Helpful Strategies for Managing Your Business During Tough Times
If you own and operate a business, you have undoubtedly witnessed the reality that the market is often cyclical. In some industries, certain times of the year are busier than others. For example, if you run a business that provides educational resources and tutoring, you are going to be the busiest during the school year. In other sectors, your company’s operating tempo may be dependent on factors such as commodity prices, consumer confidence, and the health of the global economy. A real estate agency, for example, may experience harder times when consumer confidence is low and people, in general, are not willing to spend as much on a new home.
At our law firm, we know as well as anyone that the last 12 months or so have created unprecedented challenges for many businesses. We also realize that business cycles are very real, and while the upside of a cycle can be exciting, the downside can be very disheartening. Many business owners struggle to find ways to remain productive during slower times, but there are some things you can do to keep your company moving in the right direction.
Develop and Strengthen Your Social Media Presence
In today’s world, most successful companies have a presence on at least one social media platform. Having a Facebook or Instagram account, however, is not enough, especially if you are experiencing a business lull. Use the time between booms to expand your visibility on social media. Create a schedule for your social media marketing plans over the next few months.
If you use social media to write original content about your business or industry, write several pieces ahead so that when business picks back up, your social media feeds will not run dry. There are a number of automated tools that allow you to set your posts up in advance so that you can go back to running the business when you are needed.
Expand Your Personal and Professional Networks
There are business networking events in almost every community on a regular basis. They may be hosted by local growth partnerships, non-profits, or even other businesses, and they can be a place to initiate new business relationships. Some networking events can be kind of stuffy and rigid, while others are loose, casual, and actually fun. If your business is slow, you have nothing to lose by putting yourself out there a little bit. In 2021, more and more of these events are being held virtually.
When you are participating in such an event, do not focus too hard on selling your business; focus on the relationships instead. People are more likely to remember your name and your brand if they recall a pleasant experience rather than a hard sell. Keep track of any contacts you make as potential leads for the future.
Educate Yourself and Your Staff
During the downturn of a business cycle, you could use the slower period to learn. You could learn about the state of your industry, how to improve as a business owner, or the best new tech tools for your company. Depending on your field, continuing education may even be a requirement for your licensing or certification, and this could be a good time to work on fulfilling those requirements.
A slow period could also be a prime opportunity to upgrade your company’s computer hardware or software. Consider organizing formal training for your employees so that they can make the best use of the new resources. When business picks back up again, you will be ready to hit the ground running.
Let Us Help
When you are experiencing the bottom end of a business cycle, it can be frustrating and disheartening. The skilled Naperville business attorneys at the Gierach Law Firm can help you make the most of your opportunities for growth. Call 630-756-1160 for a confidential consultation today.