Our common sense says that a drop in revenue is a confirmation of a business going down. But, have you ever analyzed why and how do revenues suddenly drop? Is it your outdated tools or equipment or tired employees unable to perform efficiently? Or is it a fault in your products/services? To begin with, compare your current year’s revenue with that of the last year. It will indicate how many losses you are incurring. Also, keep track of your sales closing ratio against other time periods to determine. whether the percentage of closed deals has increased or decreased.
A decreased closing ratio indicates problems in the performance of sales and marketing efforts.Businesses with an online presence may notice decreased website traffic and higher bounce rates on their web pages. These are some prime symptoms of a slow business.
But what should you do when your business is idle? How do you keep your clients and customers engaged at times when you are down in the dumps? Let’s find out how.
1. Develop yourself professionally
While developing your business, it is vital to enhance your professional skills. You can register for courses on management, advertising, marketing. communications, human resources, and much more on websites. like Udemy, Hubspot Academy, and Alison. Read blogs by entrepreneurs and attend seminars, webinars, and conferences. to gain the latest insights on the industry and expand your knowledge base.
2. Improve your productivity by upgrading office tools
Time and productivity management are two vital factors that keep a business going. Speed things up by upgrading to new technology. Look for tools that serve as a one-stop solution like Picktime. It is an appointment scheduling & booking management software accessible via any web-enabled device.
Picktime offers a free online calendar service; sync it with external. calendars to prevent scheduling conflicts and monitor staff. schedules and appointments at all your office locations. Allow flexible self-scheduling of appointments to your customers via your customized. online booking page. Customers can pay in advance payments with credit cards, PayPal, and Stripe.
They will instantly receive automated invoices and feedback forms. after payment and service delivery. Keep reminding your clients/customers about appointments via auto-generated SMS and email alerts. You can also download auto-generated detailed business reports from your Picktime dashboard!
3. Analyze the performance of your sales team
Analyze your contacts in the CRM software when your business is slow and idle. Measure the efficiency of your sales team. Ask your sales team to gather details such as the location and company size of all potential clients. See how often your sales team is successfully closing deals. Find out shortcomings in the way you are using the CRM software. Be attentive to metrics such as sales outreach, sales productivity, lead generation, conversion rates, and so on. This analysis will be beneficial for decision-making regarding your sales and marketing efforts.
4. Do a competitive analysis
If your business is slow, there might be something wrong with your product positioning. Conduct a competitive analysis to determine better ways to position your product in the market. This analysis will help your sales team realize. how your products are performing compared to the competitor’s products. You will also get to know gaps in your offerings and what is lacking in your products/services. Find out about new market trends and how you can adopt them. Look at the competitor’s sales process to discover the loopholes in your marketing efforts. Also, find out new channels of marketing your products to reach more people.
5. Conduct brainstorming sessions
Your sales team will be aware of your customer’s fondness or disapproval of your products/services. Sit with your sales and marketing team to suggest new products. services to introduce or ways to reposition failed products/services. Ask your sales reps to brainstorm ideas for the product design team and marketing communication team. Determine the missing spots in your offerings. Discover how you can improve your existing products/services.
6. Network with other professionals
You should attend webinars, seminars, conferences, and industry events to engage. with professionals across various fields. You can also follow professionals on Twitter and LinkedIn. Pitch your business ideas to them, share your story, and send some work. samples and reports of past accomplishments to grab their attention.
7. Survey your employees
Your company operates because of the efforts of your employees. So it is crucial to know what is going on with them. Conduct online surveys for your employees. let them rate their level of satisfaction with the job. the technical tools they use, the salary package. relationship with managers, and opinion on other benefits.
8. Avoid burning your employees out
Even though you are looking at ways to accelerate business processes, it is crucial to rest and rejuvenate. Employees feel burned out after a tiring day at the office, and it negatively impacts their performance. Demotivated staff damages your work culture, so ensure that you keep your employees happy. Let them take short breaks. Offer them help and technical tools to speed up their productivity. Let them take a day off if they are not feeling well.
Follow these steps to restart your business with a new zeal. Remember to take it slowly instead of moving too fast. You would never want to exhaust yourself and your team. So, your goal should be to grow better, not necessarily faster.