How to Handle the Natural Slowdown of Your Business
It’s inevitable: at some point, every business experiences a natural slowdown. I have it happen myself, and to be honest, every single time it happens, I’m shocked! My husband teases me saying, yes – it happens, use that extra time to your advantage!
Many people are navigating their business through what has become known as the “new economic landscape.” Some have seen a dramatic loss of traffic and sales; others have had to deal with other challenges that slow down or disrupt an organization’s productivity – but it doesn’t mean you can’t make lemonade out of these situations! Regardless if your situation is temporary (such as seasonal cycles) or more permanent like lack-of-demand in certain industries due to changing market conditions–whatever obstacles may be thrown your way, we should try not to panic. There are several things you can do to improve your business and strengthen it while waiting for things to pick back up.
While many business owners are feeling the pressure and anxiety of a slowing market; and it may feel like all hope is lost. It’s not! We know how hard times can seem at first glance, so we want to share with you today what you should do now while there are still calm waters ahead: Let’s look at many several things you can do for yourself and your business to thrive again.
Embrace The Business Downtime
I know all of the uncertainty in business has been really tough for you this past year. I can’t even imagine how stressful it must be! The pandemic is finally over, but 2020 and 2021 kept me on my toes with work – not to mention keeping an eye out for any new outbreaks or threats that may come up along the way (and they did). A short break might do wonders when we’re burning out; please don’t hesitate: take some R&R before things start getting too hectic again around December 31st!!
One practice (if you’re into it) that you can incorporate daily is meditation. Meditation is a powerful tool for avoiding burnout. It has been said that meditation can lessen the adverse effects of stress, and many successful entrepreneurs believe it has profound health benefits too! What’s even better is that meditation doesn’t cost anything – you do not need any special equipment or space to meditate; this makes it easy-to-take especially when you’re on your schedule.
Enhance Your Skills and Certifications
The best thing about running your own business is controlling your schedule. I’m living my dream, and I don’t have time to stop. The best part about owning your own business is that you can do what makes YOU happy when it suits YOU! Want more hours off? No problem – tell the boss (I mean myself). But before we get too far into this conversation, have any plans for personal development in mind?
The money that goes into your education will pay off ten times over as you start to get more clients through word-of-mouth and social media interaction. I believe that optimal personal development is key to a healthy lifestyle and a sustainable career. For example, I take time out of each week to devote myself to personal growth — whether it’s finishing a certification, learning a new skill, writing in my journal, or studying my marketing strategies. I also make sure to work with other individuals who are growing and thriving professionally and encourage my team to do the same — we are all better off for it.
Network & Connect
Ah, networking. It’s so important to meet other entrepreneurs on your level. While there are many networking events to go to, you don’t have to put yourself through the awkwardness of meeting others in person unless that’s your thing. Networking online is just as important as networking offline. There are plenty of Facebook groups and forums out there you can join for your business’s sake.
You’ll need to get out there and meet other people who are as passionate about entrepreneurship as you. While you can attend physical networking events, being a member of an online community for entrepreneurs can bring you opportunities you wouldn’t have otherwise. You don’t need face time with every person either; find what works best for YOU!!
Passive Income
Who doesn’t like to make money in their sleep?
I’m sure you’re as excited about passive income as I am! Passive income has been around for a long time, but it wasn’t until Pat Flynn pulled back the curtains on his model that people started taking notice. There are two main options for generating digital ‘passive’ earnings: product and affiliate marketing (a middleman between brands/products).
- Products – Selling your products is a simple way to generate digital cash from home through an internet connection and can be quite lucrative if done correctly (just ask him).
- Affiliates- Affiliate marketing allows brands to send content or services straight at customers without actually touching anyone with physical hands; instead of relying entirely upon advertisements alongside personal posts plus email campaigns promoting for a commission payout.
If you want to REALLY take this downturn to set up your passive income funnels, you can combine passive income with active income by creating an online course! Passive income will be one of your best friends when things slow down or stop entirely in 2021/2022!!
Batch & Schedule Content
Do you know what a brilliant strategy is for those days when you just don’t feel like writing? I just talked about this recently, and I am practicing what I preach here at JLVAS!
Create batches of content and schedule them! This will take some of the pressure off of you to create in a pinch. Your content won’t go stale because everything has been planned out ahead of time. There are no surprises coming from nowhere unexpectedly and helping ensure consistency with how often new content gets published on different platforms/websites over long periods.
There are many ways to do it when it comes to batching and scheduling content.
I have spoken about this a few times. You can write all your content at once and post them over a few days/weeks. You can also film all your videos for YouTube or your Podcast episodes at once for the next four weeks ( or longer if you are super motivated). Not only that, but this also gives you more time to focus on other tasks – like networking, product creation, or even taking a break!
If you want to truly connect with your followers, you need to create posts that will get them engaged in your content. That’s why I wrote my free Making the Most of Social Media: Workbook. Inside, I’ll break down how I approach my own social media to build up my online following!
Show Client Love
Old and new clients are good people to keep in touch with, even if you aren’t currently working with them. One great way to share the love is by giving them shout-outs on social media or in your newsletter. This will keep them feeling good about the relationship and spread the word. Client referrals are gold in our industries. Plus, if you haven’t captured a testimonial from them yet, now is a perfect time! Don’t be afraid to ask for praise – after all, YOU deliver amazing results, and the world needs to hear about it.
Stay Positive!
In any business, there will be good days and bad days. It’s important to stay positive during the bad times because this can affect your mindset, which affects your work. Positivity breeds productivity! When you’re feeling down, take a break from work and do something that makes you happy. This is the time to buckle down and remember that this too will pass. Use this time to focus on your business and get a few wins under your belt. When things start picking up again, you’ll be glad you did! Stay positive, my friends! It’s the only way to get through tough times like this. Let’s do this! :)
So What Did We Learn?
- Embrace The Downtime – A short break might do wonders when we’re burning out; please don’t hesitate: take some R&R before things start getting too hectic again around December 31st!!
- Enhance Your Skills and Certifications – The money that goes into your education will pay off ten times over as you start to get more clients through word-of-mouth and social media interaction.
- Network & Connect– You need to get out there and meet other people who are as passionate about entrepreneurship as you.
- Passive Income – Who doesn’t like to make money in their sleep? There are two main options for generating digital ‘passive’ earnings: product and affiliate marketing.
- Batch & Schedule Content – Create batches of content and schedule them! This will take some of the pressure off of you to create in a pinch. Your content won’t go stale because everything has been planned out ahead of time.
- Show Client Love -Old and new clients are good people to keep in touch with, even if you aren’t currently working with them. Client referrals are gold in our industries.
- Stay Positive – It’s important to stay positive during the bad times because this can affect your mindset, which affects your work. Positivity breeds productivity!
Keeping your business stable is essential, but there’s more to it than that. These days, success means taking on growth even when the going gets tough. The two ideas are hand-in-hand: If you want success in your business, you’ve got to be prepared to ensure your stability as well. That’s where we come in — from startup consulting to strategic planning, and beyond, we’ll help you achieve stability AND growth in your business. Our team of experts will help you expand in order to make sure your company gets back on track. Schedule a consultation with us, and we’ll help strategize how best to take advantage of this time!!
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