What To Do with Your Business During a Slowdown?
Whether it comes as a result of an impossible-to-predict natural disaster or a regular component of a business cycle, a slowdown is going to happen every so often. Few industries are not susceptible.
Slowdowns do not necessarily mean that the business has stopped. In the current situation that affects the entire world, we are still operating at full steam. However, we are subject to regulations and restrictions that affect different cities, states, and regions throughout the country, and we adhere to the authorities there. While some projects are on pause or slowed because of external forces beyond our control, others are continuing per usual.
For those experiencing slowdowns due to external forces, there is a silver lining. During times like these, business owners and distribution center managers can take advantage of these rare slowdowns by taking a proactive approach to evaluating their operations.
What Works for Your Business? Let’s Do More.
The most natural place to start in evaluating your business is to look at what is successful. You have spent the time, resources, and investment in people and processes that led you down a path to success. After all, you have been in business for a reason. However, now is a great time to see what you can do about throwing more gas on that fire.
Are there new hires you can make in an area of your business? Can you bring someone’s problem-solving ability or mindset from one area of the company to another? For example, are there lessons you can apply from a recent win in one area of the business to another? Take a look at your past few years of reports, examine the peaks, and evaluate what it took to achieve those results. Then, do more.
What Isn’t Working for You? Can You Stop Doing Those Things?
It can seem simplistic to say, “We should stop doing the things that aren’t working for us.” However, you will rarely find a more productive time to investigate all of the areas of your business. What are those processes, partnerships, or procedures that can be removed or replaced?
Taking an accurate evaluation of your business also means you need to recognize what doesn’t work for you. It can be a difficult task because an honest assessment requires decision-makers to be humble and own up to actions that are not working the way they initially were intended. It forces action on shortcomings. However, turning those negative habits into positive ones allow your business to avoid any lags when the slowdowns stop, and your business is ready to speed up.
What Are Successful Programs You Can Adopt?
Slowdowns are also a great time to look at processes that competitors or partners have adopted recently. Would a new approach benefit your business? Would now be a good time to look at implementing something new that has worked elsewhere?
This step bears the fruit from building out your network. Is there someone you talked to at a recent conference or whom you interacted with on LinkedIn that may have some insight into something new for your business?
There’s never been a better time to stop, listen, and think about what others are doing and saying about successes in their business. How can you benefit from the lessons they’ve already learned?
It’s Time to Make the Lemonade.
Slow times can cause stress, headaches, and hardships. However, proactive businesses can stem the tide by taking the additional time afforded to them by evaluating their processes. When it is time to put the pedal to the metal, these decisions can pay off in real ways because you’ve done the leg work to put yourself in the best situation to succeed.
If you are looking for a place to start, we would love to help. Our teams are working safely and remotely during the COVID-19 crisis, and we are here to learn about the challenges you face. We are here to provide you with solutions for every square foot!
