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Jun 7, 2022 · So, yes, your business just slowed down. Is it, in fact, time to panic? No. This is an opportunity to expand your business in a sustainable manner — take advantage of it!
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- Strengthen Customer Relationships. Your clients make or break your business. Do you understand what they need and how you can best serve them? Before you set your employees working on lead generation, take a hard look at the clients you already have and your current retention rate.
- Explore Ways to Diversify. Very little is set in stone in the business world. Clients change, the economy ebbs and flows, and new products and competitors mean that you need to always be looking for ways to adapt and diversify.
- Re-Think Your Processes. It's never a bad idea to take a close look at the processes that drive your business. Is something taking way longer than it should?
- Upgrade Your Marketing Strategy. If you're handling your marketing in-house, now's the time to research new markets and determine the best way to approach them.
- Analyze your CRM. During periods of slow business, you can analyze the contacts in your CRM and examine the performance of your sales team. For example, your sales reps can ensure their contact details are completely filled out.
- Align your marketing and sales. Sale and marketing are two sides of the same coin, but they often find themselves at odds. This misalignment can have big consequences, like lost revenue, wasted budgets, and gaps in the buyer's journey.
- Focus on upselling and/or cross-selling. More than a quarter of sales professionals say existing customers took priority over finding new ones in 2022.
- Revisit your sales training. If your reps continue to miss targets, it may be time to revisit your training and coaching initiatives. Training is integral to setting your team up for success, yet most organizations take an informal approach — and it usually ends once someone finishes onboarding.
Nov 5, 2021 · However, if you’re a new entrepreneur, slow or no business can send you into a self-critical tailspin that some never rise above. So, here are four tips on what to do when business slows down. The good news is that a slowdown can be temporary if you know how to resist the temptation to panic.
Jan 11, 2024 · Now that business is slow, it’s your time to review, reflect, and improve. Know when your slow season is coming, and go in with a plan. Don’t panic and start taking random jobs; instead, take the time to look inward at what you did well and where you can stand to improve.
Dec 28, 2022 · 1. Do not use this time as a reason to overwork or underwork. For business owners, when our work slows down and it's having a direct impact on our revenue, we often start to panic....
Jun 14, 2024 · Learn and Adapt. “When business slows down, I usually panic—then, like all good survivors, I pick myself up and get to work. In the fall of 2023, high Canadian interest rates took a bite out of my business.
