A new year signals a new beginning, so what better time to step back from the business to reflect and formalise New Year business resolutions for 2013?
The key is to keep them simple but well defined. This way, they are more likely to be achieved, and can make a big difference to how the business heads into the New Year.
Six good New Year’s resolutions to consider include:
1. Check out the competition
Potential and existing customers browse and compare your product against those of your competitors. Do what customers do, and check out what other options are available to them. Has the competition moved into, or away from, your area? Take the time to visit the competition and see what they are doing in terms of price, layout, customer service and product range. Also, look at their online offering and what is available there.
The results of this analysis may suggest several ideas. Remember the four ‘P’s – product, place, price and promotion. How does your business compare to the competition?
2. Look at needs
In most retail businesses, employees are an enormously important resource.
Customer-facing staff in particular needs to kept happy and involved. Consider training courses to provide career growth, and benefits to ensure they want to stay with the business.
Exiting employees can take with them knowledge and experience as well as goodwill. In addition, keep in mind that training new staff takes time and money.
However, if staff members are underperforming or not living the company’s values, remember there is lots of talent currently in the marketplace.
3. Invest in marketing
When times are tough, the marketing budget can be the first one to get slashed. But this is often a short-sighted approach. If one business is busy promoting itself while another is not doing anything, it’s clear which one will attract customers.
Ask customers how they found out about your business, and focus on that area. If it’s mainly walk-in trade, smarten up the signage and window displays. If it’s from an internet search, review the website and consider activities such as advertising on search engines.
Try to come up with three new marketing initiatives for 2013.
4. Review stock
Check what has sold well during the last 12 months, and what has not sold so well and why.
Has there been an increase in demand for a particular product, and is this driven by one-off factors or is it a trend that will continue?
Has an item been superseded by a newer model?
Also, review the data on what items have out-performed and identify possible reasons why. This can help with developing new product lines.
5. Assess finance
Financing needs may have changed over the last year, and the existing financial arrangement may no longer be the most suitable.
For example, falling interest rates may mean that there is a better loan option available. It pays to shop around.
6. Get organised
For those who find it hard to keep on top of paperwork, it’s time to turn over a new leaf. Being organised is the first step towards being efficient and effective. For example, develop an email filing system to keep the inbox under control. Buy some new folders or filing trays to make sure all paperwork has a home. Go through old paperwork and decide what really needs to be kept, and what can be recycled.
A tidy and organised workplace is a good way to get off on the right foot in the New Year!