Lift Interactive

Tips for Handling Slow Business Periods

Here are a few ideas that might get you started.

1. Get a handle on your expenses. Often when times are busy, businesses take on extra expenses and when things slow down it might be time to get out the spreadsheet and figure out what can be trimmed.
2. Get better at your ‘trade’. Whatever it is you do, when it gets a bit slower, take some time to read more online tutorials, experiment with new technologies or even just practice.
3. Learn something new. Maybe it’s time to build on your skill set. Both from a business and a personal point of view, it makes sense to have more skills and abilities available.
4. Start social networking. Get out a meet people, go for coffee, have lunch—do whatever it takes to build your network. Social networking sites like LinkedIn, FaceBook and Twitter (I am here) can also be a great way to build your network.
5. Touch up or rebuild your portfolio. Contact previous customers and ask for testimonials, share your successes. Consider using a portfolio tool like the one we have built.
6. Look for passive income. Can you monetize your website? Can you sell something online?
7. Change your prices. You don’t have to drop your prices but you should take some time to step back and look at your pricing models. Perhaps you can offer “bundles” that could group together commonly requested services. Perhaps you can streamline some parts of your service offering to make it more attractive to new customers. Regardless of how you change your pricing, keep in mind that if the slow business period turns around, you will still have the customers that you created with these new pricing models. Be careful.
8. Get motivated. See what you can do to get your business motivated. It might mean looking for ways to have fun in the office or perhaps other incentives are needed. Even if you work on your own, reward yourself for big win so you can get motivated for the next one.

Hopefully some of these suggestions are helpful.

Posted by Tim on April 25, 2009 | Comments (0)

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