WHEN THERE IS NO OBVIOUS CAUSE FOR THE SLUMP

When a slump doesn't have an obvious cause, it's what I call a "normal" business slump. I've found best way to overcome a normal business slump is to take immediate action to develop additional business fast. The additional business supplements current light flow of business and eliminates impact of slump.

Here are 4 actions I take immediately when I realize I'm in a slump. You can implement these same 4 actions in your business to reverse effects of a business slump.

1. Develop a special offer for existing customers/clients. Use a short deadline so they must take immediate action or forfeit special offer. Advise them of special offer using a fast but inexpensive method of communication such as email, faxes, postcards or even phone calls.

2. Advise your recent prospects who did not take buying action of same special offer. Use same fast, inexpensive methods of communication listed above.

3. Call your best customers and ask for their help. Explain that business is slow and you want to use time to approach some potential new customers/clients. Ask them for referrals.

4. Temporarily increase advertising in media where it is seen immediately (or almost immediately). For example, website and ezine ads, newspaper ads, First Class direct mail or postcards, radio spots, etc.

Business slumps can be beneficial. Sometimes a temporary action you take to reverse a slump is so effective you decide to continue it after recovering from slump. The result is a permanent increase in your volume of business.

TIP: Keep looking for and testing new marketing tools and old ones you haven't tried yet.

#2. LOOK FOR OPPORTUNITY HIDDEN IN CHANGE

The challenge of change often forces you do discover a hidden opportunity you can exploit to gain more business. I recently spoke with owner of a sporting goods store near a fast growing city in Southeast. 2 years ago a large retail chain started building a new superstore nearby. The store included a large sporting goods department. Jeff wasn't going to be able to compete with their prices and stay in business.

Instead he set up a used sporting equipment section in his store and started advertising to buy and sell used equipment. Today most of Jeff's income is generated by sales of used equipment. His total income has almost doubled and he's even planning to expand his used equipment business to Internet. It's an opportunity Jeff wouldn't have recognized without challenge of competition from that superstore.

The biggest challenge to business success today is change. Develop habit of looking for early signs that something is changing and confront it before you're losing business. Take defensive action against impact of change by diversifying number of products and/or services you offer and using a variety of different marketing methods. When you decide how to respond to a challenge, look for a hidden opportunity to increase business. You may find a source of additional sales and profits you previously overlooked.