Make the Most of a Business Slump May 21, 2020 With most businesses, there are busy seasons and slow seasons. If your business is seasonal and usually experiences a slower season, don’t let the slump get you down! You can take advantage of the time to prepare and better your business for what is ahead. Check out these ideas for maximizing the slow season: Put Time Towards Your Biggest Investment – Your Employees During a slow down is the perfect time to refresh your employees on training. This could mean adding a new requirement that will boost customer experience or even offering more advanced training for your veteran employees. Putting time towards your employees can help boost productivity, job satisfaction, and morale. Interact with Customers/Use Feedback Your business likely responded to feedback, both positive and negative, in real time, but now with this extra time you can focus on using that feedback to make any necessary improvements. You can also take any positive feedback you received and post it to your social media or website. Lastly, many customers appreciate the personal touch they get from small businesses they work with – now could be a good time to reach out to customers to check in, provide updates, etc. Promote Your Business/Sales This is a good time to assess your marketing strategies from the past year and to see what is working and what isn’t. You can also refresh your website and social media channels. Social media marketing can take a lot of effort, so you could use this time to build up a large bank of content to use for the rest of the year. It may also make sense for you to promote an off-season sale, to help move merchandise during the slump. Prepare for the Upcoming Busy Season Planning ahead now can help ease burdens and stress when things become hectic again in the future. Preparations can look different for each business, but consider checking your inventory and stocking up, planning for future sales and promotions, reviewing your budget and employees’ schedules, etc. This is also a good time to prepare for any hiring you will need to do to be fully staffed during the busy season. At the end of the day, all of these efforts tie back to protecting your business for the future. OKFB can be your partner in protection, check out our commercial policies and our newest addition of the businessowners policy, specifically crafted for certain types of small businesses.