What do entrepreneurs and small business owners do when business is slow? It’s very easy to get into a blind panic that your business will close. While the sad reality is that many of them do, some will survive. Here’s my top 10 tips for surviving the quiet times:
1. Don’t panic!
Things will turn around, they always do. Have unwavering faith that you will make a huge comeback.
2. Do admin.
There are always a bunch of items on your to-do list that never get done when you are servicing clients yourself. Take this time to start knocking them off.
3. Work on your business, not in your business.
Do something every day for the management and growth of your business. This is hard in the beginning, but work towards it.
4. Look at your message.
What are selling and to whom? Make a list of your ideal customer then design a marketing plan for them specifically. A spray and pray client base won’t work; you can’t be all things to all people.
5. Have a support structure in place.
It is critical that you have people you can talk to. If you try and do this alone, you will be driven systematically insane, but be wary of whom you choose. Make sure it’s people you look up to who have already succeeded at what they want to do. Everyone else may just drag you down to their level.
6. Question everything.
Just because there is a recession, does it mean it has to apply to you? Not necessarily. Find your own truth and design your own destiny. Do not buy into the media hype’s version of the world.
7. Get a life coach.
Every highly successful business owner has one, (I have three!). Despite popular belief, you don’t know it all and you need all the help you can get.
You have to get out there. Sign up for every free event you can find and hand out business cards and flyers like they were candy.
9. Visit old clients.
Let them know that you are still there for them even though they aren’t buying anything from you right now, (or phone/email if you don’t have that type of relationship with your client base).
10. Become a thought leader.
Write blogs and contribute to LinkedIn forums. It will help you build a global brand.
About the author: Veronique Palmer is the CEO of Let’s Collaborate. She started her business 7 years in response to a gap in the market. She has won 7 awards in 7 years and has been nominated for The Finance Monthly 2016 CEO Award. Her business specialises in building SharePoint intranets for companies and teaching people how to use and manage them, and they have just implemented Nando’s South Africa’s first intranet! Veronique is obsessed with the outdoors and empowering people to live their best lives.