3. Re-designing your workday to fit a business slowdown
A problem many trade or service professionals face during a period of slow business is what to do with all the extra hours in their workday. You might think that being ready to take on any work that comes through immediately is the right decision, but if that work fails to appear, your downtime increases.
When business stalls, it’s always a good idea to invest more hours into creating as many avenues as possible for work to reach you. In other words, instead of asking yourself what to do when business is slow, ask yourself what you can do with all the extra time you now have.
If you’ve neglected your social media, now is the time to get connected and start building a buzz around your business online. Or you could revamp your Google My Business listing, making it easier for customers to find you with a single search.
You could even take the time to follow up on past quotes and see if there’s any work you might have missed when you were busier.
Pick a strategy that works for you and use all that extra time to explore every available option.
4. Re-developing your business operations
It can be hard to change the way you operate, especially if your trade or service business has existed for a long time.
But continuing as if nothing is wrong during a business slowdown can have serious long-term impacts on your profitability, and sometimes scaling back is the best option.
This may be something as simple as ordering less inventory than usual or making sure spending within your business is more tightly controlled. It could even mean taking a step back from hiring new staff and focusing on the employees you have now, rather than trying to push through a rough patch by growing.
If scaling back isn’t an option, though, consider ways of cutting costs that involve running your business more efficiency instead. A job management software package can help you catch every billable hour and even get paid faster, making it a great asset even when work is slower than usual.
These kinds of choices can be tough to make and require lots of thought and research before deciding on the path that’s best for your business. But the toughest decisions are often the ones that have the biggest positive impacts on your success when business is slow, so don’t be afraid to make them.
5. Re-discussing changes with your team
If you’re feeling uneasy about what the future holds during a business slowdown, chances are your employees are just as worried about what will happen if things don’t pick up.
When making decisions that affect how your business runs or putting strategies in place to combat slow business, it’s important to make sure your team are kept in the loop. Fear spreads quickly, especially when it involves financial security. Transparency is the key to putting these worries to rest and keeping morale high in your business while tackling the question of what to do when business is slow.
Always remember that periods of slow business don’t last forever, and having a strong team that can weather tough times is worth more to your future success than anything else.