It happens to every business at some time in its existence. The causes are legion and the impact varies from an irritant to a catastrophic failure. Some embark on the blame game, others take it on the chin and accept defeat.
We are talking here about those times when the business stalls. The new business didn’t come in, there is excess capacity and cash is tight. Confidence is at a low ebb, nerves are jangling and relationships suffer.
But there is an upside! You have time. And it is what you do with that time that makes all the difference.
The doldrums are an opportunity to ensure that the business is facing in the right direction, doing the right things as opposed to doing things right, and is fully prepared for when the business picks up.
Here is a quick check list for those doldrums times
1. Go back to the vision – check nothing has changed
2. Do a quick external analysis to ensure that the situation has not changed
3. Do a quick internal analysis to ensure nothing has changed within the business – suppliers, employees, cash etc
4. If anything has changed that materially impacts on the business then rewrite the plan
5. If nothing major has changed – keep doing the things that worked in the past – as you have spare time, you can do even more
6. Take a break – use the time to refresh your batteries
7. Seek help if you need it – there are plenty of ways to access help so choose the one that suits your needs and ability to pay
In summary, unless there is a material change to the business, the environment, your customers needs or your ability to supply, then keep on doing the things that worked. Success will come. Or as someone famous once said “Just Do It”.