No matter what size your business is, it’s not always about working in your business but on your business, says The Giftware Association’s ceo Sarah Ward, who adds that companies have to make the time, no matter what the distractions, if they want to be successful.
“I often get asked by businesses how they can emulate their more successful competitors? What more can they do, and what gives other companies the edge when it comes to being a ‘go to’ brand for retailers. Inevitably, my answer is to take a good, long hard look at the company or companies in question, and to do that all important due diligence and competitor analysis. Then make a comparison. What are they doing that you’re not?
Prior to joining The Giftware Association in 2015, I spent a chunk of my career working for large corporate retailers, to include the Arcadia Group, as well as in the industry working for the Swan Mill Group/Penny Kennedy. Carrying out competitor analysis was non-negotiable and a vital business tool. Therefore, if you fall into the category of looking at other businesses that seem to be getting it right, with busier stands than yours at events, you have to take a step back and ask yourself what might they have actioned prior to the show that ensured that their customers were eager to come to see them.
One thing’s for sure, they will have done a lot of pre-show marketing. They are likely to be appointment-driven, with a clear strategy in place. Companies don’t just rock up at exhibitions and hope they’ll take orders and sign-up new customers. Their strategy includes pre-planning for months in advance.
While competitor analysis is not an easy job, it’s a discipline that has to be part of a successful company’s DNA. There are a lot of good disciplines out there that are not out of date, but that do need to be looked at within the personality of a business, applying them in a way that feels comfortable. What you learn very quickly is that you can’t pluck out a few numbers and say this is what I want my business to achieve next year. You have to know that you can achieve it, and frankly, achieving it is hard at the moment.
In our busy world, you often hear phrases such as ‘there aren’t enough hours in the day’ and ‘I wish I had more time to plan’, yet it remains crucial for companies of all sizes to stand back regularly and take a good hard look at themselves – to work on the business as well as in it.
Strategy planning used to be along the lines of: ‘this is what my business looks like today, and next year I want it to grow by 5%’, followed by a business plan. However, in today’s environment, it’s sometimes difficult to see where that growth will come from. Additionally, in challenging times, business owners are often more emotional, finding it harder to be objective. It’s why it’s vital for a company to step away and critique their own business, to look at it with fresh eyes, and to ask, where the business is going and to structure a plan. How do you know what you don’t know? I’m currently in talks with the Department of Business and Trade (DBT) – which runs growth hubs – to get practical advice, resources, and support for members. Even for a business that’s up and running, it’s still possible to get mentorship and support.
I often ask companies looking for advice, ‘what’s the one business question that keeps you awake at night?’ It’s a simple way to get to the bottom line. Fortunately, there’s always someone with the expertise, knowledge and experience who can help. So don’t be afraid to invest say, £500, but don’t spend £5,000 unless you’re sure it’s going to be money well spent. Ultimately, your goal is to see that investment in strategy planning paying off.”
Top: Make time to work on your business as well as in your business, says The Giftware Association’s ceo Sarah Ward.
