Every business goes through ups and downs. No business, no matter the size and style, is exempt from hitting bumps and slumps along the way - whether it be as a result of economic climates, general lack of revenue retention, or internal/external forces.
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Here are some tips and tricks that could help with avoiding the potential slumps this silly season:
1. Stay Inspired
If you’re in a slump, you’re likely to deliver below-average work. Delivering work of a substandard quality will make for unhappy clients, which is bad for business (and the bottom line.)
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Find ways to energise and inspire yourself daily. Whether it’s spending time with family, picnicking in the garden, heading out for a cup of coffee –do something that will re-ignite that fire.
2. Become budget smart
Often you’ll find that you’re going over budget and because you’ve become very comfortable in your day-to-day dealings, you’re probably using more money than you should be. Avoid this by becoming budget-smart – keep track of where, and on what, you are spending.
In times of a slump, try and increase sales as much as you can. Sell, sell, sell and when you are done selling, sell some more. Look at the low-hanging fruits and try and upsell to existing clients. In most cases it’s easier to sell to a client that already knows your business rather than pitching and selling to new clients.
4. Pay the bills
During times like these when things are tight, try and get your clients to ‘pay the bill’ on time. In most cases, especially in small businesses, you’ll find that companies go under because of bad cash flow practices. So try and get all of your money paid up front (or most of it, if possible.) It’ll ease the pressure off you and prevent a cash-flow problem.
Related: Experiences trump products this festive season
5. Stay atop of planning
It may be hard, but plan ahead as much as possible. Preparation is key. Plan a day in advance to see how you can optimise your time during a potential slump.
Plan ahead for the following week too - you never know what business you might land. Plan for post-slump, and make note of how you will prevent being in that situation again.
6. Identify/Find the cause
You will eventually turn your business around and level out as it were – beating the slump. But the key thing to understand, is how you got yourself there in the first place, to try and prevent it from happening again. Plan around those scenarios and create key indicators for the future.
Related: Take multiple roads this festive season
You will find that you once you’ve hit a slump, you end up thinking differently, and will apply those survival methods on a day-to-day basis. Stay inspired and keep selling.