Tough times come in different guises but they do come and your business could be in danger of being a fail if you do not have a way of weathering the storm.
Before your business closes
Do Some Finding Out
Use this down time to ask your clients and those that work with you what they think you should do to make things better. Spend time finding out if there are new products out there, if your clients are happy with what you were offering and if your employees (if any) are happy to keep doing what you were doing before. Then work on what comes up in the interaction.
It is very common that business owners lose the desire and the drive to keep working on their business when times are tough and they begin to neglect it. Instead of neglecting your business in a down time-reevaluate it and get reacquainted with the business.
Don’t Be Distracted
In common parlance: birds of a feather flock together. And the birds of a feather will be people who like to complain about how business is hard and how nothing seems to be going right. In the meantime doing nothing.
Do not just complain. Find things to do around your business that you neglected or were too busy to do. Like sort out the stock, file your papers, do some book-keeping, answer pending queries and maybe work on a marketing plan.
Just avoid spending time with people who will gather together in real or virtually to complain about how everything is going wrong. This is wrong. Your time can be better spent by spreading the word about your product or service and instead of droning on about tough times: make noise about your business. This will increase your chances of getting new customers and will ensure that you are not forgotten by your existing clients.
Go After Nonpayers
Cash is the blood that keeps a business alive and so use this time to go after the nonpayers. Your cash flow is an important factor in your survival. So check your books and see what they look like. Have you been paid as you were promised or has one invoice or another gone un-paid without your noticing it? This is the time to collect that money.
Yes it is a down time but it is not a down time for ALL businesses. Do not be under the premise that because you are having a hard time in a down time the nonpayers most probably is too. They may not be. And even if they are-you have not been paid. So do go after the nonpayers!