7 Things to do When Business is Slow
You have not reached the revenue estimate for the quarter, profits are in the fall, the trends in the market are not helping and it suddenly seems like you have no one to cater to. Don’t worry, it’s just one of the ebb-and-flow phases of business!
What do to NOW?
If you feel that at this point, your business is slow, the offices are not buzzing with activity as they had before and you feel dull sitting in the chair with hardly any work, it could just be a side-effect of the dreadful pandemic, an economic disruption that led to steep fall in the demand curve.
So, what do you do now? RENOVATE!
When your business is suffering from stunted growth, shift your focus to these 7 things that will make you grateful, when your firm is up and running again!
1. Examine your sales team performance
A period of slow business can give you a lot of time to properly look into the working of your sales team. Having a good rate of conversion (your average lying between 2.46%-3.26% ) is substantial, but you want to make sure that it is the optimum rate as well and your team cannot go any further than that.
You could either choose from the collection of analytical software available online or devise your own metrics to measure their success.
When you’re looking into these details, you can determine how much of your team hit the quota, your conversion rate, the revenue you earn, and also the amount of leakage that takes place from your sales funnel.
These statistics will not only help you determine the overall performance of your sales department but also show you the loopholes that need to be fixed, which you would have otherwise avoided on a busy day.
2. Redefine goals
When you are tracking the success of your business, you do it on the basis of reaching your monthly or annual goal, and the same goes for your professionals.
During times of decreased business activities, it is imperative that you check your goals. Changes in market trends are going to cause changes in business as well. And you don’t want your reps to feel overburdened or get a burnout due to the goals.
Consider redefining them to suit your current situation. You could also introduce other types of targets like meeting with mentors, closing deals, and other incentives to maintain the success rate of your departments.
3. Generate new leads
In the B2B sector, it is as important to keep prospecting potential clients as much as it is to convince them to convert.
Although it is the most straining part of the job for sales professionals, you cannot deny that it requires full focus and time, and what better time to put your sales and marketing teams to this tough job, than a period of leisurely transactions?
Get both of your departments together to prevent the pipeline from running dry. Try reaching out to existing consumers- increasing customer retention by 5% boosts profits by 25%–90%.
Analyze your buyer’s journey, revamp your existing content, send out new emails, build relationships over social media, introduce new webinars and eBooks and generate new leads that can give you a fresh start in this grim phase.
RELATED POST: Top 5 Best Strategies for B2B Lead Generation
4. Fix burnout
Yes, burnout. Sales Reps Spend Less Than 36% Of Time Selling, and more time on administrative and other tasks, and are still expected to hit the quota.
Maybe you have been too busy to notice lately, but a major section of employees in most companies face burnout – maybe frequently, maybe sometimes, but it has an overall effect on your progress.
When your business hits a low, your reps have more time to complete lesser work, and it is probable that this is a more relaxing phase for them. Utilize this to access their performance and mental happiness.
Conduct a survey to find out if they are happy, if they have adequate tools and mentoring sessions to achieve their goals. If you find that they are suffering from burnout, try to fix them because a burnout head reduces the performance and also impacts their health.
Slow business gives you space and inspiration to think about the ways you can better your business approach.
During relationship-building conversations with consumers, sales reps automatically find out the issues that your consumers or prospects face with your services. This is a good time to get their insights and work on your selling techniques.
Plan training sessions for your reps. 61% of executives admit that their sales managers have not received adequate training in sales pipeline management.
You can also brainstorm new techniques to improve the results of your existing products or add a new one to your basket or even research about business partners you could have a likely collaboration with.
6. Plan for future
No business works without a specific plan in mind – you do not go about wasting your resources on random people who are not even prospects. And effective planning needs time and lots of teamwork to materialize.
If you have a low business scenario, it means that a lot of your team is off the hectic schedule. Use this time to plan out your strategy for the future. Get your heads together and chalk out your post-recession options.
Use this time to build up relationships with prospects – it goes a long way in B2B partnerships and well, 51% of sales reps focus on it.
If you have
- decided on new sales strategies, discuss with your sales team, and estimate their results.
- a new plan for your content distribution, your marketing team needs to know about it beforehand.
- a fresh model on how to conduct your business after the pandemic leaves you in a panicky situation, work on it now so that you know how to act.
7. Recreate your marketing plan
First of all, if you do not have one, start working on one immediately, because, without a marketing plan, your firm is not getting anywhere.
Find out what is working for your products and what is not.
- Getting adequate leads from your social media?
- Getting good engagement on your content?
- Discoverable enough for potential prospects?
Answer them all and discover the glitches in your plan. Survey your consumers and build a buyers’ persona to strategize your attitude accordingly.
Slow growth period can prove to be an opportunity, especially your marketing and sales teams. Keep yourself busy and productive by learning new stuff, conducting skill refreshment workshops, or just taking a break. Use a few of these tips, plan out and gear yourself for dealing with the business in a better way.
But if you are too wary about the future, you can also reach out to professional B2B sales and marketing consulting firms for expert guidance. They can help you tap onto the weak bolts of your firm and make use of the right tools to help tighten them.
In the end, just remember this mantra and you will be ready to face it!
When business is slow, take the time to grow!
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