{"id":4807,"date":"2020-04-20T10:20:16","date_gmt":"2020-04-20T07:20:16","guid":{"rendered":"https:\/\/tmc.ke\/staging\/?p=4807"},"modified":"2020-06-29T10:25:58","modified_gmt":"2020-06-29T07:25:58","slug":"taking-advantage-of-a-business-slowdown","status":"publish","type":"post","link":"https:\/\/tmc.ke\/staging\/taking-advantage-of-a-business-slowdown\/","title":{"rendered":"TAKING ADVANTAGE OF A BUSINESS SLOWDOWN"},"content":{"rendered":"\n<div class=\"is-layout-flow wp-block-group\" id=\"slowdown\"><div class=\"wp-block-group__inner-container\">\n<p class=\"has-text-color has-very-dark-gray-color\">Slowdowns, recessions and economic\ncontractions are words we\u2019re all too familiar with. Whether they\u2019re caused by poor\ndecision making or uncontrollable events, pulling your business through is a\nbig concern. While all businesses might not have the financial capacity or\nability to keep working \u2013 they are many that do. Here\u2019s some great tips we found\non capitalising on a business slowdown:<\/p>\n\n\n\n<ol><li><strong>Build your efficiency <\/strong><\/li><\/ol>\n\n\n\n<p class=\"has-text-color has-very-dark-gray-color\">When business is booming, it undoubtedly becomes more difficult to carry out maintenance and improve operations On any given day, making sure your business runs efficiently is a priority. However, it can be difficult to ran a growing business and balance the growing pains associated with it. The reduced demand for your product or service frees up time and resources for a complete <a href=\"https:\/\/tmc.ke\/staging\/service\/organisational-development\/\">internal audit.<\/a> <\/p>\n\n\n\n<p class=\"has-text-color has-very-dark-gray-color\">Start with\nidentifying and improving<a href=\"#_ftn1\">[1]<\/a>:<\/p>\n\n\n\n<ul><li>Breakdowns\nin processes <\/li><li>Delays\ncaused by poor project management <\/li><li>Redundancies\nand overlaps <\/li><li>Breakdowns\nin communication both internally and customer facing<\/li><li>Lack\nof integration in your tech systems and updates <\/li><li>Migration\nof paper files to cloud storage <\/li><\/ul>\n\n\n\n<p class=\"has-text-color has-very-dark-gray-color\">Don\u2019t forget\nto consult your employees and find out what tools they need to work efficiently\nand what they\u2019d like to improve. <\/p>\n\n\n\n<ol start=\"2\"><li><strong>Research your market <\/strong><\/li><\/ol>\n\n\n\n<p class=\"has-text-color has-very-dark-gray-color\">Use this\nopportunity to conduct market research and look externally as well as\ninternally. Assemble a team and investigate the current market and understand how\nit has evolved. Consider researching: <\/p>\n\n\n\n<ul><li>Your competition \u2013 How are they dealing with the business slowdown? What techniques do the apply? Could you do better?<\/li><li>Other businesses \u2013 Businesses in adjacent niches are a great information source in keeping up with your industry. Look at any new development and how they could fit into your business. Also consider looking at older companies in your market and understand the steps they took to get where they are. Mature companies are excellent reference points when growing your business. <\/li><li>Upcoming trends \u2013 Staying relevant to your customers is the ultimate goal for any business. Take a close look at the past, current and upcoming trends in your industry and optimise your business accordingly. Include recent innovations and tech integration in your research.<\/li><\/ul>\n\n\n\n<ol start=\"3\"><li><strong>Nurture your sales pipeline <\/strong><\/li><\/ol>\n\n\n\n<p class=\"has-text-color has-very-dark-gray-color\">More than ever, a contraction is the ultimate time to cultivate and connect with your clients \u2013 prospects and existing. Call your pipeline and find out how you can support them. Focus on making them about connecting and less about selling. In the long run, it costs less to keep a customer than getting a new one. Develop loyalty in your clients by really nurturing your relationships. Somethings you could consider:<\/p>\n\n\n\n<ul><li>Special\noffers and discounts <\/li><li>Partnering\nin cross promotional <\/li><li>Re-purpose\nyour sales teams to account management <\/li><li>Collect\nclient feedback and testimonials <\/li><\/ul>\n\n\n\n<p class=\"has-text-color has-very-dark-gray-color\">Use this\nopportunity to build and strengthen your business portfolio and take advantage\nof the boost in reputation.<\/p>\n\n\n\n<ol start=\"4\"><li><strong>Update your product or service <\/strong><\/li><\/ol>\n\n\n\n<p class=\"has-text-color has-very-dark-gray-color\">Now that\nyou have a better understanding of your market. Take the upcoming trends, feedback\nfrom your staff and customers and re-develop your product. Repurpose your staff\ninto a research and development (R&amp;D) unit and experiment with different\nprototypes. Use these prompts:<\/p>\n\n\n\n<ul><li>What\ndoes my market need? What do you need to develop a solution?<\/li><li>How\ncan you tap into my current resources?<\/li><li>Do\nyou need a new set of skills for your R&amp;D? Hire or outsource?<\/li><\/ul>\n\n\n\n<p class=\"has-text-color has-very-dark-gray-color\">With smart decision making and a clear path forward you should be able to avoid mass lay-offs and retain value in your team. &nbsp;<\/p>\n\n\n\n<ol start=\"5\"><li><strong>Train and upskill your teams <\/strong><\/li><\/ol>\n\n\n\n<p class=\"has-text-color has-very-dark-gray-color\">The re-hiring process is costly and time consuming. <a href=\"https:\/\/tmc.ke\/staging\/why-human-resource-is-the-ultimate-resource\/\">Companies develop alongside their employees<\/a>, and re-starting this process is lengthy. Markets and industries are in constant evolution and your portfolio of skills needs to be too. You\u2019ve already gone through the pain-staking process of developing a team and understand their strengths and weaknesses you can work to fill the gaps. <\/p>\n\n\n\n<p class=\"has-text-color has-very-dark-gray-color\">In line with your current goals and market trends invest in <a href=\"https:\/\/tmc.ke\/staging\/service\/training\/\">training, retraining and upskilling<\/a> your teams \u2013 especially since you have the time. <\/p>\n\n\n\n<p class=\"has-text-color has-very-dark-gray-color\">Think\nof the ROI in terms of increased employee loyalty and retention as well as\nincreased productivity from better skilled talent.<a href=\"#_ftn2\">[2]<\/a><\/p>\n\n\n\n<ol start=\"6\"><li><strong>Repurpose your teams<\/strong><\/li><\/ol>\n\n\n\n<p class=\"has-text-color has-very-dark-gray-color\">As you will\nhave ascertained certain members of your team will have a lot of time on their hands.\nFor instance, your sales team will no longer have endless prospects and recruiters\nwill be on a hiring freeze. Rather than letting them go, place them in a different\npart of your organisation or re-define their goals. <\/p>\n\n\n\n<p class=\"has-text-color has-very-dark-gray-color\">Move your\nsales people into account management to build a relationship with your clients.\nUse your HR team to find appropriate training programs for upskilling your teams\nbased on the R&amp;D research you completed. <\/p>\n\n\n\n<p class=\"has-text-color has-very-dark-gray-color\">A new emerging trend for businesses is \u2018loaning-out\u2019 employees. In China for instance, <a href=\"https:\/\/www.sixthtone.com\/news\/1005235\/employee-sharing-an-emerging-trend-amid-covid-19-epidemic\">restaurants are loaning their employees to overwhelmed supermarkets<\/a>. This simultaneously keeps the workers employed and both businesses afloat.<\/p>\n\n\n\n<p class=\"has-text-color has-very-dark-gray-color\">On top of the\nadded engagement and loyalty from your employees, you will also be tightening\nyour operations and solving problems you put off for so long. <\/p>\n\n\n\n<ol start=\"7\"><li><strong>Vacations for you and your team<\/strong><\/li><\/ol>\n\n\n\n<p class=\"has-text-color has-very-dark-gray-color\">Transitions\nin operating styles \u2013 like working remotely \u2013 can be tough to adopt. Chances\nare you and your team will be plunged into new depths and face new challenges. Don\u2019t\nbe militant and hard with your team. Cut them and yourself some slack to adjust\nto the new situation \u2013 like working from home with their families. <\/p>\n\n\n\n<p class=\"has-text-color has-very-dark-gray-color\">It\u2019s hard to\nfind solutions when your focus is entirely on the problem. <\/p>\n\n\n\n<ol start=\"8\"><li><strong>Play the long game &nbsp;&nbsp;<\/strong><\/li><\/ol>\n\n\n\n<p class=\"has-text-color has-very-dark-gray-color\">Businesses\nthat grow in recessions tend to act early, focus on growth and ratify a long-term\nperspective<a href=\"#_ftn3\">[3]<\/a>.\nUnderstanding your market, growing in operational efficiency, upskilling your employees\nor fostering customer loyalty your business must have a strategy. Your goal should\nbe to maximise your potential and minimise losses until the economy bounces back.\nGrowth and success isn\u2019t impossible during a downturn \u2013 you just don\u2019t have the\nluxury of mistakes. <\/p>\n\n\n\n<p class=\"has-text-color has-very-dark-gray-color\">Take\nadvantage of a business slow down and optimise your chances for success. Your\nteam and business will be the better for it. <\/p>\n\n\n\n<p class=\"has-text-color has-very-dark-gray-color\">As usual, <strong>The Manpower Company (TMC)<\/strong> is here to support your business in any capacity we can. Developing training programs and auditing your <a href=\"https:\/\/tmc.ke\/staging\/service\/hr-consultancy\/\">HR needs<\/a> is a component to a successful business. Reach out with your concerns and optimise your team at info@tmc.ke <br><\/p>\n\n\n\n<hr class=\"wp-block-separator\"\/>\n\n\n\n<p><a href=\"#_ftnref1\">[1]<\/a> <a href=\"https:\/\/resources.workable.com\/stories-and-insights\/business-strategies-slowdown\/\">https:\/\/resources.workable.com\/stories-and-insights\/business-strategies-slowdown\/#<\/a><\/p>\n\n\n\n<p><a href=\"#_ftnref2\">[2]<\/a> <a href=\"https:\/\/resources.workable.com\/stories-and-insights\/business-strategies-slowdown\/\">https:\/\/resources.workable.com\/stories-and-insights\/business-strategies-slowdown\/#<\/a><\/p>\n\n\n\n<p><a href=\"#_ftnref3\">[3]<\/a> <a href=\"https:\/\/www.bizjournals.com\/atlanta\/news\/2019\/12\/04\/managing-your-business-in-the-next-downturn.html\">https:\/\/www.bizjournals.com\/atlanta\/news\/2019\/12\/04\/managing-your-business-in-the-next-downturn.html<\/a><\/p>\n<\/div><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Slowdowns, recessions and economic contractions are words we\u2019re all too familiar with. Whether they\u2019re caused by poor decision making or uncontrollable events, pulling your business through is a big concern. While all businesses might not have the financial capacity or ability to keep working \u2013 they are many that do. Here\u2019s some great tips we found on capitalising on a business slowdown: Build your efficiency When business is booming, it undoubtedly becomes more difficult to carry out maintenance and improve operations On any given day, making sure your business runs efficiently is a priority. However, it can be difficult to\u2026<\/p>\n","protected":false},"author":4,"featured_media":4808,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mi_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0},"categories":[94,74],"tags":[81,95,76,78],"blocksy_meta":{"styles_descriptor":{"styles":{"desktop":"","tablet":"","mobile":""},"google_fonts":[],"version":5}},"_links":{"self":[{"href":"https:\/\/tmc.ke\/staging\/wp-json\/wp\/v2\/posts\/4807"}],"collection":[{"href":"https:\/\/tmc.ke\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/tmc.ke\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/tmc.ke\/staging\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/tmc.ke\/staging\/wp-json\/wp\/v2\/comments?post=4807"}],"version-history":[{"count":3,"href":"https:\/\/tmc.ke\/staging\/wp-json\/wp\/v2\/posts\/4807\/revisions"}],"predecessor-version":[{"id":4811,"href":"https:\/\/tmc.ke\/staging\/wp-json\/wp\/v2\/posts\/4807\/revisions\/4811"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/tmc.ke\/staging\/wp-json\/wp\/v2\/media\/4808"}],"wp:attachment":[{"href":"https:\/\/tmc.ke\/staging\/wp-json\/wp\/v2\/media?parent=4807"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/tmc.ke\/staging\/wp-json\/wp\/v2\/categories?post=4807"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/tmc.ke\/staging\/wp-json\/wp\/v2\/tags?post=4807"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}