324 | New Year Business Checklist for Product Brands
Jan 9, 2024
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Kick off the New Year with a solid business strategy! Discover ten key steps for product brands to assess last year’s performance and set ambitious goals. Learn how to reflect on your journey, establish financial targets, and plan strategically for success. Plus, there’s a helpful audio series to guide you through the challenges of wholesale business. Get ready for 2024 with actionable insights and a clear path forward!
Reflecting on the past year helps identify successes and challenges, setting a foundation for informed business planning and strategy.
Establishing clear financial goals focused on profit, not just revenue, is essential for creating effective strategies for business growth.
Deep dives
Reflecting on Successes and Challenges
Looking back to analyze the previous year's successes and challenges is crucial for growth. Identifying top revenue streams and customers helps understand what worked well, while noting challenges can prevent future pitfalls. Consider factors such as financial performance, logistics, or emotional well-being to determine what influenced these outcomes. This reflection sets a strong foundation for informed planning and strategy moving forward.
Setting Clear Goals for the New Year
Establishing clear financial goals and objectives for the new year is essential for a sustainable business. Focusing on profit rather than just revenue provides a better picture of the business's health, as illustrated by contrasting the performances of two clients with significantly different revenue but varying profit margins. Specific targets can also include increasing reorder percentages and average order values to drive profitability. By setting these objectives, businesses can formulate effective strategies and tactics to achieve them throughout the year.
Assessing Customer Experience and Team Dynamics
Evaluating customer experience can reveal valuable insights into improving sales processes and marketing strategies. Analyzing customer feedback and identifying friction points can help enhance the overall journey for clients, fostering loyalty and retention. Additionally, sharing new goals and expectations with team members promotes a collaborative environment, ensuring everyone understands their roles in achieving the business objectives. This open communication strengthens the team dynamic and increases the likelihood of reaching targets together.
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New Year Business Strategy: Essential Checklist for Product Brands
Happy New Year! I hope you had a restful and relaxing holiday season. I enjoyed a lot of downtime with my family and also worked on a few things behind the scenes to get Proof to Product ready for 2024.
I thought it might be helpful to share some of the things that I look at as I’m wrapping up one year and starting a new one.
So today’s episode is going to focus on your New Year checklist. I’m going to share 10 things that work for me in hopes that they will work for you too.
Today's episode is brought to you by our Is Wholesale Right for You private podcast! This free 12-part audio series will help you decide whether wholesale is a good next step for your specific business. After listening to this audio series (in less than an hour), two things will be true. You'll know whether you want to pursue wholesale for your product business, and you'll have the confidence and action steps to get started with wholesale. Sign up for the private podcast today!