Competition
t is useful to know what your competitors are up to. In fact it is a good idea to know if you've got any new competition, actual or planned.
Set aside time on a regular basis to review your market and the changes that are taking place. Once you know who your enemy is you can begin to plan your defence or even a counter-attack.
Cost of marketing
It is worthwhile working out what it is costing on each medium you are using to hit your target audience as you may be paying more than it is bringing you back in revenue. Not all advertising will pay its way and simple customer research can be very revealing. Your big decision then is whether to abandon the other areas or make them work for you in the long term.
Costs
Overheads
These are the general expenses of running your business whether or not you make any sales. When you open up on a Monday morning have you any idea what it is costing you to do so? Items such as rent, rates, heating and staff are going to cost you even if no customers come through the door.
Traditionally the complaints department in department stores was on the top floor to discourage people from visiting it
These costs are often overlooked when working out how the business is performing. Don't wait until the end of the year to review whether these overheads are covered.
Check on a monthly basis. You should always be aware of the minimum sales needed to cover your overheads.
Customers
Complaints department
Traditionally the complaints department in department stores was on the top floor to discourage people from visiting it. The manner in which customer complaints are handled is critical to the good will of your business, irrespective of whether or not they are justified.
It's not always about the outcome, although for many that is all that matters, but for most people it is about how they have been treated. If you have a designated member of staff who handles complaints it can deflect the passion away from the boss and it also gives people time to calm down if the person who handles complaints is busy.
Having clear procedures keeps angry customers in check but allows them to feel they are being taken seriously. More often than not, a returned phone call will catch them unawares and all of a sudden the big issue has shrunk in magnitude.
