No matter what kind of business you run, there can be times that are busiest and times that are quieter. There are often highs, lows, ebbs, flows, and everything in between. most of which we know, recognize and know are coming. Now is the perfect opportunity for some business analysis.
Many of the down times can be (more or less) predicted. For example, service-based businesses in the beauty industry are usually quieter in the early months of the year, but generally busy during the summer and Christmas season, when people are ready to ‘treat’ themselves.
Christmas can be a quiet time for other types of businesses, especially B2B. Product-based businesses on the other hand are often busy between September and December, but have quiet months in January, after the Christmas rush.
Whatever your business or when times are quieter. These moments can sometimes feel a little unnerving, to say the least. As business owners we believe we need to make sales, knowing what to work on, following this annual schedule (for those who have!). During lulls, we frantically start marketing and pitching left right and center in order to make a quick buck and stop this quiet month from turning into a lean month.
When you don’t feel like there’s much going on, instead of binge-watching Netflix or creating random new offers. it’s time for work on your business instead of in the.
So instead of flying by the seat of your pants and throwing spaghetti at the wall to see what sticks. Here are some examples of things you can do that will dramatically impact your business during these quiet months.
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Do the Numbers
Keeping an analysis of your numbers in business is extremely important, at any time of the year. But in quiet times, it’s a very good idea to perhaps consider diving deeper into these numbers so you can get a clear picture of what’s going on in your business.
This isn’t just accounting I’m talking about, profit and loss, inflows, outflows, etc. These may also include things like the number of items you sell, what you sell, who you are selling to and your social media details. Your repin is based on Pinterest, all the things you can potentially work on and start to understand what works and what doesn’t.
Also, taking a look at sales figures is a great idea to really get a full understanding of what the quiet times in your business really look like. You might think that June is a quiet month for you, but in reality, when you look at the numbers, you’ll discover that yes, there aren’t as many sales as you’d like, but maybe your social media following grows during this month. period?
Take a look, analyze and make plans based on your findings.
Analyze your audience
To generate additional income streams for your business, you need to fully understand your audience, your customers, your potential customers and the customers in your region. Sometimes it’s hard to find the time to really look at these things. to go into social media and look at those followers who like all your posts but have never bought anything from you. Quiet times are the perfect time to do this.
Come in and find out who these people are and what they want. Are they your adoring fans but have never bought from you because they’re your aunt or your Nan, so they’re not really your ideal customer?
Or is there another reason?
Do they fall into one of the three categories that all district customers fall into? DIYers? those who can’t buy because they can’t afford it. Or are they logistically unable to purchase because they are on the other side of the world or in a different time zone?
Look.
If you have 1000s and 1000s in common, you don’t need to worry about finding each one and identifying them by name, but understanding the common trends and threads that run through them all will help you make an informed decision about what kind of product you could create, digital or passive. One that is going to add an extra stream of income to your business and benefit you And they, long term.
Try the market
Offering to upsell a digital product idea is a great way to enjoy the quiet months and earn some hard-earned cash too.
The best way to qualify the market for a product is to get people to put skin in the game. To get them to invest in you, put their hand in their wallet and actually hand over their cash. Even when they don’t actually receive anything right away.
It’s okay to poll your social media group and ask what people might buy. But until they actually put their hand in their pocket, you don’t fully know if the product or service is actually going to sell or not. Presales are the way to do this, while injecting some well-earned cash into your business so you can go and build the product or service, without taking time away from paying customers.
Pat yourself on the back
It’s something we rarely do as business owners.
We don’t take time to celebrate victories.
We don’t look at our achievements and think, yeah, I did well there.
We let months go by, working away, tiring ourselves hard, but not necessarily recognizing the hard work we’ve done.
The quiet moments in business are the perfect time to look back, reflect, pat yourself on the back and think ‘yeah, that was a job well done’. While we are great at our own criticism and frustration and yes, there is always room for improvement. Consciously taking the time to congratulate yourself on things you’ve done well can be a huge boost to old confidence and morale!
Quiet times really are a great time to raise a glass, (whether it has wine or tea!) and say “yes, I do that and I’m fine!”
Don’t compare yourself to others. stay in your own lane and congratulate yourself. Whatever you do, just make sure you know you’re doing the right thing for you, your business, and your family.
And if you need support to make the next year the best it can be in your business and beyond, join us at Passive Business Academy and make it happen.
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