It’s bound to happen. Business is good and things seem to be running without a fault. We’re feeling pretty confident and comfortable, however suddenly there’s a change in the wind, a full moon, a curse.
… and everything slows, right, down.
As bad as that can be, we’re often lucky to see why things have become quiet. These can be linked to various factors such as seasonal traffic, local and online competition, supply shortage, stale stock/service, lackadaisical customer service and more.
Regardless of the known and unknowns, we should always be working day to day to build security so that you’re not feeling the pain during the down times and that they don’t last too long.
Depending on the type of business or the reason why things have taken a down turn, there will be a number of preferred methods you could take to protect yourself. Let’s however speak in general terms.
Suggestions? How about some of these to get started;
1. Creating paid evergreen digital content that does not require stock replenishing and only periodical updating. This requires low overheads and low upkeep but ensures a wider audience globally will find value and purchase from you year round.
2. Multiple revenue streams. Can you re-purpose your knowledge, content and stock to create multiple streams of income for the business? Workshops, online content, re-purposed seasonal stock packs, re-branding of older services/stock to freshen them up.
3. Create a small alliance with other businesses in your area who may share your customer type. Is there a way to drive your customers to their business with a discount and vice versa? Cross promote with other businesses to widen your audience and create value for your new partners and customers.
4. How’s your marketing going? Is there no reason why people should not be coming to you all year round no matter what? Maybe you need to educate through marketing and spell out the reasons why there’s value no matter what the occasion/time.
These points can cover a number of different angles. Some help mitigate the risk of a down turn and some help protect in the event of one. Regardless, you should be doing all you can to cultivate flexibility in your business, build financial security or create some passive/low overhead income.
When things do quieten down (which they will), you can use that time to your advantage. That could include further improvements to your business or quite simply having the opportunity to momentarily break and remove yourself from the hustle of a day to day grind. Good for your mental health!
Have you got any strategies or back up plans to protect you and/or your business for when things slow down a bit? It might be some financial advice you’ve received such as allocating an emergency fund from a percentage of revenue. Let me know in the comments!