Just like nature, businesses go through seasons. You can probably recall your high seasons when orders flooded in nonstop, you were waking up to Stripe notifications, and business was booming. Yet, something that inevitably happens is that things start to slow down. Maybe the economy takes a turn, and people buy less. Or the holidays begin, and everyone’s cutting costs. Suddenly, you’re barely breaking even, and that once-vibrant flow feels more like a trickle.
When things start to dip, it can feel like your whole world is crumbling down. However, you don’t need to panic. Slow seasons can make or break your business. But if you’re smart, these moments can serve as a powerful launchpad for expanding your offerings and diversifying your income. It’s all about how you choose to approach it.
Let’s discuss how you can pivot when things start to slow down.
Realign Your Mindset
When sales are down, it’s natural for our minds to shift into scarcity thinking. We might start worrying about not having enough money or profusely sweating over paying bills. Instead of letting panic set in, let’s get practical by reviewing your current financial state. Remember, clarity trumps fear.
Ask yourself:
How much money are you bringing in versus your expenses?
What is your projected income for the next few months?
Do you have adequate savings to cover unexpected costs or a few lean months?
Once you have a clear picture of whether you can make ends meet or if you need to cover costs, you can decide what to do next.
Understand How Your Customers Might React
Harvard Business Review states that there are four different types of people during an economic downturn, and understanding them can help you create a plan of action.
The Slam-on-the-Brakes consumers cut all non-essential spending and focus only on the bare essentials.
The Pained-But-Patient consumers lessen their spending but remain hopeful for the future, perhaps postponing big purchases rather than canceling them entirely.
The Comfortably Well-Off are usually in the top 5% income bracket and feel confident they can financially withstand a hard economic time, often continuing their spending habits with minor adjustments.
The Live-for-the-Day consumers, typically younger, tend to spend like normal, focusing on living in the moment and enjoying experiences.
These groups will look at spending in different ways. Some will focus only on essential things they must buy to survive. Others will buy necessary things but find a way to justify certain non-essential purchases. Then some will put off buying more luxury or non-essential items until the slow season passes. Knowing which group your customers fall into can help you create a smart business strategy.
Cut Costs Where You Can
When revenue slows, it’s a prime time to scrutinize your outgoings. Consider cutting or pausing services or subscriptions that you won’t be utilizing as much during a slow season. This could be anything from certain software subscriptions to marketing campaigns that aren’t proving their worth.
Remember that you can always resubscribe for certain services when sales increase.
Repurpose Your Offer
If your business provides a truly necessary product or service, then chances are your sales will stay consistent. However, if you sell an item or service that can be considered a luxury, or discretionary, consider offering a similar product or service at a more accessible price point.
For the customers who might be saving their money for later, it’s crucial that you communicate with them regularly through email marketing or social media so you can stay top of mind. Even if they aren’t buying now, you want to be the first one they think of when their budget loosens up.
Some ways to shift your offer during a slow period include:
Digital products: Think downloadable guides, templates, audio series, or checklists. They provide value without requiring significant new investment from you.
Repurpose existing content: Turn that popular blog post into an ebook or that series of Instagram Lives into a short webinar.
Offer payment plans or limited-time discounts: If people are tightening their budgets, meet them halfway. Creating more accessible payment options or strategic, limited-time bundles can reignite interest in your offers without drastically lowering your perceived value.
Tip: Help customers see the long-term investment in themselves, or how your offering can genuinely make their lives better even with a tighter budget.
Expand Your Reach
Entrepreneurs who thrive through economic dips know how to stay grounded, resourceful, and creative. That might look like:
Doing a “skills inventory” to see what other industries or audiences you could serve with your existing expertise.
Pitching yourself to speak at summits or on podcasts.
Revisiting your customer journey and optimizing your email sequences or website copy.
Reconnecting with past clients and offering loyalty upgrades or special bundles to encourage repeat business.
Whichever strategy you implement, make sure you focus on sustainability.
Focus on Other Aspects
Slow seasons are a great time to review your administrative tasks, try out new systems, and brainstorm ideas for new products or services. You can finally tackle that website refresh or organize your digital files. Use the downtime to improve your backend operations, laying a stronger foundation for when things inevitably pick up again.
What steps will you take to prepare your business for its next season?
