I talk a lot about all of the things that go into finding fashion business success. I mean, that’s what this entire blog is based around. But there is one thing that I started doing about six months ago that has had an incredible impact on the growth of StartUp FASHION and I want to share it with you. Monthly business reviews.
Boring, I know. But effective none-the-less. In an effort to be better at making smart business decisions (and by smart I simply mean decisions that are not just pulled out of thin air but instead based on metrics and evaluation) I created a monthly business review workbook for myself and my Community members that really helped to break down the growth process. It’s been a remarkable help in the growth of StartUp FASHION.
OK, so here’s a snapshot of what’s covered in the workbook.
On the last day of each month, I sit down and review the following aspects of my business…
The Financials
I look at how much money the business made, how much money the business spent, and how much money I personally made. All of these things are important to know and will have a big influence on the upcoming month and the months after.
The Marketing
What did we do this past month to build our brand awareness? What worked and what didn’t? What should we do differently and what should we try that’s totally new?
The Sales
What sold well last month? Why do I think it was popular? What didn’t sell at all last month? Why do I think that is?
The Traffic
How many new visitors did we have to the website and the blog? How many new social media connections did we make? Which platforms were our most popular?
Once I review all of this, then I start to plan for the upcoming month.
Based on what I learned about last month, I make marketing decisions, social media decisions, and money decisions for the next month. I also create goals around each of these things so that at the end of next month, I have something to measure.
These don’t have to be huge, crazy goals. In fact it shouldn’t be. This is a monthly look at your business and how it’s working.
After reviewing last month, the goals you set for the upcoming month should be doable in a month’s time, not the total restructuring of your business!
So I challenge you to schedule a monthly business review into your calendar at the end of this month, or better yet, look back on last month and jot down some observations. Once you get into the habit of doing this, I promise you’ll start to see your business in a new light.
Would you like step-by-step guidance on how you can build your fashion business, detailed and specific resources for making things happen, and a support system of fellow designers who get it because they’re doing it too? Including monthly and yearly business planning workbooks! That’s what we’ve got in the Independent Designer’s Community and we’d love to have you join us.