Luck! The circular theory from Qu Li, that will boost your positivity and productivity in business
167 days left until 2019! Yep, scary but true, we have gone past the halfway point in the year, this is when we start to ask ourselves questions like;
Where am I with my business goals?
Have I achieved all I intended?
Are things going in the way of progress?
Is my business growing?
Have I gotten my products into the stores I had wished, listed and contacted?
What does a successful end of the year look like for me?
Your mind might be boggling right now, adjusting your business goals, reviving up your sales to hit your end of year targets, which is all very well and good. And doing a business review is fantastic and the only way you can really assess what has worked and what hasn’t worked in your endeavours so far.
You may not have hit each and every last one of your six-month targets for your business. And trust me, I know how hard and many times frustrating it can be when you want your business and the products you are developing to move along quicker. You may look and see other similar businesses to yours, flying high or at least landing in the stores of your dreams, and you may ask yourself, how lucky are they?
But I have something to share with you pertaining to luck and your business and hitting your end of year goals. Luck, I believe has a part to play but so does hard work and consistency.
You may have done all the right things this year, attended trade shows, called buyers, created a beautiful B2B newsletter for press and retail buyers, visited stores, sent samples and still been left with very few retail orders. Do not fret! The year is not over, there is still time.
I want to remind you, you are in total control of what happens in your life, in your business! If you have just completed your business review and realised you have fallen short of some of the goals you started the year with, it not too late, there is still plenty of time to get back on the wagon and tick some serious goals off.
I understand that it is hard, to start and grow a business, especially a product based business. I remember being excited and equally daunted when I started my beauty business.
I want you to refocus on what you need to DO to achieve your goals.
Here are some tools that I find helpful.
1. Niche down your audience –
This may or may not apply to you, but you may have spent much of this year chasing down retailers whom you are not yet in a position to do business with. I have consulted with businesses, who are were chasing large UK retailers but had no idea how they would distribute, delivery and even raise money for the orders from a large retailer. The idea of receiving a shiny $100,000 purchase order is all very well and good but you MUST think logically is this something your business can handle right now?
I always suggest, that brands/businesses really niche down, start small create a consistent supply chain. Deliver your first 100, 1000, 10000 unit order first.
Find local, and independent stores that can carry your product range, build up rapport and confidence in supplying these stores well first and you will be soon ready to knock on the door of national retailers.
2. Create another detailed plan
I know you may well have already done a decent and detailed plan at the beginning of the year, so what’s the point of doing another one? Well, a plan is there to service your direction, you have a vision of where you want your brand to be, how you want it to be perceived and a plan just lays out the monthly, weekly, daily even hourly steps you need to take in order to reach that destination. A plan is also something that is NOT fixed in place; a plan can and should be adjusted dependant on the results you are receiving.
After six months of 2018, you really should be able to look over each month and identify which actions created the greater results. And results do not always have to be positive or lucrative a result can be,
‘I went to three trade show and found no buyers for my products’
This is a result; it is an indication to you. From that statement/result, you then have to sit and work out why? Every result should lead you to a why,
Were you placed in a bad location at the trade show?
Were your booth not as well presented as others?
Could you have chosen better products to exhibit?
Did you have the wrong salesperson on your stand?
Are trade shows not the best idea for your business?
Having a look over what you did, the results you had, and listing the why’ you should be able to see what you can adjust for the next six months of 2018. Could it be cold calling gave you a huge result? Or was it email marketing? Did social media allow you to connect, and sell your products to buyers? Was it networking that provided you with a lot more retail orders?
Narrow down, create a list of 1 -10 of what you have done the last half of the year, what result you got, and how effective each task was in achieving your goals.
Also, if you are aware of certain tasks you left of the last six months, like not attending trade shows or not networking which you think may be interesting to dive into, do it. It is only you that will benefit from all this hard work. Do a detailed plan; mark out what you will commit to doing to achieve your business goals in the next 167 days left of 2018.
If you feel like you are all over the place and you do not know how or what can help you tick off the goals you have and get your products into more stores.
Get in touch with me; I can help you create a realistic strategy to get you results!
3. Get in Action
It may seem like a very obvious piece of advice, but often times when we have worked the last six months and have yet reaped the reward of it, we have a tendency to sit back to mull over the sadness of not being in our desired stores. It is a strange flight or fight response and many of us go into coast mode. But let me tell you now, coasting will NOT help you at all, which I know you know.
The whole point of writing another detailed plan is so that it invigorates you, and reminds you of what it is you are after. There is something you want, whether to make a living from products, grow your business internationally, mark out a key retailer. You can achieve these goals and more. You have to stay in action, DO NOT STOP!
I listened recently to an interview from Alex Banayan, on impact theory he is launching a new book called ‘the third door’, a book where he interviewed many people I am sure you know and respect who have built mega-businesses like Tim Ferris and Bill Gates. He mentioned one man who he interviewed, Qi Lu, a man who has an interesting theory on luck. Qi Lu, believes that luck is not random and that luck is more like a bus, which laps the same the route and those who have the ‘fare’ for the bus are welcome to jump on board. So what is the fare to ride on the ‘luck’ bus? Well the fare, consistent of hard work, behind the scenes preparation, waking up on time, calling the right people, sending the emails, visiting the stores, mailing out samples, making your business/ skills/products visible. This is the foundation; this is what gives you the right ‘fare’ to ride on the ‘luck’ bus.
So get in action, every day. Do something, prepare for luck, luck is not just for those who have money, and huge marketing budgets NO. Make yourself lucky with the 167 days you have left till 2019 commit to increasing your luck by increasing your actions, your output, your energy.
It’s your dream! It’s your business, pursue it with renewed energy this last half of the year. Be determined to tick, tick, tick your goals off.
If you have any questions, about preparing for retail, getting your products into more stores, or just need a clear direction to get retail sales, book a call with me. I can help, and would be more than happy to assist you in having a great end of the year, by getting your products in stores!