How is your business doing?
What worked in your business very well and what has not worked as planned in your biz in the past year? Consider all aspects like; your brick-and-mortar building, website views & conversion rate, employees and advertising campaigns etc.
Literally spring clean all areas, not just with soapy water, but also with a throughout examination of each resource (money, time, people etc.) you have invested into your company and the positive or negative impact it has had in the past year.
Think about the 7Ps
Product (or Service): How good is your branding, for example do consumers recognise your product or service from a mix of products? How is your product range, do you have too few or too many products or services on offer? How is your management of distribution?
Price: How do your customers or prospects perceive the price of your products or services and how is your price structure?
Place: How is your location helping your business? Have you covered a general or specific market?
Promotion: Are you taking advantage of the promotional mix? Do you invest too much or too little money on advertisement?
Process: How easy is your order or booking process for your customers? How is your database managed? Do you have a queuing system in place? How fast or slow is your service delivery? Is it possible to create a standardisation?
Physical Evidence: How good are your premises organised, cleaned and managed? How new or outdated is your equipment? Are you offering the highest standard of literature with your product or service?
People: How capable are you and your employees? How effective and efficient do you use your and your employees’ strength? Do you need more or less staff? Could you delegate more? How is your and your employees’ customer interaction?
Try to answer all aspects and questions in a written format, as you can use it to formulate areas you would (or rather should) change in your business structure to increase your sales and return of investment.
Evaluate your findings and ‘Spring Clean’ each area step-by-step.
I would love to know what you think, please leave me your comments below.
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All the Best,