Planning for Retail Success - 2019 Edition
And in the blink of an eye, 2018 is almost done. There hardly seems time to review your 2018 year and plan for 2019. But failure to understand your previous year’s business performance and plan for the coming year can only lead to achieving the same results you always have, it’s the old "if you always do what you have always done, you will always get the same results".
This week we are going to take a look at planning for success for a retail business, we've got a great blog coming up for digital but this one, it's for our retail friends.
We consistently review our client’s digital and retail performance against their goals but in the last quarter of the year, we spend more time planning the following year against the data and new objectives. Small changes can make a big difference and one of our big lessons from 2018 is being fit for purpose.
Not all businesses are created equal and small wins need to be celebrated. We are big believers that not all mistakes are failures, but failing to learn from them is. Pulling apart and understanding various aspects of your business and putting them back together will ensure that you are setting your business up for success in 2019.
Ask yourself the following questions:-
- What did we learn from year’s sales trend?
- What are our customers wanting from our business?
- Is our brand relevant?
- What are our competitors doing better than us?
- Where do we want to be at the end of 2019?
Question 4 raises some interesting questions about success, what does success mean to you? Without fail, most business people will answer in terms of sales growth, without considering the steps to achieve that financial success. Increasing team performance, introducing a customer-centric philosophy will ensure your business delivers the sales growth and financial success we all strive for - so are these better measures of success?
These are the macro questions we look at, what you do review? One of our most important review tips is to involve your team - you'll be surprised what comes out of a team discussion.
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No time to review, or just want to bounce thoughts around, please contact us to discuss.