)Offer incentives. If sales are slow, now is a great time to offer discounts, additional features, or special deals to valued customers. Depending on your business, consider offering better terms to customers who pay in cash or who are willing to pay upfront.
2)Increase your marketing. I’ve said this in other columns, but rather than cutting your marketing budget, this is the time to either increase marketing or, at minimum, hold it steady.
3)Hone your systems. If you don’t have great systems in place to track revenues and expenses, put them in place now. It is imperative that you know the reality of the situation so that you can be prepared to weather the next few months.
4)Understand the economic health of your primary relationships. You’re not the only one experiencing a down market. Your customers and your suppliers may also be going through a difficult time.
5)Talk to your employees. Again, I’ve mentioned in-house communication numerous times in Expert business source.com columns, but during an economic downturn everyone is skittish and hungry for information.
6)Keep your eye on the future. Economic cycles are part of reality. What goes down will eventually go up, so keep your attitude positive and your eye focused on the future.