Look at “The Numbers” to Boost Your Gift Basket Business
In the November issue of Fancy Foods Magazine, the editorial director wrote a letter to all of us who are wondering how to adjust our businesses in these tough economic times. He made several suggestions that I’ve discussed in other blog posts: improve your service, know your customers, create relevant promotions. Read Full Story.
He included one other suggestion that I think is so important that I want to share it with you in case you don’t have a chance to read the full article.
“Look at the numbers. Numbers are not sentimental; they’ll always tell the objective story without bias or opinion. Even in hard times, taking a good hard look at the numbers will likely reveal some positive trends and successes. This is where your business is making headway, even in the face of the tough times. Look at investing in these areas to maximize their potential. Conversely, pinpoint what’s clearly not working and invest fewer resources in these areas or consider eliminating them altogether. Put each aspect of the business through a thorough return on investment (ROI) analysis and do more of what the numbers tell you works and less of what doesn’t.”
Downturns eventually turn around. Start to create your own “turn around” by looking carefully at the numbers. You may have to make some hard choices, but you will poise yourself for success when business starts to pick up.
1 comment November 30th, 2008
