Business is slow. Now what? Many businesses are struggling with loss of customers and slow sales right now. Small business owners are finding themselves with some hard choices during this business slowdown – close up shop, ride out the storm, pivot their business model, or use the business downtime to re-evaluate their business. How best to use this time? Let’s explore some options.
In their piece, Freshbooks offers some great suggestions for small business owners on how to make productive use of this downtime. The ideas given range from enjoying your downtime to getting your finances in order. We have provided information from this piece and some additional direction from our perspective.
How to Take Advantage of Business Downtime
- Explore Relief Options Available for Small Businesses. There are a number of financial relief options available. They won’t last long, so time is of the essence. Check with your business bank and the SBA for the options best suited for you and your business.
- Brush up on Your Skills. There is always more to learn no matter how long you have been in business. This may be a great time to add certifications or courses that you have not had the time to explore or complete. These can add to your credibility and help you sell your products and services once business picks up.
- Check in With Your Clients…And Your Network. People in your circle want to know that you are still there and that you still care about them when times are tough. If you continue to nurture your network, your clients, partners, employees and others will know that you are not just in it for the sale.
- Get Your Finances in Order. This is something that most business owners, and everyone in general, puts off. Whether it is updating your books, looking into recurring charges, paying invoices or combing over your credit card statements, those take time. And now that you have more time on your hands, why not tackle those now that you have the time on your hands?
- Do Your Taxes. This is one that that you really can’t afford to put off. Tax day has been postponed this year to July 15th for personal income taxes, but that should not stop you from pressing forward and preparing your taxes.
- Explore Hobbies Outside of Work. What hobbies have you neglected or wanted to start, but haven’t had the time? If you are like us, there is probably a laundry list of interests outside your business that you could stop and an enjoy now that you have a bit more time on your hands.
- Enjoy Your Business Slowdown. Can you imagine taking some time for yourself? A business is a 24/7/365 job. A large portion of our days are consumed by our business outside the 9-to5. Maybe you deserve to give yourself a break and take a breather. Often times, ideas come to us when we have the time and the space to allow them to flourish. It may just be the break both you and your business both need.
- Update and Upgrade Your Digital Presence. This includes your Website, social media profiles, online portfolio, and e-commerce shop. These are extremely important to the marketing of your business. We will explore these more below.
Why upgrade or update your digital presence?
Let’s take a moment exploring one of the suggestions, upgrading or updating your digital presence, in more detail. A website is the first impression that a small business owner gives to a potential customer. More consumers are using online search and shopping now that they are home. Once business picks up, more of your potential customers will be looking for your products or services online before they call, shop or visit your business.
Did you know that 75% of consumers admit to making judgements on the credibility of a company’s based on the website design? And that 88% of consumers who search for a type of business on a mobile device, call or go to that business within 24 hours?
So what these stats mean is that you may be turning off potential customers and turning away business without even knowing. Consumers have become more savvy and will just go elsewhere for a better online browsing or shopping experience. That’s why having a professional looking, mobile responsive website for your business is no longer important, it is critical. So what will you do during the business slowdown?
We can help!
At Trivessa, we do websites, graphic design, marketing and more. We can build a brand new website for your business or refresh your existing site. We offer a free, no obligation consultation. Give us a call, send us an email, or schedule a time to chat directly on our calendar.
Data Sources: Stanford; Google