As we creep into another month of the New Year, I’m still seeing posts on my social media feed about reviewing your business. Surely this is something you do before the clock strikes midnight at the end of the year.
In truth, there is no set time scale to review and reflect on how your business and sales strategy is working, whether your ideal customer has altered, or if your products or services need updating. In fact, I recommend a regular review at various times throughout the year.
Although I was poorly over the festive break I still took time out to review my business to ensure I was providing value to my customers and the members of The Sales Academy. After all, 2022 rhymes with review!
If you’ve begun this New Year without taking time to stop and check in with yourself or your business then set aside an hour this week to do so.
The value of reflection and reviewing
Why is it so important to review and reflect upon your business?
- Business development – have you been so caught up in working IN your business that you’ve forgotten to work ON the business? It’s often the case that when you get busy the administration, professional development, and customer journey processes begin to slide. Taking time to review your onboarding process, sales strategy, marketing, and automation help your business flow easily.
- Customer relationships – nurturing your loyal customers is as important as finding new ones, but do you review the who, how, why, and where of your customers? Have your ideal customers changed at all? Do you offer products or services for a new demographic? How are they buying what you offer and have sales increased or decreased? Why are your customers buying from you in the first place? Reflecting on why people use your business gives you great content to share that will attract new audiences.
- Collaboration over competition – while it is important to understand who your competitors are from a marketing aspect, it’s vital to avoid comparing your business to others. Part of your review should include a quick search of what your closest competitors are doing so you can stay abreast of any new trends. However, it is more worthwhile to reflect upon how you can collaborate with others to provide more value to your respective customers. Guest blogging or appearing on podcasts is a fabulous form of collaboration.
How do you review your business?
There are plenty of templates available to help you review your business and sales processes, but sitting down with a cup of tea and a notebook works just as well.
When you review your business, I would suggest breaking each area into sections so you can concentrate on one piece at a time. Once this is complete you’ll have a holistic (whole) view of how your business looks.
The breakdown might include:
- A business overview – what does your business look like at the moment? Are there any gaps in your products or service offerings? What is your goal for the year ahead – that might be to attract 10 new clients, streamline your services, launch a new product, or something else.
- A financial overview – what did you make last year? What do you want to make this year? How are you going to achieve that – do you need to sell 1000 products a month, sell 12 power hours a month, or build a membership to 500 members to hit your target. If you know what you need to do to reach your goal it becomes easier to market specific products or services to your target audience.
- Competitor analysis – what are other companies offering that might be similar? How are they providing their services? What are they charging? How are they engaging/sharing with their audience?
- Customer journey – check that each step of your onboarding works. Can your customer find you; can they sign up to your freebie, can they upgrade to a paid service, can they book appointments and pay easily. Does your value ladder need adjusting or updating?
- Ideal customer – look at who you enjoy working with and begin to step away from those you don’t like to work with. Review the basics such as gender, age, income, industry, etc. Has this changed since last year, or even since you first started your business? Have their goals, habits, or challenges changed? Do you still offer a solution that works for them or do you need to update your services?
- FAQs and Testimonials – it’s always worth reviewing the questions your customers ask you so that you are offering products and services that provide solutions to their challenges. It’s also a worthwhile task to review your feedback and testimonials and ask for updated reviews from your more recent customers.
The process you use to review your business doesn’t matter, so long as you are taking time to do the work. What you learn from your reflections will help you build a stronger business moving forward.
How can you learn more about reviewing your business?
If you want to learn more about reviewing your business and sales strategy, schedule a virtual cuppa with me, and we can discuss how I can help you.
“Jules is all about doing it right! Right education, right training, right attitude, right outcomes for all! If you want to do it right, speak to Jules White.” Asvin Chauhan, CEO Pharma Wealth
Alternatively, you can join my Sales Academy and build on everything you’ve learned in this post to create success in your business and deliver an unparalleled sales experience.
“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.
Want to find out more? Schedule a virtual cuppa with me, and we can have a chat about the membership or my other coaching services.