insight : james holloway
What Do You Do When There Is Nothing to Do?
To keep your business going in tough times, think back to what you did to build it up in the first place BY JAMES A. HOLLOWAY
M
ost businesses have cycles. They have periods where they produce revenue with no indication that it will ever stop. Then they have downturns when there is little to no revenue being produced. It’s in these downturns that business owners have their mettle tested. These economic challenges can be seasonal, the result of changes in consumer demand, or the result of a natural disaster or other crisis (much like the one we’re facing right now).
The suddenness of a downturn can dictate how easily a business owner is able to adapt. If the market slows over a considerable length of time, the owner can more easily alter their business plan. However, a downturn like this one, which was almost immediate, makes it much more difficult for a company to adapt.
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MAY + JUNE 2020 | wf-vision.com
A business owner may take advantage of a slowdown to catch up on paperwork and some less important to-do items, but there’s only so much time they can spend painting the walls of the showroom or having the van cleaned. Eventually, they need a plan to address the slowdown. If a downturn becomes significant, many business owners are faced with some tough questions. Will business pick up next week, or will it be another month or so before things turn around? Do they lay off half of the staff or eliminate some employee benefits to cover payroll for another month or two? What can they do to find more business? How do they cut production costs without sacrificing quality? First off, take a deep breath… hold it… now exhale… slowly. Give yourself permission to relax just a little bit.
