Surviving a business slowdown is possible by addressing factors within your control. It happens to the best: the boom/bust cycle has hit your business. Maybe it caught you off guard.
While factors such as the economy are beyond your control, there are factors within your business you can control. Surviving a business slowdown is one key to your long-term success. Let’s take a look at some strategies that could help revitalize your business:
Start by identifying the factors within your control, and asking yourself a series of questions to jump-start your problem-solving process. Asking for feedback from trusted colleagues or mentors is another avenue for identifying any problems areas in your business.
Have things changed within your niche? Have there been any negative client experiences that may be affecting your reviews and referrals? Is there an area of your business you can expand upon to generate more income?
Once you zero in on the problem area, you’re able address the source of the slowdown. It might mean expanding beyond your niche, or earning additional certifications in your area of expertise. It might mean being open to less-than-ideal feedback from clients. In other words, use the down time to assess the trouble spots and put effective solutions into place. Slow periods are also an excellent time to explore other income streams in addition to your current business.
Revisit Your Marketing Strategy
It might be time for a marketing strategy overhaul. Part of surviving a business slowdown is taking a flexible approach to all aspects of your business, including marketing. What may have worked last year may be a bust this year.
For example, social media algorithms are constantly changing, and your digital marketing strategy may need an overhaul.
Use this slow period to dig into free marketing resources, or reach out to marketing coaches and consultants who can help you jump-start a sluggish marketing strategy.
Whatever you do, keep marketing your business with current marketing strategies in mind.
Fine-tune Your website SEO
Make sure your website is visible online. While organic search shouldn’t be your primary source of clients, an SEO-friendly website will help clients find you. If your website hasn’t been refreshed lately, now is the time:
- Update the meta descriptions and tags on your blog posts
- Make sure your site is optimized for mobile devices
- Update any old blog posts with new tags, meta descriptions, and alt text on images
- Create some fresh blog content if you haven’t lately. Search engines love fresh content.
Weathering a business slowdown is key to your continued success, whether you’re a six-figure veteran or a newbie. By assessing factors within your control and staying current on the latest marketing practices within your niche, you stand a better chance of surviving a business slowdown.
If the thought of managing your own social media or tuning up your website’s SEO makes you cringe, we can help.
Whether you need one extra pair of hands or a full team, we’ve got you covered. From SEO whizzes to social media management gurus, we’ll match you with the perfect Virtual Assistant.