Earlier, people considered a decline in revenue as an indicator that a business is going down in the dumps. But as studies on business and management have evolved, people have identified many more factors responsible for a slow-down. Researchers have also analyzed why and how revenues suddenly drop. Demotivated employees, lack of cutting-edge technical tools, failed marketing communications, and much more are equally accountable for an idling firm.
What are the key symptoms of an idle business?
- To find out, you can compare the difference between your current year’s revenue with that of the last year. It helps to calculate the losses you are incurring.
- Measure your sales closing ratio against other periods. See if the number of closed deals has increased or decreased. If it has decreased, you need to reform your sales and marketing strategies.
- If your business has an online presence, measure website traffic and bounce rates through tools like Google Analytics. A higher bounce rate indicates poor customer engagement.
Now, let us look at productive things to do when your business is slow and idle.
1. Adopt new technical tools
Simplify daily business operations through an online appointment scheduling & booking management solution such as Picktime; it is accessible via any web-based device. Picktime offers a free online calendar service for 24/7 monitoring of staff schedules and appointments at all your office locations. Let customers flexibly self-schedule appointments via your customized online booking page. Send automated email and SMS reminders to customers to reduce no-shows. Accept advance payments with credit cards, PayPal, Stripe, or Square. Instantly raise invoices and send a feedback form after service delivery. You can also download detailed business reports from your Picktime dashboard!
2. Focus on personal branding
Other than marketing your business, work on establishing yourself as a brand. Tell business stories at industry events, write blogs, be active on social media, and put forth your perspective on varied issues to become an opinion leader. Gaining public recognition will help you earn more opportunities.
3. Measure your sales performance
Examine the efficiency of your sales team. Let your sales team access the contact details of potential clients and customers, and accordingly, pitch the products to them. Track the percentage of closed deals.
4. Engage with other professionals
Attending seminars, webinars, and conferences will let you interact with professionals across various industries. Also, ensure that you connect with them on social media platforms like Twitter and LinkedIn. It will help you gain new perspectives on managing your business.
5. Conduct employees’ survey
Employees are the heart and soul of a company. It is your responsibility to keep them happy for the best output. Conduct online surveys and let your employees voice their concerns and rate their level of job satisfaction.
6. Study your competitors
Learn from your competitor’s success. Conduct a competitive analysis to determine your competitor’s strengths, weaknesses, and understand their product positioning and marketing efforts. This analysis will help you realize loopholes in your offerings.
7. Brainstorm ideas together
Your sales and marketing team knows about the current performance of your marketing efforts. So, conduct brainstorming sessions with them to get unique ideas on product development, improving customer service, or strategizing marketing efforts.
8. Rest and relax for better results
Avoid burning out while working towards progress. Tired minds can never function to their full potential, and that will prevent fresh ideas from coming forward. It also destroys your work culture. So, ensure that you take short breaks in between work. Offer assistance to employees if they are stuck somewhere.
9. Engage in charitable work
People put their faith in socially responsible companies. So, make sure that you do your part for society. Volunteer for charitable events and collaborate with non-profit organizations to work on social issues and help the community.
10. Maintain your office space
The slightest change in your office will encourage your employees. Whether you are renovating your restrooms, buying new furniture, or installing a vending machine, make sure to support good hygienic conditions in your office space.
Consider these solutions to regain control of your business and to bounce back stronger. However, do not make hasty decisions. Go slow, observe, learn, and adapt. Remember to not exhaust yourself and your team in the process.
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