| v> | | | | of a slumpwhen you can identify a specific cause for |
| Every business experiences cycles of heavy sales | | | | it. Usually youwon't be able to identify a specific |
| volume andlight sales volume. Periods of light sales | | | | cause. That's becausethere is none. Most slumps are |
| volume are calledbusiness "Slumps". | | | | temporary and will eventuallyreverse themselves. |
| Some business slumps are predictable. Every | | | | However, don't ignore the problem andwait for it to |
| landscapingservice expects a slump in landscaping | | | | go away. It may take a long time and you canlose a |
| jobs during wintermonths. Their usual strategy to | | | | lot of business while you're waiting. |
| maintain a flow of businessin the winter is to | | | | WHEN THERE IS NO OBVIOUS CAUSE FOR THE |
| promote a different service such as snowremoval. | | | | SLUMP |
| For most businesses, however, slumps occur | | | | When a slump doesn't have an obvious cause, it's |
| withoutwarning and for no apparent reason. | | | | what I calla "normal" business slump. I've found the |
| Some slumps occur when you're spending the most | | | | best way toovercome a normal business slump is to |
| time, moneyand effort on promoting business. When | | | | take immediate actionto develop additional business |
| that happens, it'seasy to panic and start replacing | | | | fast. The additional businesssupplements the current |
| proven methods ofpromoting business with | | | | light flow of business andeliminates the impact of the |
| speculative ideas. This reaction isespecially hazardous | | | | slump. |
| for a small business struggling togrow. I know a | | | | Here are 4 actions I take immediately when I realize |
| business owner who almost lost her businesswhen | | | | I'm ina slump. You can implement these same 4 |
| she panicked and reacted to a slump in business | | | | actions in yourbusiness to reverse the effects of a |
| bysuddenly changing all of her proven advertising | | | | business slump. |
| messages. | | | | 1. Develop a special offer for existing customers |
| I've experienced many business slumps over the | | | | clients. |
| years. | | | | Use a short deadline so they must take immediate |
| Eventually I developed a simple procedure I can | | | | action orforfeit the special offer. Advise them of the |
| implementquickly to replace the business lost during a | | | | special offerusing a fast but inexpensive method of |
| slump. You cancopy this same procedure to reverse | | | | communication such asemail, faxes, postcards or |
| your business slumpswhen they occur. | | | | even phone calls. |
| The first thing to do when a slump occurs is to | | | | 2. Advise your recent prospects who did not take |
| accept it aspart of a normal business pattern. It isn't | | | | buyingaction of the same special offer. Use the same |
| signaling theend of your business. Don't panic. But | | | | fast,inexpensive methods of communication listed |
| don't be complacenteither. Give the problem your | | | | above. |
| immediate attention. Begin bytaking the following | | | | 3. Call your best customers and ask for their help. |
| steps. | | | | Explainthat business is slow and you want to use the |
| TRY TO IDENTIFY A CAUSE FOR THE SLUMP | | | | time toapproach some potential new customers |
| Determine if you can identify something specific likely | | | | clients. Ask them forreferrals. |
| tobe causing the slump. For example: | | | | 4. Temporarily increase advertising in media where it |
| ** A recent change in your advertising or | | | | isseen immediately (or almost immediately). For |
| promotionalactivity. | | | | example,website and ezine ads, newspaper ads, First |
| ** A direct competitor recently rolled out a huge | | | | Class directmail or postcards, radio spots, etc. |
| newadvertising campaign. | | | | Business slumps can be beneficial. Sometimes a |
| ** A major news event had a negative impact on | | | | temporaryaction you take to reverse a slump is so |
| yourindustry... such as the announcement of a | | | | effective youdecide to continue it after recovering |
| governmentinvestigation of business practices in your | | | | from the slump. Theresult is a permanent increase in |
| industry. | | | | your volume of business. |
| You can develop a strategy to reverse the effects | | | | |