Dealing with a Lull in Your Home Business

Image Credit:  Kaboom Pics  under Creative Commons

Image Credit: Kaboom Pics under Creative Commons

When business is good, it can be really good. But when things are not so good, that’s when panic can set in. Lulls happen all the time within businesses, but when it’s your livelihood at risk, you’ll want to get a handle on the situation. Beat the lull and get back on track with these useful tips for handling quiet periods for your business.

Don’t panic

It’s easy to tell someone to stay calm in a time of crisis, but it’s good advice to follow. There are many reasons why your business could be having a quiet period, so it’s worth doing some research before you start preparing for the worst. Take a rational approach to the situation to help you manage things in a controlled and calm way.

Adjust your finances

Just as you would with your personal finances, you’ll need to make some changes to cope with a change in your business’ financial situation. Set a budget, look at cutting back and eliminate products and services you no longer need or use. If you get stuck, a small loan with could help you get back on track, covering bills and expenses or being invested into a marketing plan to help you drum up more business. Remember to talk to your bank manager or accountant if you have concerns about your finances.

Find new clients

When things are quiet, you’ve got the perfect opportunity to source some new work and meet new clients. There are plenty of things you can try to get new clients to help you bring some fresh work into your business. Launch an introductory offer, get active on social media and start networking to help you add some new names to your client list.

Tempt existing clients

While new clients are important for your business, you don’t want to disregard your existing clients. By offering a special offer or promotion to them, you might be able to tempt them to spend some more money. Send out a marketing email with a fantastic special offer and generate some additional work for your business. You could also do some client research to help you figure out what products and services your clients need to help you improve your business.

Take a break

When you run your own business, it can be hard to find the time to take a real break. A lull in work could provide you with the perfect opportunity, so why not take it? Go on vacation, work reduced hours and enjoy putting a bit of space between you and your business. Even if you don’t go away anywhere, you can use the downtime to plan your next steps. This break could be just what you need to find your work-life balance and develop better business habits going forward.

Lulls are an inevitable part of business, but how you handle them will impact how they affect your business. Take control of the situation and turn it around to get your business back on track.