Well, it is that time of the year again. Looking back in order to look forward to the coming year! The Two Blondes have compiled a list of thoughts and questions for you to peruse in setting goals and objectives for the coming year
Please, have a seat with a pen and paper and make notes of the areas that ring true to you and then craft a plan.
What will we do next year to maintain and/or increase our piece of the pie?
We are all facing increased competition in the market place, not only from our fellow salons/spas, but from our professional suppliers as well. They all want a piece of the end consumer.
Are your profit margins shrinking?
Compared to twelve months ago, are your prices keeping steady with increasing costs? We need to increase profitability by at least ____%. Assess!
Who is our real client?
We need to better understand our target market; who they are, why they buy and what is it they really want. Send out a client survey before the end of the year.
Are you delivering compelling customer experiences that will claim your clients?
Doing so will clearly differentiate you from your competition and allow you to grow your bottom line. We need to communicate our value story more effectively in a marketplace suffering from increased competition. Some, or all, of our current clients may not be aware of all the value we offer.
What will we do to attract new and profitable clients?
Our industry faces trust or image issues that we must overcome to create customer confidence. How do we do that as an individual business entity? Do we need to reinvent or relocate ourselves? We need to find innovative and affordable ways to promote our business in a market where traditional advertising is too expensive.
How will we manage our hiring procedures next year?
We need to find, motivate and keep top performers at every level of our organization.
Do we need more clarity and consistency from management?
How will we effectively implement new ideas and processes? We must improve our focus and productivity. We need to create a culture of commitment and accountability and we must deal more effectively with non-performance. We will need to train and develop our staff more effectively to grow the business and remain competitive.
- How does the communication throughout our organization rate? Are we efficient in promoting new and innovative ideas?
- How do we rate as employers? Are we creating employee satisfaction?
- Will we have the working capital we need to operate or grow the business effectively next year? Our current business model may not get us where we need to be. Do we need to redefine and/or reinvent some aspects of our business?
You may have some of your own ideas on how to move your business forward next year, so add it to the list. Please remember one thing; NOTHING CHANGES IF NOTHING CHANGES!