A slow season every now and then can be difficult to avoid, as most small businesses will inevitably hit a slump in revenue at one time or another. However, just because profits have dropped does not mean work is over, and it does not necessarily mean that your small business is headed for trouble. Take advantage of the opportunity to further develop your small business, as there is still much to be done and many areas that can be improved upon.
1. Evaluate and Mature
As a small business, chances are you do not have a whole lot of free time, especially during peak seasons. Take this time as a chance to sit down and reflect upon previous marketing strategies. Review and make a list about what worked well, and generate a proposal to further take advantage of successful strategies. Likewise, take inventory of less fruitful tactics to make sure no resources are wasted towards these strategies in the future. Make sure to also review last quarter’s bank sheets to identify superfluous spending. Especially for smaller businesses, every dollar saved makes a difference. Honing in on previously effective approaches will additionally save money and time while also generating further revenue.
2. Utilize Special Promotions
Business may be quieter than usual, but that can be quickly changed by providing incentive for the customer base to return. Create special offers and coupons through email and various social media outlets to give clients a desire to return. Take advantage of people’s love for free products by gifting samples with purchases. Furthermore, utilize a referral system where a discount or free service is given to those who can increase the customer base. Promote your small business as much as possible during slow seasons.
3. Establish Partnerships
Chances are that the slump is not only affecting your small business. Reach out to other local businesses which complement your own service and develop a partnership in which both businesses are promoted. By utilizing both businesses’ customer base, odds are increased that more people will hear about your product or services. This could mean recommendations, selling each other products, or leaving business cards at respective offices. Not only does a partnership get your name out, but it also creates a network within the local community.
This article was originally published by Biz2Credit
Published: May 26, 2014