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Business Growth: What To DO When Business
Is Slow
By Tito Philips,
Jr
Business will be dull whether
you like it or not, so get used
to it! Sometimes, if the cause
is within your control, you
could do something about it. At
other times, when things are
outside your control, there may
be nothing you can do.
Fortunately for you, this
unusual article is about the
things you can do when business
is dull.
The highs and lows of
business
In everything in life, there
will be highs and lows. Business
likewise, is no exception. There
will be high sales periods as
well as low sales periods, both
periods are necessary for
maintaining balance in business.
Both are necessary forms of
feedback and any serious minded
entrepreneur should focus on
making the most of both periods
whether highs or lows rather
than choosing one over the
other. This is a fact of life
and its better you get used to
it and learn how to make the
most of it.
As humans, it is only natural to
think in dichotomies; positive
and negative, good and bad,
black and white, high and low,
hot and cold, pain and pleasure
and all others. The truth is
this; we need both shades of
dichotomies to maintain balance
here on earth. Those things we
refer to as unpleasant are
actually the ones that make us
better human beings.
After all, we are creatures of
feelings, and the unpleasant
ones tend to drive home the
point faster than the pleasant
ones. In other words, we learn
better from our mistakes than
from our victories. The same
principle applies to the
business world. You cannot have
one side and reject the other;
both are necessary and have
their benefits.
Somehow, entrepreneurs don't
seem to have any problem dealing
with high sales periods; after
all, we don't ever get tired of
having more. But when it comes
to the low sales periods, all
hell seem to break lose. This
unusual article is about knowing
what to do when business is dull
or slow. It will help you make
the most of the low sales
periods every business usually
encounters every once in a
while. It is very important to
know that some low sales periods
are self inflicted and others
are not. I have decided to write
this because one of the
businesses I run is currently in
this phase and I am becoming a
better entrepreneur as a result.
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Tony's
General Info |
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Gender |
male |
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Location |
St.Catharines,
Ontario,
Canada |
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Profile
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719 |
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Friends
Member
Since:
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Sunday,
December
05,
2010 |
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Strategic Actions To Take During Low Sales
Periods
1. Diagnose
When things don't seem to be working out
well in terms of revenue for your business,
it is an indicator that something,
somewhere, somehow is wrong. So, the first
step to take is to trace the source of the
problem. Meaning, take the pain to find out
what is responsible for the low sales you
are currently experiencing in your business.
What I have seen most entrepreneurs do when
they are experiencing low sales is to lash
out frantically looking for a 'quick fix'
solution to the problem of low sales. I
refer to this kind of response as taking
wrong actions. In other cases, they simply
respond by doing nothing believing that
"this little affliction is but for a
moment." I refer to this kind of response as
inaction.
Whether you responded wrongly or you didn't
respond at all, both are inappropriate
responses to the problem of low sales.
Folding your arms doing nothing won't make
the problem go away, and taking the wrong
actions would only end up complicating
matters. So what do you do?
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Like every Physician, you
diagnose before you prescribe.
First find out the cause of the
problem [diagnose] before
implementing any solution
[prescribe]. Spend time on the
problem and let the problem give
you a clue on what to do. Or
else, you might end up treating
symptoms rather than the actual
disease. Then before long, the
problem is back again. Remember,
your objective is to solve the
problem by understanding the
root cause.
As I have mentioned earlier;
whether high or low sales
period, both are reliable forms
of feedback for any business.
High or low sales are not
accidental; they are outcomes of
certain factors. These factors
are of two categories;
· Internal Factors: they
are set of activities,
behaviors, policies, strategies,
and all other changes that occur
within the walls of a business.
They constitute the internal
working environment of every
business and are usually the
making of either the management
or the employees. Internal
factors are classified either as
strengths [positive
organizational changes] or
weaknesses [negative
organizational changes]. These
factors if they are the cause of
a low or high sales period are
in most cases controllable and
can be adjusted to alter
whatever sales period your
business finds itself.
For instance, if the employees
of a business are performing at
their very best, making sure
every customer's expectation is
being exceeded every time they
come in contact with the
business, this can tremendously
boost the sales of the business
as it generates positive word of
mouth for the business that
eventually increases sales.
In the other hand, if the
management initiates a drastic
policy or strategy that will
affect the performance of the
employees negatively, this will
in turn affect the level of
satisfaction customers will get
from the business. On the long
run, a negative word of mouth is
created and sales will
eventually drop as a result.
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Implying that, whatever changes that
occurs internally within the walls
of a business, can potentially
increase or decrease sales depending
on its overall impact on the
employees and eventually customers.
This is why I emphasized that high
or low sales periods are very vital
forms of feedback for every
business. Never underestimate either
of these two sales periods; they are
great learning periods for
entrepreneurs and the businesses
they run.
· ExternalFactors: they are
the set of activities, behaviours,
policies, strategies, and all other
changes that occur outside the walls
of a business. They constitute the
external working environment of
every business and are usually the
making of the government, society,
economy, nature, technology,
culture, competition and so on.
External factors are classified
either as opportunities [positive
environmental changes] or threats
[negative environmental changes].
These factors if they are the cause
of a low or high sales period are in
most cases uncontrollable and will
be a lot harder to influence in your
business' favour.
For instance, imagine what happened
to the typewriter businesses when
the computer was invented? This is a
classical case of technology as one
of the external factors at play in
determining the low sales period
every one of those typewriter
businesses experienced during that
era. In fact, the advent of computer
didn't just alter the sales of
businesses, it completely
annihilated those businesses.
Such is the power and effect of
external factors on businesses; they
are very uncontrollable in most
cases. Most especially for the
businesses that didn't diagnose
early to find out the cause of their
low sales when computers started
gaining prominence as a better
alternative to typewriters.
In every high or low sales periods,
at the very least, one of these two
factors must definitely be at play.
Your task as an entrepreneur is to
dig deep to uncover the factor or
factors responsible for whatever
sales period your business is
experiencing.
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ABOUT THE AUTHOR:
My name is Tito Philips, Jnr. I'm a Nigerian and I'm MAD - Making A Difference! A People, Business & Life developer. I write, speak, coach, train & consult on how people, businesses & lives can be SIGNIFICANT - different [unique] & making a difference [useful]. I do this by helping them escape the deadly trap of SURVIVAL by empowering them to make that needed transition into the enviable status of SIGNIFICANCE. Read more about my thoughts on life here http://MADphilips.com and more about my thoughts on business and entrepreneurship here http://naijapreneur.com Feel free to connect with me on Twitter @MADphilips
Article Source: http://EzineArticles.com/6296365
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