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What Do You Do When Work is Slow in a Down Market?

October 15, 2015

Every business owner has experienced a down market. Here are some helpful tips to help you stay active.

Look for Opportunity

Having the ability to see opportunity before your competition can help you gain a competitive advantage, even during slow times. One way to combat lack of work is by asking for more. Revisit your pricing and services, and if there’s room, adjust to gain more business. Also, take a deep look at your current service offerings. Are you noticing any niche trends in your industry? Can you diversify into other areas affordably and potentially increase profits?

Be Proactive

Running a successful business is a lot about networking and treating people right. Don’t be afraid to reach out to your contacts and build stronger relationships. Sometimes, a simple phone call or an email can lead to more work in the future. Use the slow times to re-establish yourself and your business.

Prepare for Tax Season

Slow times give business owners an excellent chance to update books and prepare for tax season. It’s not always fun, but when you take a closer look, you’re likely to see areas where you can improve your business.

Marketing & Education

Find new ways to market yourself online and offline. Aside from traditional networking and advertising, you can present your services with a simple website very easily with website building tools from GoDaddy, Squarespace or Wix.com. Also, consider seeking out personal development classes that can help you run your business even more effectively.

Secure Working Capital

Managing cash flow is the single most important step to help survive during the offseason. Reducing expenses, reviewing your budget, and securing working capital during slow times can lead to greater organization and success in the future. Please remember, if you’re ever in need of fast, affordable access to working capital, TCI Business Capital is here to help!

 
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