Home Articles What should you do when business is slow? Rethink and reboot

What should you do when business is slow? Rethink and reboot

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Okay, January has been sluggish as usual. Maybe February, too. But that’s no reason to lose heart. In fact, it’s the best time to review your business and set strategy for the future.

Here are six key ways to overcome the slowdown.

1. Sit back and review.

If it’s not working, change it. Be honest. If something is a dud, let it go. Simply clean up set up a winning team and a winning plan for the rest of the year.

2. Cut costs.

Lower contractor costs and ask staff to take extra leave without pay. You not only effect savings but also get the added bonus of everyone coming back refreshed, with renewed enthusiasm and new ideas!

3. Resourcing.

Students are a valuable resource that bring you the fresh perspectives at little or no cost. So bring them aboard. It’s a win-win situation.

4. Re-evaluate your customers.

Use the additional time to analyse your existing customers and develop a plan for them. Can you sell them more? Or perhaps something else? Are they happy with you?

5. Break the silence.

Tell people how great you are, stop being shy about it. Talk to the media. Spend more time on social media. Write blogs and articles. The gains from these could be better than those derived from spending marketing dollars.

6. Test new technology.

While business is slower, it’s a great time to try out new software and hardware, or revamp your website. Move accounting, documents, tracking solutions, analytics and data to the cloud. There’s no need to own any physical hardware or software any more.

Rohan Gamble is the founder and managing director of independent finance comparison website Mozo.com.au, which helps SMEs compare business banking. He previously founded and ran Virgin Money in Australia.

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