Quiet business months happen to us all. Typically these strike after the festive period, as people get back to work and have to save up some money again. And that’s normal – there’s nothing to worry about there! But as a small business, you can notice them happening more frequently across the year with seemingly no reason. It can be both frustrating and stressful, especially when trying to maintain a base profit level to keep your business afloat and provide yourself with financial stability.
Even regular customers stop coming through for a while, and you’re not sure how to bring them back or try to target new leads. But that’s what this post is here to offer advice on. A slow month or two can damage your profit line, and you need to invest in creative thinking to get things back on track.
Research Your Industry
Never dive head-first into a new money-making method without checking the trends in your industry first. Without a bit of key research, you’ll waste time and money and be right back to square one without even realizing it! So start with your local market movements; where’s the money going right now, and who’s still enjoying success?
Depending on your industry, these questions may take time to answer. For someone working in insurance, you can check out various insurance industry trends, but for someone with a crafts business, it can be harder to track shopping habits. Get on social media, talk to your network, and uncover any recently published research that could be helpful.
Lower Your Prices
This might seem the opposite of what you want to do now, but it can attract many new customers. Your business needs to move with the times, after all, and if wages are low and inflation is high, adjusting your prices to suit best practices.
You can run sales, you can offer exclusive discounts, but a company-wide price markdown will target the most customers possible. It might incur a slight loss in the short run, but it’ll prove you’re a company that cares about those it sells to, which wins you big money in the long run.
Innovate a New Product
A new product might be the one thing your customer base is looking for right now. They can put something new, exciting, and appropriately functional to use in their lives! Because a quiet month could result from a dried-up product line, get back to the drawing board, get feedback from shoppers, and innovate something new.
Whether it’s a complementary item, they’ve been asking for ages or something you’ve wanted to release for a long time, a quiet business month is the best moment to generate some hype. You need money, your customer base requires a new focus, and a bit of creativity can draw the line between the two.
Quiet or slow business months are a common problem. Make sure your small business uses these times as a learning period rather than a time to sink. It can be a great motivation to iron out any problems you might have behind the scenes, to invest in the areas you’ve been putting off, and to ensure that your business is more stable over the coming years.
