What To Do When Business Is Slow
Originally Posted 8/5/22
When I started my notary and loan signing career, it was at the tail end of the crazy interest rates with refinances flying left and right. You know, the real estate market we just left? I didn’t have to do much to be very, very busy. I think every industry experiences moments or months, or years like this. It's incredible how a new business can grow faster in markets and seasons like that. However, seasons are, by definition, not permanent. They move, they shift, and they change. So does business, or rather, the quantity of business. Slow seasons are a thing. Today I want to share some impactful tasks and actions you can take during your slow season to get your business in the best position to ride the economic and social ups and downs.
Don’t wait for the phone to ring.
I am not sure why this point needs to be said, but it needs to be said. If you are a business whose ringing phone means potential business, answer your phone. If you have posted business hours, you should be available by phone during those hours. Of course, if you are with a client or in a meeting, you will not answer. What I am talking about is the other times, the free time. 95% of the people who hire me say- “I picked you because you answered your phone,” among other things. So, not a complicated tip but one that everyone seems to need a reminder about. In addition to answering, your voicemail must be a call to action when you can't. Tell them where they can book you directly or that they can text. Give them the option to hire you.
Expand your industry knowledge.
When the work isn’t flowing in, one of the things you could and should do is learn and grow. We should never be done educating ourselves. As a notary, there is a never-ending amount of things to learn, and I can craft my knowledge to offer more expert services. Socrates said, “Education is the kindling of a flame, not the filling of a vessel.” You can’t learn or grow enough if we stay just as we are with what we know- you are doomed to end that way. I don’t want to end with what I already know. I am a voracious learner and will take every opportunity to learn more. You should too.
Networking is a requirement.
I have written about the importance of networking for your business here. I want to pound the drum and blow the horn on this topic. Downtimes are the perfect time to research more networking opportunities. Networking is about building relationships, but the kicker is that those relationships can grow your business, bring business, and make you known in your industry and community. An African proverb says, “If you want to go fast, go alone. If you want to go far, go with others.” I love this because it's true. The speed of success means nothing without staying power and longevity. That's what keeps us current and steady in any economic time.
Revamp your marketing plans and procedures
When working and working and on a roll, keeping our marketing strategies and plans up to date seems unimportant. What about when your business has slowed down? I think it's the perfect time to revamp and reevaluate your marketing plans. It might seem counterintuitive to continue marketing or put more money into marketing when the bills are barely paid. But Henry Ford said. “Stopping advertising to save money is like stopping your watch from saving time.” What do you think that means? I know you know what it means. If we want to continue to move forward and remain or become profitable, we need customers or clients. How are you supposed to get those customers and clients when the world is inundated with the noise of ads and marketing- but you're not? This is the time to be strategic with your marketing plan and the money you are putting toward that. It's not a time to stop altogether.
Get your social media game on point.
I have to be honest with you; social media is my least favorite task that I have on my plate for my business. The second my time is better used elsewhere, I will hire this part of my job. Let's assume you don’t have the budget to hire your social media marketing and management like me. So you are stuck with it. We could look at it like that, or we could look at it as another marketing tool and opportunity. Some devices can make it easier; I will bend backward to keep my subscription to Hootsuite. It allows me to spend one or two days a month creating, curating, writing, and planning all my monthly social media content. I schedule it and move on. There are many benefits to having a robust social media marketing system and campaign. “ Social marketing eliminates the middlemen, providing brands the unique opportunity to have a direct relationship with their customers.” — Bryan Weiner, CEO, Comscore. Just as networking is about relationships, so too is social media marketing. This is a direct link to your clients and your future clients. If the business is slow and you aren’t yet on most social media platforms, there is no better time to get started, and I would say you’re already a little late.
Grab all the low-hanging fruit that you can.
In any and all businesses, I believe there is what many like to call “low-hanging fruit.” This means taking advantage of the resources that give you quick and easy access to your clients; for many in my industry, that means having an optimized Google Business profile. In addition, it means optimizing all platforms like that. They are free and, if used appropriately, can increase your revenue while making you more visible and searchable. Other platforms you should be working with include but are not limited to, LinkedIn and Bing Places. There are others, like Yelp, but you need a robust budget to make that work well for you. You need a marketing budget on these platforms but don’t need to spend a fortune. However, the more you spend on advertising, like with Google, the more exposure you will get, translating into more business. If you aren’t sure how to optimize these platforms, many books will help you.
Get Known- Stay Top of Mind
One of my mentors has a course that helps you learn how to get known and stay top of mind. These are two separate actions, but they go together hand in hand. Getting known will happen if you do the previous steps. In addition and even more critical than those previous steps is to talk about your business. You would be amazed how many people will want to help you succeed if they know what you're doing. So talk about it. Staying top of mind, however, requires dedication and follow-up. You can go door to door and market your business or service, but if you never follow up with those you visit, your business card will undoubtedly end up in the trash, and you will never get a call. Author Andrew Dornenburg said, “ Follow up two or three times. They'll remember your name when it's time to call back.” Leadership Author and Pastor John C. Maxwell says this about the follow-up, “ Diligent follow-up and follow-through will set you apart from the crowd and communicate excellence.” The bottom line is- if you want to get your business busy again, you have to spend time tending to your contact list and staying top of mind by following up often. And listen, you need to follow up with content and quality; this is not just an opportunity to call and say hello. Take the time to investigate the best ways to do this. It won’t be hard to find information about it.
Do not embrace slow days. Move the needle forward
My last tip is simple, but it means taking control of your mind. When the phone hasn’t rung in days, and there are no appointments on your calendar and no sales in your book, it's common to wake up and think, “ I don’t have anything to do; I will just take a day off.” Don’t do it. I mean, days off are great, but when business is slow, it's your time to kick it into high gear. The hustle is part of what makes a business successful, and there are so many things you can do during downtime that will create income soon. Speaking from experience, it is a slow season for me. However, I am doing everything I listed here for you and investing my time into continuing to move forward and bringing my business along with me.
You can accomplish many things when business is slow, and I hope today's blog post helped inspire you if you are in that season today. Please feel free to reach out with any ideas, thoughts, or questions.
Till Next Week,
Jennifer K Cooper, JKC Mobile Notary
559-212-4706
