do this you should try. When a business or industry downturn takes place you should really try to make or create new advertising and promotion ideas. In our opinion this could possibly be the best time to focus on new ways and avenues to promote, advertise and market you company, services, and or goods.
7. Project yourself and business forward. Take advantage of this industry slow time by starting new projects. Try to focus on new plans and goals to better position yourself and business in the future when things pick back up. Implement new ideas and strategies for the future.
8. Learn more and train more. Industry down turns are always a good time to increase your know how and skills. You can take new courses, read, study, and learn more on how to better serve your new and existing clients. Knowledge is key and when the market is booming it becomes much harder to stop and learn things when everything is flying at you full speed. Therefore take this downtime in learning more and training more.
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