In business, it is common to experience the ups and downs. It is a world where everything is possible to happen. Just like during these uncertain times, running business is very much challenging. Many businesses are trying their best to stay afloat that many of them don’t even think of making big profit. There are many types of challenges every business may experience throughout their journey. These are often unprecedented experience for many businesses that make them even have the though if closing down.
What to do when business is slowing down
Business slowing down can be recognized through various red flags. For example, loss of revenue, reduction in sales leads, slow foot traffic, etc. Your business might not lose the revenue immediately. It may be a slow but significant process. You also need to do regular check on your sales team to see if there is any reduction in sale leads. Here are some of helpful things you can consider to try when dealing with your business slowing down:
Communicate with your employees
Don’t let your employees in the dark when your business facing a slow down in the moment. Allow them to ask questions and voice out their concerns. Make direct communication so their message is conveyed to you directly. Hence, you can address their concerns immediately and effectively. This kind of communication build trust between you and your employees, making them part of the solutions you are seeking together. Being transparent is necessary to do all the time.
Build open communication with customers
Aside from employees, customers are also important party you need to build communication with. They will be greatly affected if there are changes you need to make to navigate with your business slowing down. Be transparent by letting them know what is happening. This kind of communication shows that you are safe and clean business and that you will get back pretty quickly.
Talk with your suppliers
Your business is slowing down but you have to pay your bills still. However, if it is too hard for you to pay your business’s bills just like usual, talk with your suppliers to see if there is any way of flexibility. With the payment. You may ask for an extension or another payment plan instead. You also need to communicate with the bank to see if it is the right time to use your lines of credit. These attempts are necessary as ways to maximize cash on your balance sheet.
Before making any decision, it is best to collect metrics so you can accurately pinpoint the source of your business’s downshift. During this analysis, you need to find out your lead generation, active sales, sales channels, pipeline sales, as well as conversions. These are essentials to help you find the best decision to navigate the situation. Since it is the period of decreased revenue, what need might be some new strategies to build new sales and get the numbers back.