As we approach the end of the calendar year I recommend an honest review of your business; how sales are tracking, what works, what doesn’t and make the changes necessary NOW so that you do hit those targets.
This is true for all aspects of our life but for now, back to business.
I would suggest that you get together with your team, analyse this year’s results to date; find out what is working and what isn’t?
What did the team learn, what can be done better? What didn’t work?
Look at your products’ life cycle; are there products that need to be culled from the range?
Which products are doing the heavy lifting?
Analyse your customer feedback also at this time; what do they want more of, what don’t they like about doing business with you?
From this point we should have the following list:
Products/services with increasing sales
Products/services with decreasing sales
Products/services your target market need
Products/services your target market don’t need
A sales process that your customers enjoy
Now with this data we know where to focus.
Start by creating your new range of products/services from the list above; the ideal being those that are profitable, increasing in sales and catering for your target markets wants & needs. Determine the appropriate price points which will optimize these strengths.
Now add to that by streamlining the sales process making it a joy for clients to not only become regulars but to also refer your business to others!
From here it’s time to do your sums! Work out your sales forecast by product for the year on a month by month basis. Can you back-fill slower months and/or relieve bottle-necks in busier ones? Are you on track for a growth year according to this first draft? If not what do you and your team need for it to become a growth year? Fine tune your budget until it is S.M.A.R.T. i.e Specific, Measurable, Achievable, Realistic & Time-Bound.
There you have it; do this and you will be back on track. Isn’t it worth the effort to take the time and do this properly?
And of course done successfully your business will help you do what you want to in other areas of your life as Brett McFall explains right here!
And remember, if you fail to plan, then you plan to fail!