No matter how good your fashion business is there is always room for improvement. I myself am always looking for ways to refine my business. Whether it is streamlining my processes or refining my marketing I always endeavor to evolve into having the best business I can. Truly by doing this, you can increase profitability dramatically. So the following are the steps I suggest.
- Analyze – The first steps in any plan to improve is to look at where you are in your business now. Look at sales, customer service, production, and operations. Are you happy with all these areas? Should you increase sales? Do you have systems in place so that everyone is clear about how things run? Is your fit good, can you notch up the quality a bit? Michael Gerber, author of E-Myth wrote, “Most entrepreneurs fail because you are working IN your business rather than ON your business.” This is your opportunity to work on your business. By studying your entire business area by area, you can then move to the next step.
- Plan – Now that you have identified the areas for improvement the next step is to plan strategies for the improvement of each. If increasing sales is a goal you might hire more sales reps. You might decide to update your computer system. Or maybe take a trip to China to find new factories is important for you to increase profit margins. Having a well-thought-out plan that is written out is key to the process.
- Execute – Even with the best intentions how many times do you come up with ideas but don’t follow through? Without a solid idea of how to execute nothing gets done. This might involve delegating certain tasks or outsource the job. Sometimes it is even as simple as putting the different projects on your calendar.
“To improve is to change; to be perfect is to change often”, Winston Churchill.