It doesn’t matter what type of business you run, there can be seasons that are busier and those that are quieter. There are often highs, lows, ebbs, flows and whatnot; most of which we are aware of, recognise and know are coming. Now is the perfect opportunity for some business analysis.
Many of the low times can be (pretty much) predicted. As an example, service-based businesses in the beauty industry are usually quieter in the first months of the year, but generally packed out over summer and the Christmas period when folks are ready to ‘treat’ themselves.
Christmas can very much be a time of quietude for other business types, especially B2B. Product based businesses on the other hand are often heaving busy between September and December, but do have quiet months in January, after the Christmas rush.
Whatever your business or when the quieter times are; these times can sometimes feel a little disconcerting to say the least. As business owners we think we should be making sales, knowing what to work on, following that annual plan (for those that have one!). During the lulls, we frantically start marketing and offering sales left right and centre, in order to make a quick buck and stop that quiet month from becoming a skint month.
When it doesn’t feel like there’s much happening, instead of binge-watching Netflix or creating random new offers; it’s time to work on your business instead of in it.
So, instead of flying by the seat of your pants and throwing spaghetti at the wall to see what sticks; here are some examples of things you can do that will dramatically impact your business during those quiet months.
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Do the Numbers
Keeping an analysis of your numbers in business is super important, at any time of year. But during the quiet times it’s a really good idea to maybe think about diving deeper into those numbers so that you can get a clear picture of what is happening in your business.
These aren’t just the accounting figures I’m talking about, the profit and loss, incoming, outgoing, etc. These can also include things like the number of items you’re selling, what you’re selling, who you’re selling to and your social media figures. Your repin count on Pinterest, all the things that you can potentially work on and start to figure out what’s working and what’s not working.
Also having a look at sales figures is a great idea for you to really have a full understanding of what the quiet times in your business actually look like. It could be that you think that June is a quiet month for you but actually, when you look at the numbers, you find out that yes, there aren’t as many sales as you’d like, but maybe your social media following increases during that time?
Have a look, analyse and make plans based on your findings.
Analyse Your Audience
In order to create additional income streams in your business, you need to have a full understanding of your audience, your customers, your potential customers, and your periphery customers. Sometimes it’s difficult to find the time to actually look at these things; to go into your social media and examine those followers who like all your posts but who’ve never bought anything from you. Quiet times are the perfect time to do this.
Go in and figure out who these people are and what they want. Are they your raving fans, but have never bought from you because it’s your Auntie or your Nan, so they’re not actually your ideal client?
Or is there another reason?
Do they fall into one of the three categories that all periphery clients fall into? DIYers; those that can’t buy because they can’t afford it. Or are they logistically unable to buy because they’re at the other side of the world or in a different time zone?
Have a look.
If you have an audience of 1000s and 1000s, you don’t need to worry about finding every single one and identifying them by name, but understanding the common trends and threads that run through all of them will help you to make an informed decision about what sort of product you could create that’s digital or passive. One that’s going to add an additional income stream into your business and benefit you and them, in the long term.
Test the Market
Offering a pre sale of a digital product idea is a great way of entertaining yourself during the quiet months, and be earning some hard earned cash as well.
The best way to qualify the market for a product is to get people to put skin in the game. To get them to invest in you, put their hand on their wallet and actually handover their cash. Even when they’re not actually receiving anything immediately.
It’s okay doing a poll in your social media group and asking what people might buy. But until they’ve really put their hand in their pocket, you don’t fully know whether or not that the product or service is going to actually sell. Pre sales are the way to do that, while also injecting some well earned cash into your business so that you can go and create the product or service, without taking time out from your paid clients.
Pat Yourself on The Back
It’s something as business owners that we rarely do.
We don’t take the time to celebrate the wins.
We don’t look at our achievements and think, yeah, I did well there.
We let months pass by, working away, slogging hard, but not necessarily acknowledging the hard work that we’ve done.
Quiet times in business, are the perfect time to look back, reflect, pat yourself on the back and think ‘yes, this has been a job well done’. Although we’re fabulous at our own critique and down-talk and yes, there’s always room for improvement; consciously taking the time to congratulate yourself on things you’ve done well can be a massive boost to the old confidence and morale!
Quiet periods really are a great time to raise a glass, (whether it has wine or tea in it!) and say ‘yeah, I’m doing this and I’m doing alright!’
Do not compare yourself to others; stay in your own lane dammit and congratulate yourself. Whatever you do, just make sure that you know that you’re doing the right thing for you, your business and your family.
And if you need support to make next year the best it can possibly be in your business and beyond, join us over in the Passive Business Academy and make it happen.
