WHAT CAN A SOLOPRENEUR DO WHEN BUSINESS SLOWS DOWN?
A business slowing down is a common phenomenon. Can you anticipate it? Most of the times, it may be possible if the reasons are internal. However, in today’s dynamic world one cannot predict external environment. Sudden changes can create ripples.
Big businesses can take the slowdown in their stride and wait for better times. Cost cutting starts to save every penny. Wise companies with long term view send their employees for reskilling, may give them much needed holiday or revamp their machines. revamped.
Small businesses can have immediate consequences even to the extent of closing their business. If you are a solopreneur what can you do during the business slowdown period?
“And enjoy yourself little more, Do not be Serious, Life is not serious.”-Christiane Lemieux
Is your business slowing down like the graph below ?
Keep a positive attitude – remember who you are, visit past
successes, learn from mishaps, manage expectations, and get perspective.
II. Dream, build and visualize. Strategically reevaluate your business.
III. Get into research mode and write or update your business plan. Conduct in-depth analyses to better understand the market, economy, your customers and competitors.
IV. Become goal oriented – create a detailed list of goals.
V. Reduce expenses where possible – identify three areas of life/business where you can start saving money.
VI. Analyze your cash flow. What are your financial statements telling you that will help you capitalize on opportunities?
I. Send some handwritten notecards to clients.
Thank them, inspire them, give them some free business ideas or tips. You know … be amazing. It’s #TYTN (The Year of the Notecard) after all. Your clients will remember how much they like you and may hire you for something new.
II. Revamp your website a bit.
III. Is it time for updated sidebars, buttons, colors? Do you need to add more valuable links within your posts to direct your visitors to your additional helpful content and other sources around the web? They will help you look like a pro.
IV. Plan out your next blog post; try a style of post you’ve never written before.
V. You do have a blog, right? Also, if you’re at a loss for what type of post to create.
VI. Start a new project, blog, or collaboration.
VII. Most entrepreneurs and freelancers are good at more than one thing. Maybe you write engaging short stories–start a new blog. Perhaps you like to create healthy meals or give relationship/dating tips. A blog or collaboration could be just what you need.
VIII. Read a free eBook on 75 Ways to Help Your Brand Stand Out.
freedigital photos- by jscreationzs
Necessity is the mother of invention and sometimes forces humans to find a solution to survive.
1. The recent demonetization is a classic example. The small vendors and convenience stores who were used to dealing only in cash while selling vegetables and day to day necessities have suddenly switched over to POS machines as their businesses suffered.
2. Online sales with cash option on delivery is being offered when customers are reluctant to use credit/debit cards due to security fears.
3. Café Coffee Day (CCD) started offering breakfast and snacks as sales growth slowed down.
Anyone in business knows that there will be inevitable slowdowns: times when customers disappear, sales decline, and overall activity drops off. Whether it is a seasonal slowdown or an overall economic decline, your ability to survive depends on how you react when your business stagnates.
This is not a time to panic, but rather it is an excellent opportunity to take stock of your overall business. It is a time to evaluate what is working and what is not, a chance to formulate new goals and objectives, and an occasion to set new plans in motion.
Depending on his strengths, a solopreneur can take off at a tangent.
Business is cyclic in nature and always has peaks and valleys. Startups who are in B2B segment may be affected more. Being cheerful with a positive mindset and considering slowdown as an opportunity to rejig business and self-learning are the most sensible approaches.
Never say die is the attitude one should adopt during the difficult times.