Recovering from a sales slump

Struggling in a sales slump is a serious issue many businesses face for a number of reasons. For some it could be due to increased competition, while others may struggle from regular seasonal slumps that can affect their turnover.

Part of the challenge for SME owners is identifying exactly what is causing the slump and then determining how to recover.

Sales slumps can affect not only cash flow but also overall confidence in the future of your business. We've outlined four key areas that can help your recover from your slump and keep the ball rolling for a better business future.

Assess productivity

As we discussed earlier, it's difficult to implement change if you can't identify the particular reason your business is struggling. Although sales slumps can be caused by a number of external factors, it's still a good idea to evaluate your current internal processes.

Review key functions of your business that could be improved, such as time management, follow ups and communications with debtors or suppliers. Then try to identify areas that can be improved. Sometimes long drawn out sales process can push customers away, so try and maintain an effective level of time management moving forward.

Want to read more about boosting your productivity? Check out this article for more information.

Maintain happy customers

There is no doubt that new customers help drive business growth, but it's just as important to maintain your current customers. After all, there is no point winning new business at the expense of losing your current customers.

Winning new business can take time and effort, which means existing customers often go unnoticed. Remember, existing customers are guaranteed business so when in a sales slump, it's a good idea to follow up with the customers you already have first.

Develop your brand

Exposure is essential to sales as it draws recognition to your brand and increases the potential of new business transactions. However, in order to define your brand image it's a good idea to first outline the vision, mission and core values of your startup.

Determine who your target audience is and why they are more likely to purchase your product. The earlier you determine these factors the better positioned you will be to identify a strategy that makes the brand stand out amongst competitors.

Invest in new technology

The world continues to become more technology driven every day. Customers are interacting with brand messages and online shopping on a daily basis so it's vital your business doesn't get left behind. Make sure your website is mobile compatible and maintain your social pages regularly.

Keeping a presence online can take a lot of work but your business will be better positioned to escape its sales slump if you do.

Escaping a sales slump and finding a way to generate business is never easy. However, taking the time to evaluate your current processes and identifying a new marketing strategy will help expose your brand to new people and drive extra business from existing customers as a result.

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