Take Stock of Your Business Year-to-Date

The speed of retail — as a universal truth in our industry — is more closely associated with the volatility of customer spending than it is with the speed of production. It’s no wonder that taking stock of business results on a frequent and consistent basis feels like yet another task on a long to-do list.

Conducting a business review does take time but, when it’s done well, the value gained with each review compounds over time.

So it’s a wonder this practice isn’t a quarterly ritual within every business from coast to coast.

Regularly conducting business reviews is a strategic practice that yields a critical benefit valued industry wide — progress.
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As a retail professional and business owner I find it valuable to pause and reflect on the recent past. This week I share an effective and bare bones approach to taking stock of your year-to-date.

As you watch this week’s video, pay special attention for these important components:

• The Merchant Method approach to project and product management by quarter.
• Shifting the business review process from a task or chore to a strategic tool.
• Recommended business review frequency and how this aligns with your business.
• Review of the six assessment areas
• The four questions that can be asked about each assessment area.
• Best practices and pitfalls when conducting a business review.
• How to identify common themes that could influence future business strategy.

Which business review question will be most valuable for informing your future business plans?

Take some time to reflect right now and then comment below!

You’ll also like these resources:

Inside Peek: Highlights from the Merchant Method Year-to-Date Business Review

Secrets to Making Profitable Decisions

The Four Phases of Your Revenue Journey

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