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Hi there,
Speaker:it's Sue and thanks for joining me for Tips and Talk
Speaker:Day. These are bite-sized topics that I pull from community questions
Speaker:and things that I'm observing in the world of handmade small
Speaker:business. If you'd like to submit a topic,
Speaker:DM e over on Instagram at Gift Biz Unwrapped.
Speaker:Gosh, this year I've rolled out a number of new opportunities
Speaker:for you.
Speaker:Here there are the bashes where you have a chance to
Speaker:showcase your business to this entire listening audience.
Speaker:There's the new OWL app.
Speaker:When you have a quick question where you'd like my input
Speaker:and now I'm excited to bring you gift Biz boosts,
Speaker:think of these as free strategy sessions,
Speaker:leaving you with a clear action plan to boost you forward.
Speaker:Whether you're at the beginning of your business journey and need
Speaker:concrete steps on how to start,
Speaker:or you've been doing this for a while and could use
Speaker:a fresh approach,
Speaker:these boosts are for you.
Speaker:You'll know a podcast is a boost.
Speaker:If you see that word in the title,
Speaker:want to get your own free boost?
Speaker:I'm taking these on a first come first serve basis.
Speaker:Head over to gift biz unwrapped.com/boost
Speaker:and sign up for your session today.
Speaker:It's obvious if or when you become a mom that you're
Speaker:responsible for the health and safety of your baby in the
Speaker:beginning. They just need you to survive,
Speaker:and as they grow,
Speaker:you make decisions that are in their best interest and eventually
Speaker:guide them into making their own smart choices all along.
Speaker:You do it with thought and care,
Speaker:investing in their future wellbeing,
Speaker:and of course,
Speaker:with the utmost of love and compassion.
Speaker:That's what being a responsible parent is all about.
Speaker:I don't have to tell you that starting a business is
Speaker:often described like having another baby.
Speaker:If you're a business owner,
Speaker:I know you're nodding your head in agreement right now,
Speaker:although obviously it's different.
Speaker:The energy care and passion are right up there,
Speaker:and while you're not a parent per se,
Speaker:you are a guardian of the health of your business.
Speaker:You're responsible for its vitality.
Speaker:You're the one who sets the vision,
Speaker:plans, the strategy,
Speaker:and has the final vote on all decisions.
Speaker:The life of your business is in your hands.
Speaker:Have you ever thought about it this way?
Speaker:And along with that,
Speaker:are you treating your business as a responsible guardian?
Speaker:Just as you do everything in your control to ensure your
Speaker:son or daughter doesn't go off track,
Speaker:you should be doing the same for your company.
Speaker:If you're asking,
Speaker:what does this even mean,
Speaker:Sue, here are several areas to give attention to with guardian
Speaker:thinking in mind a checkup,
Speaker:if you will,
Speaker:to add to the stability of your business so it has
Speaker:a solid future.
Speaker:First off,
Speaker:take a look at your financials.
Speaker:This is the most important of course,
Speaker:so that you have a flow of money in and out
Speaker:of your business that allows for its maintenance and growth.
Speaker:That means checking periodically to confirm your numbers are solid.
Speaker:Since our surrounding financial environment changes regularly,
Speaker:you can easily slip out of the safety zone without even
Speaker:knowing it.
Speaker:So take a look at the following.
Speaker:Check your product margins to make sure they're in line.
Speaker:Things like material costs,
Speaker:global fuel increases,
Speaker:and an increase in minimum hourly wages will all cut into
Speaker:your margins.
Speaker:Also, what about the costs of the tools you use to
Speaker:run your business?
Speaker:I've noticed that a lot of the programs that I use
Speaker:have gone up in cost over the last several years.
Speaker:CRMs, bookkeeping,
Speaker:email services and shipping programs are all things to look at.
Speaker:Also, if you subscribe to services that provide licensed images or
Speaker:apps that allow you to edit and filter images and upgrades
Speaker:that give you capabilities on tools like Canva or Zoom,
Speaker:check these as well.
Speaker:Are you even using all the programs you're subscribed to?
Speaker:Have you doubled or even tripled up and have multiple apps
Speaker:that virtually do the same thing?
Speaker:Consider cleaning this up by keeping only the programs you use
Speaker:and choose.
Speaker:Only one is your main go-to to accomplish any given task.
Speaker:I recently did this and with only a small adjustment,
Speaker:deleted a tool that was costing me $37 a month.
Speaker:Still in the financial category,
Speaker:you may also re-look at your product line and decide if
Speaker:all the products that you offer are actually selling.
Speaker:If not,
Speaker:by deleting the low performers and bumping up promotion of your
Speaker:best sellers,
Speaker:you may be able to reduce your costs by buying at
Speaker:greater volume for a lower price.
Speaker:Economies of scale at work here,
Speaker:and if you're still buying retail for your product components,
Speaker:now might be the perfect time to start buying wholesale,
Speaker:which also comes at a lower price.
Speaker:In other words,
Speaker:once again,
Speaker:more margin for you.
Speaker:This spills into focusing on your customer.
Speaker:This is step two in a health of your business review.
Speaker:By observing what your customers are buying and listening to their
Speaker:comments and product feedback,
Speaker:you'll have direction on how to keep your product lines fresh
Speaker:and actively turning over.
Speaker:It's so easy as makers to come up with a great
Speaker:idea for a new version of your product,
Speaker:a new scent or a new flavor or a new size.
Speaker:We think it's amazing,
Speaker:but how will it be received by your audience?
Speaker:The last thing you wanna do is invest in this new
Speaker:version and not have it sell.
Speaker:If you can find out early whether your existing customers would
Speaker:even want your new product,
Speaker:you are in the best position possible.
Speaker:You can do this by watching the behaviors of your customers,
Speaker:what are they buying,
Speaker:what are they returning,
Speaker:what are they asking for that you currently don't make?
Speaker:And then of course,
Speaker:proactively asking and listening to their input.
Speaker:Third on the list is to look at your processes.
Speaker:As your business grows,
Speaker:it gets more and more complicated and it's natural just to
Speaker:add task upon task to what already exists.
Speaker:Then you're left with a long cumbersome way of doing things
Speaker:that's complicated and wastes time.
Speaker:Take a look at processes like how you produce your products,
Speaker:your shipping methods,
Speaker:how you keep track of inventory and ordering or prep and
Speaker:follow-ups with shows.
Speaker:Look at these to see if there's a more efficient way
Speaker:to work.
Speaker:Can some of these be done in a better way,
Speaker:more smoothly perhaps?
Speaker:Are there steps that are redundant and not necessary anymore at
Speaker:all? Clean up your processes,
Speaker:shop if you will,
Speaker:and last but definitely not least,
Speaker:turn the magnifying glass around and look into yourself.
Speaker:How are you doing personally with relation to your business?
Speaker:Have your orders continued to grow yet you still refuse to
Speaker:get help leaving you,
Speaker:burning yourself out by doing all of the things?
Speaker:Are you super stressed because your products aren't selling as you
Speaker:thought they would and you're frustrated and discouraged?
Speaker:Has your business overrun your life versus being a fulfilling part
Speaker:of your life?
Speaker:You need to stay healthy and enthusiastic about your business,
Speaker:or it's not gonna be here for long if any of
Speaker:this is true for you.
Speaker:Once you've identified the area or areas at issue,
Speaker:take steps to resolve its negative impact on you.
Speaker:Book time for yourself each day to take a walk,
Speaker:prepare and eat a healthy meal,
Speaker:not grab and go or do something else that you enjoy.
Speaker:Consider hiring some help in an area you approach with dread
Speaker:or put off doing entirely.
Speaker:Hire a bookkeeper.
Speaker:Bring in someone to help with shipping or take a course
Speaker:on how to promote your products to get more sales.
Speaker:This doesn't need to be expensive and the return can do
Speaker:worlds of good for your psyche and wellbeing for more on
Speaker:proactively and intentionally upgrading how you live your life overall.
Speaker:I wholeheartedly encourage you to listen to the podcast of just
Speaker:last Saturday,
Speaker:if you haven't already.
Speaker:It's episode number 4 0 2 where Teresa and I talk
Speaker:about her real life process of approaching how you live your
Speaker:days in a way that aligns with the most important internal
Speaker:values and goals that you have,
Speaker:both professional and personally.
Speaker:So as we wrap up here for today,
Speaker:as the guardian of your business,
Speaker:its longevity and profitability are all up to you on a
Speaker:regular basis.
Speaker:Review its financial status,
Speaker:the input your customers are formally or informally,
Speaker:giving you the processes that make your company run and the
Speaker:impact that it's having on you personally.
Speaker:When all of this is in line,
Speaker:that's when you stand proud and confident As you tell someone
Speaker:about your business,
Speaker:maybe that person will even be your next new customer.
Speaker:That's a wrap.
Speaker:I'm a get to the point kind of girl,
Speaker:and this is what you can expect from these quick midweek
Speaker:sessions. Now it's your turn.
Speaker:Go out and fulfill that dream of yours.
Speaker:Share your handmade products with us.
Speaker:We want them and they bring us both.
