In the fashion world, we all love a makeover. Sometimes, our business deserves the same treatment. Making over your business could be an option if the current state of your business doesn’t fit your original “vision.” Maybe you have a new vision that you want to make reality. Or the most obvious reason: you’re not making money. There is always room for change, and there is no time like the present. Making over your business can be a confusing process at first glance, but breaking it down into steps can simplify it to make it attainable.
The first step you need to do is to analyze your business. Find out where you stand and what issues there are. Examine your profitability, production, quality, etc. Dissect every aspect and find the root of your issues.
What are your strengths and weaknesses? A good approach to this step is to try the SWOT Analysis. SWOT stands for strengths, weaknesses, opportunities and threats. The strengths and weaknesses allow you to look at how you have done in the past and present, while examining the opportunities and threats look towards what the industry could hold in the future. How have industry changes affected your business? Making sure that you roll with the punches of the industry in order to adapt.
The second step is coming up with strategies to help the determined issues. This often involves developing a new business plan. Some options include revamping your sales team with training, remerchandising, rebranding, new marketing strategies, website design or possible partnerships with other businesses. Decide on the strategy that can lead to possible improvement.
The third step is to put the plan into action and execute the strategies you chose. Decide how you can put the plan in motion. Make sure you determine the resources at hand and how you can utilize them to their fullest potential.
The fourth and final step to making over your business is to analyze the results from your strategy change. Consistently monitor the results and tweak as you go along. After a couple months, look at your “before” and “after” to see how your strategy affected your business.
Feedback is key from the beginning of the first step all the way through to the fourth step. Listening to your associates and your buyers is how you can see the holes in your business as well as what is working that doesn’t need to be changed. It can draw your attention to a part of your business that you may not have noticed. It’s also important to look at what your buyers are saying after implementing your “makeover” strategy. Do they notice a difference? Whether it be good or bad, feedback is the best way to see what your buyers want, what they like and what they expect.
Remember, an evolution of your brand is more effective than a revolution.
Maria Pesin knows fashion, especially the business side of the fashion industry. Do you know how Manolo Blahnik got his start in the industry? How he leveraged a paltry 3 grand into one of the world’s most famous luxury brands? While she doesn’t take credit for Manolo’s success, Maria has walked a similar path on numerous occasions. The world of fashion is not silicon valley, and it has nothing to do with Madison Avenue marketing. In this industry there is ALWAYS room for something new and exciting, but you have to have your ducks in a row. If that’s what you need, believe me, Maria is the General Patton of fashion ducks!