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Don't Settle for sales in a slump
Sunday, October 11, 2009 | No comments posted.
Slow business sales is a symptom. It’s up to you to analyze why sales have slumped and fix the problem.
Here are a few possibilities to consider.
• If the economic downturn is the problem, you might be eligible for the Small Business Administration ARC loan program available through commercial lenders. To find out more go to http://www.sba.gov/recovery/arcloanprogram/REC_WHATISARCLOAN.html, or contact your banker for information about how they can help. ARC loans are designed to assist small businesses to pay existing eligible debts allowing them to redirect cash flow to rebuilding their business.
• The slow down could just be a part of the regular business cycle. One solution may be to save money during the busy time of the year to cover expenses when things slow down. A good example is the retail industry. It’s busy right before the holidays, but January can be very slow. You will need to plan ahead each year to make sure you can cover the slow cycle. Some businesses arrange for a line of credit with the bank to cover the slow times of the year then pay back the loan when business picks up.
• Maybe the industry is changing. In this case, you will need to find ways to change your product or service mix to meet the wants, needs, concerns or problems customers have. To get this information you will need to ask the customers what you can do to restore their business. You may need to find new markets to serve.
• Poor customer service could be a factor. In this case, you will need to find the customer service problem and fix it. Perhaps your employees need training customer service training. You will need to contact customers and find out what they would like to see happen, then, make those changes to bring them back to your business.
Successful businesses are the ones that are able to plan ahead and respond to the business environment in a proactive way rather than reacting after something goes wrong.
(Arlene M. Soto is the Director of the Southwestern Business Development Center. To ask a question call 541-756-6445, e-mail asoto@socc.edu, or write 2455 Maple Leaf, North Bend, OR 97459.)
Here are a few possibilities to consider.
• If the economic downturn is the problem, you might be eligible for the Small Business Administration ARC loan program available through commercial lenders. To find out more go to http://www.sba.gov/recovery/arcloanprogram/REC_WHATISARCLOAN.html, or contact your banker for information about how they can help. ARC loans are designed to assist small businesses to pay existing eligible debts allowing them to redirect cash flow to rebuilding their business.
• The slow down could just be a part of the regular business cycle. One solution may be to save money during the busy time of the year to cover expenses when things slow down. A good example is the retail industry. It’s busy right before the holidays, but January can be very slow. You will need to plan ahead each year to make sure you can cover the slow cycle. Some businesses arrange for a line of credit with the bank to cover the slow times of the year then pay back the loan when business picks up.
• Maybe the industry is changing. In this case, you will need to find ways to change your product or service mix to meet the wants, needs, concerns or problems customers have. To get this information you will need to ask the customers what you can do to restore their business. You may need to find new markets to serve.
• Poor customer service could be a factor. In this case, you will need to find the customer service problem and fix it. Perhaps your employees need training customer service training. You will need to contact customers and find out what they would like to see happen, then, make those changes to bring them back to your business.
Successful businesses are the ones that are able to plan ahead and respond to the business environment in a proactive way rather than reacting after something goes wrong.
(Arlene M. Soto is the Director of the Southwestern Business Development Center. To ask a question call 541-756-6445, e-mail asoto@socc.edu, or write 2455 Maple Leaf, North Bend, OR 97459.)
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