As any business owner knows all too well, nothing is certain, everything is a risk and no one has a crystal ball that’s going to show you exactly what’s going to happen in the future.
This means that sometimes your business can experience a drop in sales and often these can come at unexpected times.
Typically, when sales drop, most business owners default to retreating and cutting costs. However, this is actually the time when you need to accelerate. The most important thing you can do in periods of slow or low sales is to invest more back into your business.
Knowing which parts of your business to pump more money, time and resources into can be challenging. So we’ve curated five top areas to invest in when your company needs an extra boost. This advice will increase your brand awareness and visibility to your target audience. It will also give a much-needed moral lift to you and your team.
Investing in your own business can help to abolish any doubt about your business that typically surfaces during slow periods. Plus, it will give your business a shot of energy and positivity to turn it around and build those sales right back up.
Turn a down period into an opportunity to take a greater share of the pie.
Training and development
As a business, it is your responsibility to take time to learn new skills, develop existing ones and to be at the forefront of what’s going on in the industry in order to best serve your clients or customers.
If you’re finding your sales are low, one reason for this could be because your competitors are providing a better service and your customers are turning to them. In this case, you have no choice but to invest in training and development and make sure you’re providing your customers or clients with the best possible service you can. Otherwise, simply put, they’ll take their business elsewhere. Your business is made up of professionals who are there to develop and better your company. It is vital to invest in your team to ensure you continue to invest in your business’ future. You need to be providing them with constant training and nurture their professional development so they can be the best for your business— especially when sales are low and your business needs an internal lift.
A business coach
It’s easy to scramble around and make decisions without a strategy, which is understandable — you’re desperate for a solution. This is where a business coach takes the compass and directs you back on track towards your goals and long-term sustainability, making sure you don’t make any rash decisions and that you’re investing your money, time and resources wisely.
A business coach will keep your eye on the bigger picture and ensure you’re working on the business growth and not just the day-to-day operations that can bog you down.
SEO and online presence
Whoever your customers are, there’s a high chance they are searching online to find you — because everybody is (even your grandma, believe it or not). It’s therefore imperative that you invest in SEO and your business’ online presence in order to be seen by your audience.
To increase sales, you need to increase your business’s brand visibility to the right people while also ensuring you look attractive to them. A positive online reputation will help you to achieve this. Allocating time and resources to building your online presence cannot be understated in the current digital climate. When someone needs your business, they’ll find you online and they’ll judge you based on what they see — in other words, Google reviews, blogs and your interaction with the public on social media.
A sure way to drive sales up long term is to invest in SEO and to polish all of your online channels: your website, YouTube channel and updating your social media pages with regular and relevant content.
A good PR strategy will increase your brand’s exposure, have great SEO benefits, increase your business’ credibility in its industry and create a positive image of your brand with long-lasting effects.
With the digital space growing and more every day, your customers are doing their research and shopping around before choosing where to take their business. Therefore, it’s important you’re playing a long-term PR game, not just employing short-term strategies to get people through your doors. You need to put your business’ image in as many places as you can to create a credible trusted image of you and your business.
Running a business takes a lot of effort and energy, especially when you hit a fork in the road. It’s imperative you focus on your own wellbeing so you can sustainably drive that energy into your business. Eat a well-balanced diet, breathe, sleep well and treat yourself to a massage or anything that helps you to unwind and relax. It’s impossible to make sound decisions when you are stressed or burnt out.
All of these tips will boost your overall sales in the long run and, more importantly, lift morale. Sometimes running a business can be a lonely journey, so make sure you are connecting and sharing with as many like-minded people as possible and are seeking out the support you need. Then naturally, over time, sales will start to flow and your business will be back on track to flourish and thrive.
You can help us (and help yourself)
Small and medium businesses and startups have never needed credible, independent journalism and information more than now.
That’s our job at SmartCompany: to keep you informed with the news, interviews and analysis you need to manage your way through this unprecedented crisis.
Now, there’s a way you can help us keep doing this: by becoming a SmartCompany supporter.
Even a small contribution will help us to keep doing the journalism that keeps Australia’s entrepreneurs informed.