Business Survival Tips: Small Business Slow Times
Slow Business
Small business, slow times, two phrases when together risk a business’ survival. Slow business and lagged periods and performance in customer activity can come from many factors, whether it’s product seasonality, a worsening economy, or an increase in competition. Business slow down can be particularly concerning and difficult for small company owners as they have more risk and are more concerned about survival.
Business Survival Tips for Company Survival
But instead of worrying about how business is slow, owners can instead focus on how to lean out their activities to minimize costs and still make a profit; in other words, focus on company survival. Looking back at your organization’s structure, what are some costs that you can do without? Focus your analysis to include your slowest business months in particular as that can help you plan ahead for when business is slow!
Key to Small Business Survival
Another thing small company owners can do is to compete using good customer service. While slashing prices and decreasing your costs might not be viable for your company, try to maximize the efficiency, value, and quality of your services. Additionally, periods with less activity are a great time to train your employees for future success. The key to small business survival and success is not just to think ahead, but also to think strategically.
To read more on how to make the best of slow periods, read this article by the Financial Post.
