There’s no better time than the start of a new year for reflection, personally and professionally, so I’ve created a list of New Year’s resolutions you can adopt to get your business off to a fresh start in 2020.
#1) Evaluate your vendor relationships. Good vendors equal great business. When was the last time you actually sat down and evaluated your business goals with your primary vendors? January is a great time to take stock of your existing vendors, and see what’s working, what’s not, and what you can change to help create better business in 2020. Start with an email to each of your vendors, outlining your company goals for the New Year, and asking them how you might work with them to create more and better business together. Thinking about a trunk show event or a specialized sale to draw more traffic? Let your vendors know, and see how you can work together to create a solid plan that benefits you both.
#2) Review your business plan. Take a few days to analyze your 2019 sales performance, and identify the areas that you can capitalize on for 2020. Find the areas of your business that created the most growth and profits, and figure out a plan to build on those growth areas in the upcoming year.
#3) Bring your website back to the forefront of your business. Facebook and other social media forums are great places to be, but your business needs a home. A Facebook page will never replace a business website (and your gmail, aol or yahoo email address needs to be changed as well, but I’ll save that for another blog post), and if your website is unappealing, or hasn’t been touched since you had it built in the late 1990’s, who will want to visit your physical store?
Invest the time and money it takes to update your online presence. It doesn’t have to be fancy, and you’ll be amazed at what a clean and modern design will do for your store’s image and brand.
#4) Rearrange your retail space. Is it time to give your store a retail refresh? New paint, carpeting, fixtures and displays can work wonders to help freshen up a tired store interior, and perk up your sales, too. Have a little extra money? Hire a company that specializes in retail jewelry store interior design and renovations, and redesign with an eye to 2030, and a unique, in-store customer experience in mind. Rearranging or changing up your space, even in small ways, helps your customers notice old products in new places, and you’ll sell more.
#5) Make online sales work for you. Don’t have the time, money or energy to keep up with a full-blown e-commerce website? No worries! There are other ways to generate revenue from online sales that won’t break your bank. Despite what you’ve been hearing about email marketing, it is still a great way to connect with customers. Find several great lines of price-point merchandise, and develop an email marketing campaign strategy to keep your name, and brand in front of your customers on a weekly basis. Offer “specials of the week” through emails only, and you’ll be able to create an incredible tool that increases your brand awareness as well as your profits for 2020.
#6) Say “Thanks” all year long. Yes, that 80/20 rule still holds strong, but you have to know that your best customers and always on your competitions radar. The costs to acquire a new customer can be five times as much as the cost of keeping a current one. Don’t wait until the 2020 holiday season rolls around to let you customers know how much you appreciate them again. Say “thanks” in small ways, always, and your customers will be loyal for life.
#7) Don’t forget about you. Yes, I realize most of you barely had time to think about eating or sleeping over the last few months, let alone taking some time for yourself. But the holiday rush is over, so now it’s time to make time for you. As a business owner, I understand that you are invested 24/7 in keeping your business on track, but your business is only as strong as you are, and if you aren’t healthy, neither is your business. Taking time off to recharge will help you feel better, focus better and be better, which ultimately means you’ll be able to run a more successful business.
Want to know more about making New Year’s resolutions for your business, have questions about this article, or want to suggest a topic for me to cover in future blogs? I’d love to hear from you! Email me at Ann@JewelersSuite.com today!