We’re almost half way through 2024, and 6 months is a long time in retail. A lot can (and does) change. You might find that after trading for two quarters that a fundamental shift needs to take place, which is why a thorough mid-year review can help you regain focus and clarity.
Do you know where you are vs your KPIs?
Have you revisited your goals from the start of the year to see how much you have progressed?
Are there some things that just aren’t working out how you thought they should, but you can’t pinpoint why?
Then now is the perfect time to review your strategy, to check in on where you are, and re-evaluate where you want to be.
Before I start a strategy review, I always like to remind myself of why this is worth setting aside half a day in my busy schedule:
- For clarity – it brings your goals in to focus
- For piece of mind – you know you’re spending your time on the right areas
- For organisation – you know where you are, and what might be missing
- For inspiration – we all need motivation when trading is tough
- For innovation – creative sparks fly when we take a step back
I find that when I step away from the day-to-day to do list and frustrations, big breakthroughs happen, and I highly recommend you do the same.
Here’s a blueprint of the process I use for a mid-year strategy review:
- Define the business areas you need to review. These include KPIs, pricing & promotion, customer service, logistics & operations, channels, marketing, products, processes, buying, merchandising, postage & packaging
- Go through each one and follow these 3 steps: review → plan → prioritise
- Create a plan of action with dates and tasks so you can track progress
Raise the bar for yourself; shifts and changes happen with intentional actions. Planning something makes it more likely to happen, so it’s worth the time investment.
Retail strategy is my speciality. I know what customers want, and the steps retailers can take to ensure their products and customer service stand out from the crowd, so if you want a fresh pair of eyes to take a look at your strategy, contact me for a call, or read more about my Strategy Intensive and Business Health Check packages here.
I can help with:
- retail strategy
- competitor analysis
- retail consultancy
Get in touch if you want to know more about how I can help your business thrive.