When was the last time you reviewed your business? Starting a business is hard work, exhausting, and overwhelming, but it’s also fun, satisfying, and rewarding. You need to take stock to keep your business running to its optimum level.
I like to think about this as ‘sense checking your business’.
Life is challenging at the moment. You are bombarded at every turn with the cost of living crisis, petrol increases, war, and upset. I know that many of my clients feel like burying their head in the sand.
I get it! I feel the same. However, I need to practice what I ‘teach’ and help myself and my clients to feel the fear.
You can’t change the outside world, but you can focus on how you handle every situation – that’s your human behaviour.
As you know, human behaviour is at the core of sales and selling. ‘Life skills are sales skills’ after all, so taking time to work out what’s right in your corner of the world can be just the tonic to help you pull your head back out of the sand.
Reviewing your business is a simple place to start as you have full control over this. In this post, we’ll cover the basics of a successful company, how to begin reviewing your business, the value of storytelling, and discovering if your products or services serve your customer right in today’s ever-changing landscape.
What is a successful business?
Let’s first explore what it means to run a successful company. The answer is subjective as everyone will have their unique take on success. For some, it might be financial success. For others, it could be reduced hours or escaping corporate life. Perhaps you want an entire shift from one industry to explore another passion or want to maintain a healthier work/life balance.
No matter your business goal, understanding why you started your business, or plan to start one, is the foundation of being an entrepreneur.
- What’s your why?
- What gets you out of bed with a spring in your step every morning?
- What lights you up inside?
- What do you pour all your creative energy into?
Why do you love running your business? If you’re unsure or feel a little adrift right now, then reviewing is the perfect task.
How to begin when reviewing your business
Here are three things to consider which will make a huge difference when you want to review and stay on track with your business goals:
- Setting aside time to review your products or services.
- Your ideal customer.
- A more in-depth view of your product content.
Reviewing these elements will ensure you are fresh and motivated for the coming months.
I tend to review twice a year – once at the beginning of the year and again throughout the summer ready to start what I call the ‘other new year’ – September. When you review is personal as long as you fit it into a timescale that works for you and your business. As we all know, the world can change overnight and staying on top of your business means you can take positive action when necessary.
Reviewing your ideal customer and your value ladder
Time to sense check again.
Are you on the same page as your customer regarding what you offer?
This is something my clients struggle with sometimes. They set up their offerings and then see a decline in sales. Sometimes, self-doubt sets in, and they ridicule themselves for providing the wrong products or services.
Evaluating what you offer has nothing to do with you. It’s ALL about the customer. What they want or need can change – frequently – and it’s your job to keep up with these fluctuations.
‘But Jules, how do I do this?’
I’m glad you asked.
I always talk about taking your customer from Hell to Heaven. Hell is what they are struggling with right now, the challenges they face, and the overwhelm they feel. Heaven is the product or service you offer as a solution.
The Hell that your customer was going through when they first found your business may have changed, especially if you are a coach. You must review how that Hell has altered. Is it a different kind of Hell, or has their initial Hell split off into a mini-series of Hell?
By appreciating your customer’s psychological state (how and why they buy), you will be able to provide them with the right product or service that correctly offers a solution (Heaven) to their most significant challenges.
This exercise will help you not only review your ideal customer, but also your value ladder.
Your value ladder is an essential part of your business growth. It’s where you introduce your customers to your world and offer them services or products that climb the ladder in cost, time, and value.
The bottom rung of your value ladder may be a free worksheet or eBook, and the top of the ladder will be your main offering such as 1:1 coaching. It’s important to review each rung on your ladder.
- Do you have enough products to give your customers a choice?
- Do you have too much choice – too much choice can be overwhelming.
- Does a product you offer need to change because of what your customers need today?
There is a lot to consider when reviewing your value ladder, but using your ideal customer work you will be able to see clearly what people want and need.
Storytelling is at the heart of Live It Love It Sell It, and anyone who knows me will have heard me talk about my Dragons Den adventure, my TEDx journey, and the story behind my High Street Sales Academy.
Stories are essential for business and sales.
When reviewing your business, don’t be afraid to tell your audience. Share that you are diving deep into the products or services you offer to ensure they are the best they can be. Tell your customers that everything you do is for their benefit, and you are constantly looking at how to add more value.
Change is good. Let me say that again for those at the back of the room. CHANGE IS GOOD!
Reviewing your business, reflecting on the areas that might not work as well as you hoped, and celebrating the parts that are thriving all revolve around making changes.
Which brings me on to the third thing that I would review – and here is a true story! I have just done this.
During the summer months, I re-evaluated my Sales Academy. The start of the academic year always feels like a new start for me, and as my High Street themed Sales Academy opened its doors on the 1st of September 2020 it felt like the time was right for a review.
Ahead of the Academy’s second birthday was the perfect opportunity to give everything a full evaluation to see how my members were using the content, and how I could add more value for them.
I took the time to review what was working. I also looked at my analytics and saw areas of the membership that were not as popular. By releasing these elements, I added value to the areas that are used/visited more often. I talk more about reviewing the Sales Academy in my recent Walking the Dog Vlog.
It was a fabulous way for me to prepare for my re-launch, and ensure the Sales Academy was packed full of updated content, and on a brand new platform which makes it smooth and seamless, making it highly advantageous for my members – new and old!
And you can be part of the refurbished Sales Academy
Our brand new refurbished High Street themed Sales Academy opens on 1st September, which is also our second birthday!
Join in with the birthday celebrations by taking advantage of our SPECIAL OFFER.
For a limited time only you can join the Sales Academy for £29 a month.
Are you ready to be part of a unique sales membership? Join before midnight on the 7th September 2022. Claim the offer.
What can you do to understand more about reviewing your business?
If you want to learn more about how reviewing your business impacts your sales, schedule a virtual cuppa with me, and we can discuss how I can help you.
“I can say the Sales Academy is great value for money – just the monthly Q&A sessions make the fee worth it. I always leave with valuable insights on sales and business. And the modules (I’ve done so far, at least) are packed with useful info and mythbusting around sales.” Nick Diakanastasis – Public Speaking & Presentation Skills Coach
Join me for a ‘Walk down the High Street’ and see what the new Sales Academy looks like.