It
is said that there are three types of business. Those that have had tough
times, those that are having tough times, and those that are going to have
tough times.There have been various terms to describe business in the Upper
Market over the last few weeks and some of them are unprintable, but
“diabolical” probably comes closest.
Before
we start this little guide on how to react in tough times, let’s state
something important up front - this not about you or your product. This is
about poor consumer demand and we are all experiencing the same thing -
reasonable crowds producing very little sales.
So
how do we occupy ourselves (and keep our sanity) when we are feeling unwanted
and unloved?
1.
Keep busy- Inactivity is catching
and we don’t want customers to get the impression that our offer is generally
unappreciated. According to one business advisor, most businesses leave around
25% of their tasks incomplete. You could tidy up displays, dust, repair, and
replace. You might use quiet times to update your price list, take photos of
your products and put them on your website or Facebook page. The list goes on.
2.
Treat your customers well- I know, this can
be really hard. After all we are feeling un-loved. The good buyers are missing,
and this lot seems to be wasting our time. But it is not their fault, and at
some stage they will return as buyers. It is important that we leave the right
impression.
3.
Plan your next holiday - seriously,
exchange this feeling of neglect for something far more positive. In fact,
maybe plan a quick break straight away. There is nothing like a good break from
work to refocus and adopt positive action.
4.
Be careful who you listen to - there are
plenty of unsupported views on why business is quiet. Often they involve
blaming somebody else. There are a lot of things that can impact on business
but essentially, and right now, it is just low consumer demand.
5.
Strategise - you might be the type who
works best under financial or emotional pressure, so get creative and start
planning some new strategies - new products, new marketing, new merchandising.
Even if the buyers return fairly quickly you stand a better chance of
attracting a wider audience with some new offers.
6.
Consult a mentor - we have a structured
mentoring program for traders at QVM and it makes good sense to take advantage of it.
7.
And perhaps the best strategy of all is to
plan what you will do when the upturn comes - it will happen.