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Flaccidity. Bust. Dive. Whatever you call it, it happens to all businesses at some point. And that means you need a solution so you can avoid the slump when it happens to your business and grow faster when it does.
The first thing you need to know is that it’s okay to slump. We take a closer look at what a slump is, why your business might be slumping and how to overcome it. But first I want to start with a little bit of context: you are not alone in this. Breakdowns happen to the best of us, even Elon Musk a few years ago. In fact, they happen all the time – to everyone from newbies just starting out to corporate giants that have been around for decades.
So if we’re all in this together, why are some companies emerging stronger than ever while others are crumbling? The answer is simple: those who have mastered the art of overcoming slumps are able to grow, even in difficult times, and learn from their mistakes so as not to fall into them again.
That’s not to say that a breakdown can’t be the time to search deep within your soul. If you’re having a slump and wondering how to get out of it, don’t worry. We’ve got you covered.
Related: Breakdowns are part of the game. Winning requires knowing how to get back on track.
What is a breakdown?
A slump is a sudden downturn in the business that can be caused by many factors, including an economic downturn or technological changes. Sometimes a breakdown just happens for no reason at all, but the good news is that there are ways to overcome them and get back on track.
While it’s true that breakdowns are never fun and they can feel like they last forever (I promise they don’t), it’s important not to let your mind go that way because it will only make things worse makes. Instead, take a moment to think about what’s working well right now and what’s not working so well – then make some changes!
So, how do you get back on your feet?
You’re in a slump. It happens to every company at some point. And if you don’t know how to get out, you’ll be stuck there for months or even years.
But we’re here to tell you it doesn’t have to be! Slumps are temporary in nature and can usually be overcome by making a few simple adjustments to your current strategy. Here’s how:
1. Ask yourself, “What caused my breakdown?”
When you’re in a slump, it’s important to ask yourself what caused it. Did you have an unusual drop in quality? Changed your pricing and didn’t get the results you hoped for? Has something happened in the industry that has affected your bottom line?
Whatever the case may be, it’s important to find out what went wrong and why so it doesn’t happen again. You can even try to get some help from corporate strategic advisors and assess your entire business.
2. Is your business model broken? Look at your competitors’ strategies.
Businesses are built on competition, and with the advent of the internet, that competition is fiercer than ever. If you don’t catch up with your competitors, you fall behind. With so many companies vying for attention, how do you stay ahead of the competition?
As the old saying goes, “If you can’t beat them, join them.” That’s right – look at your competitors’ strategies and see what they are doing right. What can you learn from them? How can you apply their ideas to improve your own business model?
We’ve all seen it: one company comes up with an innovative new idea that catches on, and suddenly everyone else is doing it too. It’s no longer enough just to have a good idea – you need to be able to execute it better than anyone else. So if your competitor is doing something that works well for them, but not for you, try to change things!
This will at least give you some insight into why some ideas work for certain companies but not others, and that kind of knowledge can only help you develop better strategies for your own business in the future.
3. Are you connected to your customers?
In a world where people spend more time online than in person, it’s more important than ever to make sure your customers are happy with the services you provide. If they are not satisfied, they will leave and take their business elsewhere.
If you’re looking for ways to improve customer satisfaction, then it’s time to ask them what they think of the products and services you offer. This is the only way to determine what needs to be improved and how to improve those areas. It also gives you the opportunity to ask questions about new products or services so that they can help shape the future of your business.
Related: Use slumps to your advantage
4. Didn’t save for a rainy day?
The unexpected can always happen, but how do you deal with it? The best way to prepare for a recession is to be ahead of it.
Think of your business as a car and the rainy day as an accident. You want to be able to pay for repairs without going into debt, right? So why wouldn’t you want to save money just in case something like this happens?
You don’t want to be caught off guard, so make sure you’re prepared for all sorts of scenarios. If you’re not, it could put your entire business at risk!
5. Have you failed to innovate?
You have to bring new ideas to the table. There are two kinds of people in business: those who innovate and those who don’t. The innovators are the ones who succeed in times of slump. They are always looking for new ways to save their business from the brink of collapse.
Remember Nokia? If you’re on the other side…well, maybe it’s time to think outside the box!
6. Don’t you see the future? Try predictive analytics
Not looking into the future? Then you miss out on a lot of opportunities.
Predictive analytics is a tool for predicting the future by using data about past actions and results. This can help you avoid problems before they happen. It’s a great way to ensure that your business remains strong and stable, even in times of slump.
However, if you don’t use predictive analytics, don’t worry – you can turn things around now!
7. Don’t Look for “Quick Hits”
When you’re in a slump, it’s tempting to look for “quick hits” that can revive your business. The problem is that these quick fixes often lead to more breakdowns.
For example, if you hire a new team member and expect him to solve all your problems, you may be disappointed if he doesn’t solve things quickly enough. Or if you launch a new product and expect it to generate tons of revenue, but then it doesn’t perform as well as you hoped, you’ll be disappointed again.
The truth is, there are no “quick hits” when it comes to overcoming a slump. The only way out is through deep engagement with your customers and an openness to change backed by data-driven analysis and experimentation.
Related: 4 tips to keep your business afloat in a recession
8. Ditch the fluff
Don’t you hate it when you’re reading something and all of a sudden you’re like, “Wow, this is really lighthearted.” Like, “I’m not sure what I was expecting here, but this wasn’t it.”
It’s like, what are you doing? You’re wasting my time! And I don’t have much time to lose. I’m too busy saving money for retirement so I can buy a house in Florida and spend my days at the beach drinking margaritas.
But seriously, we all have our own lives to live and solve our own problems. So let’s go through all the bullshit and talk about how we can work together to get through this slump together.
So don’t wait a second. Act now! It’s time to stretch, listen to your body and gather your team for one last push. And if taking action doesn’t work, you may need to make some changes. But until then, before the critical moment hits and you’re left with no other choice, don’t forget to use these ideas as a way to fight through the rough patches and get back on track.