3 Things To Do When Your Business Gets in a “Slump”

3 Things To Do When Your Business Gets in a "Slump"

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Businesses have peaks and valleys ALL THE TIME. Some days, weeks, months and even years may be better than others. The good part about when your business gets in a “slump”? More than likely, it’s just a phase and it’ll bounce back. If you find that you constantly get stressed out about the ups and downs of the business world, you aren’t alone. Running a business is stressful!

And while those stresses may cause you grief here and there, make certain that you stop and think about all the positives as well. There are so many wonderful things about running your own business that far outweigh any type of negatives. 

Don’t start the New Year feeling anxious and blue about the possibility of your business getting into a slump. Instead, try these tips to plan ahead and be ready for it just in case it does happen!

What To Do When Your Business Gets in a “Slump”

One day your business may be rocking and rolling…and the next day? Crickets. This year, make a plan on how you’ll overcome if this happens to you.

1. Have a marketing plan in place

Your business depends on you, your product or service and your ability to market all those items very, very well. While word of mouth may be awesome for your business, it ultimately can’t survive on that alone. People spreading the word about your business will only go so far before you’ll have to start finding new ways to reach a bigger and broader audience. 

Be strategic and plan accordingly. Think social media, print, flyers…anything that you feel would be a good benefit for your company and a good decision for your pocketbook.

2. Take a deep break and step back

Sometimes, your business may start to fail because you aren’t seeing the big picture. Being able to diversify your business can open up so many other doors and possible expansion ideas. After all, isn’t the entire point of running your own business to be able to grow and provide for yourself and your family?

If you feel that you’re in a whirlwind and don’t know how to get out of the slump, take a step back and allow yourself some time to breathe. Not only will that help you clear your head, but it will also remove you from the scenario that’s giving you that anxious feeling in the first place.  Your business shouldn’t be a negative drain on you and your brain!

3. Ask for help

There’s no known reason why, but many people just flat out refuse to ask for help. Don’t be one of these people. It’s understandable that you may not want to ask for help, but if you need it…ask for it. More than likely, you’re surrounded by people that love you and want you to succeed. Let those people be your tribe and support and ask them for some help.

 You never know the range of talents that people have that can be of assistance to you unless you let them. It doesn’t have to be anything long-term, but maybe just a moment in time where they can help get you over a few of the hurdles that you’re facing.

Your business being in a slump isn’t the end of the world! What you decide to do moving forward to get yourself out of that slump, however, is crucial. During times that are rocky, you have to make a plan and act. Putting a “bandaid” over the problem isn’t going to work as a fix and is going to cause many more issues in the long run!

Matt R

Hi, my name is Matt and I'm the founder of Barefoot Budgeting. This site is dedicated to one thing... helping you budget and save money.

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