Many businesses are cyclical in nature and they learn to adjust to the slower times by catching up on tasks that can be deferred or scheduling vacation or promoting educational opportunities.  However, if your business should be a steady flow and isn’t you may want to think about ways to boost activities during those down times.

Sales

If it is a matter of sales, the problem could stem from either inside or outside the company.  External issues could be a change in the economy or in the market.  As an example, you were one of only a few companies that offered a specific widget but suddenly there are hundreds of those widget makers or that widget is no longer necessary for the equipment in service.  So, it is a matter of deciding what your customers need and either how best to provide it or how to adapt what you make to suit the new needs.

Internal issues can be a bit more tricky.  If you are losing long-time clients, you need to take a step back and find out why.  If it is a matter of quality control, you can fix that.  if it is a matter of your competitors offering better pricing or more advantageous terms, you may need to decide where you can add value or cut expenses.

Value

A good way to increase importance of your product is through better customer service.  That may be reducing the turnaround time between orders and shipping or offering overnight delivery for a minimal increase in price.  It might be as simple as getting rid of an automated answering system and revert to a live person answering the phone and properly directing the calls.

Another way of increasing value is to offer a free consultation visit, or to explain the quality of your merchandise vis a vis the competitors’. 

Appreciation

Similar to a bonus, this would be an opportunity to thank current customers.  Sometimes it is as simple as a handwritten thank-you note packaged with the delivery or coupons for a discount on the next purchase.  Social media can also help your clientele feel special. 

The method you choose depends on your company and the product or service you provide.  Build on the style and corporate culture of your operation and then make it work.  As you see your sales flagging, implement one of those appreciation strategies and see if it won’t get you a few orders.

Mentor

If you have a mentor or business advisor, draw on that resource.  That is why they are there.  It could be they went through a rough patch themselves and they would be willing to share how they survived and hopefully thrived.  Listen with an open mind about how you might be able to adapt their strategy to your business “personality” or how it can be updated to current technology.

If you don’t have a mentor, try asking some of the professionals you work with like an accounting firm in Brampton or Mississauga.  It is probable that they have worked with other companies who have developed slow downs, either regular or unexpected.  They should have a number of approaches to offer that would work to help you.

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- The Capex Team