- Make time each month to give your business a professional check-up.
- Ask yourself, where was your business 12 months ago? where are you now? and where do you want to be?
- Evaluate what is important for your business and set goals based on these key subjects.
- Establish who your target markets are and evaluate their habits.
- Analyse who your main competitors are and what you can do to distinguish yourself.
- Evaluate how your purchase process can be improved.
- Assess if your marketing efforts reflect the message you want your customers to see.
- Measure if your ideas have yielded the results you hoped for.
Quite often we are so focused on running our businesses that we don’t give ourselves time for a professional check-up. To help, we have highlighted seven important points your business should refelct on regularly to ensure you are meeting your goals.
1. Are you on track?
Each month take time to eveluate if you are on track to achieving your goals. An easy way to do this is to ask yourself:
- Where was your business 12 months ago?
- Where is your business now? And,
- Where do you want your business to be in the next 6 to 12 months?
This simple exercise can be used to assess multiple sections of your business, including sales, products, and your professional ambitions.
2. What is important?
Define what the most important daily, weekly, monthly, and yearly priorities are for your business. After you have defined these key goals you can plan out how they fit into your annual schedule. This can also help you decide what is not important, and what needs to be achieved first.
3. Do you know your customers?
When selecting products to sell do you always consider the needs of your customers? To do this effectively, you need to understand who your target markets are.
Things to consider when defining your target markets:
- Average spend
- Method of engagement. E.g. Are they shopping online or do they still prefer to be walk-in shoppers.
4. How do you target your competitors?
You may know who your competitors are, but do you target them effectively? If you are competing head-to-head with another business, try not to directly copy them as this may lead to a price war. Instead, try offering something different and exclusive to your customers that makes you stand out.
To create an effective strategy you should ask yourself:
- Are you competing for consumer spend only against your direct competitors?
- Do you have competition from other markets, like hamper companies?
5. Is your purchase process pleasant?
You need to consider the before, during, and after purchase process of your business to ensure you keep your customers returning.
If your purchase experience is unpleasant, such as your website has bugs or your prices are misleading, it can have a great impact on whether or not your customers return.
6. Is your marketing aligned with your business?
Marketing is not just about the prices you set for your products, it has many moving parts including your website and social media. To make sure that these parts align with your overall message you should consider the following:
- Does your store or studio reflect the message you want your customers to see?
- Is your online presence inviting and informative?
- Do you engage on social platforms to let your customers know more about your business?
All of these marketing outlets are delivering your story and need to be kept up to date. For example, if you have photos of flower arrangements online and the flowers are not in season, this could mislead and frustrate customers.
7. Are your methods beneficial?
To know if your methods have been effective, they need to be measured. There are a few ways you can do this. You can use different measuring tools, such as daily, weekly, or monthly sales reports. Some businesses also look at units sold or the number of transactions, and then compare this to last week, last month or last year.
But remember, even if your new project hasn’t yielded the results you were looking for, you should always try and be open to trialling new strategies.
For more interesting articles about the floristry industry, read our other Koch Blog posts Building An Innovative And Creative Floral Team, and How Can Sustainability Grow Within The Floristry Industry?