Paul Da Silva | BUSINESS ADVICE
Sounds like S
trategy is a word that gets used a lot when I am speaking to clients. From multinational retailers, to private equity investors, to small independents, strategy is a vital part of any business. You need a road map for the success of your business, and hopefully my previous articles have helped flag up some of the critical steps you must consider along the way. It’s important to understand your history, and where you are now. But knowing where you want to get to is as vital as knowing how you are going to get there. If you are turning over £1 million, is the vision to get to £3m? Or £5m? How long will it take you? What does the journey look like? Have you got the resources you need? If not, what is missing? You need to be constantly reviewing how things
are going, how close to the plan you are and whether anything needs adjusting to keep you on track? And does everyone in your business know your plan? Has it been communicated to the team so they aren’t just looking at their own personal world, but are working for the business? When I speak to a lot of clients, their vision is in their head and they are really the only one who knows what it looks like.
When I ask why they haven’t shared it with the team, they say that they don’t want to distract them, or it’s not set in stone, or similar. The fact of the matter is that it’s healthy that the team knows what the vision is, because they may actually be able to help make it become a reality.
April 2023 •
The pathway to success has been discussed in my previous articles, but the following points are critical to consider…
• COLLEAGUE REVIEWS: Make sure you do them! Daily, weekly, monthly, in the office, on the beach, on the bus, wherever and whenever, but make sure they are completed – filled out and signed, with clear expectations and a performance overview. • COLLEAGUE PAY: Are your staff earning the right amount for their roles, and is it a clear and concise structure? The cost of living is rising and interest rates are going up. Money is now more important than ever. Make sure you are rewarding employees with a fair and reasonable salary. • TARGET SETTING: Have you got your short-, medium- and long-term targets set. Does everybody know what they are and are they visible to all staff? Progress against each target also needs to be communicated regularly. • THE SALES PROCESS: What is your sales process? Do you have one or do you just let the designers do their own thing? In my view, although not a rigid, scripted system, it’s good to break the sales process down, especially for new starters or people who need to refresh their skills. • LEAD MANAGEMENT: Probably the biggest, missed opportunity of many showrooms is the way that outstanding business is dealt with. Make sure you’re in regular contact with all outstanding leads and that the next contact is agreed at every stage. • THE SHOWROOM: The biggest sales tool at your disposal is your showroom. Make sure it’s
Over his previous 11 articles, consultant Paul Da Silva has covered most of the bases you need to consider when running a successful KBB retail business. But you also need to know where you are going in the future and have a clear plan of the road ahead
A PLAN
appealing, fresh, clean and clear of clutter. Constantly look at it critically and decide whether you would enjoy shopping there.
• MARKETING YOURSELF: Marketing yourself and your business is, and always has been, an integral part of growth. Whether it’s print advertising, radio and flyers, or getting down with the kids on social media through channels like Facebook, Instagram, TikTok, Houzz or more. You need to tell the world how great you, your team and your business are.
• PROTECTING YOUR MARGIN AND PROFIT: Sales for show, profit for dough. So many times we look at the sales number and pat ourselves on the back. But sales are nothing if you aren’t making money on them. Know your numbers and know where your high margin products are. Every expense comes at a cost.
• SELLING TO THE TRADE: This can be an inviting and lucrative opportunity to make extra sales and, more importantly, extra profit. But it can also be problematic, time-consuming, offer lower margins, and come at the expense of your mainstream business. You need to be set up right to deal with it properly and your systems and processes need to be watertight. Everybody has a plan and a journey that will look different from everyone else’s. The important thing is to have that plan in the first place. It can be changed, delayed, brought forward or erased and rewritten, but the most important thing is that it needs to be there in the first place.
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