So, you've got your business up and running, but how do you know if it's really thriving?
Do you have a realistic idea of how it's going and a solid plan of what to do next?
The answer to this question lies in conducting a herbal business review, which we cover step-by-step in this video.
- Phase 1: Getting the Data
- Phase 2: Further Insights
- Phase 3: Looking Ahead
- Phase 4: Your Action Plan
Now we'll go through some specific questions to help you conduct your own herbal business review, which are taken from the Herbal Business Diagnostic.
It's time to take a step back and review your business to ensure you're on the right track and have a solid plan for continued growth!
Phase 1: Getting the Data
The first step is to look back and reflect on your progress to date so that you can have a clear picture of where you're currently at. This will form the base for what makes sense to pursue going forward.
Where is the majority of the revenue coming in from? What about costs?
What are your best-selling products, and which ones have been struggling?
Rank each product on a scale of 1-10 to get a clear picture of their performance.
You can also assess different aspects of your business, such as product and market research, customer service, and marketing reach, by giving them numerical ratings.
Phase 2: Further Insights
Now, let's sum up your business's recent performance in one word. Was it all about growth, or did you feel overwhelmed at times?
Write down your accomplishments and the lessons learned from mistakes.
This reflection will provide insight into the overall health of your business.
Phase 3: Looking Ahead
Looking ahead, consider the opportunities that lie ahead in the next few months to a year.
What excites you, and what do you want to achieve in the near future?
It's essential to have a clear vision of where you want your business to be in the next three to five years.
Phase 4: Action Plan
After identifying your opportunities and vision, it's time to create a strategic plan.
Start by listing all the things you want to achieve, no matter how big or small.
Then, narrow it down to the three most important goals for the upcoming period. This focused approach will help you make substantial progress.
Break down your larger goals into smaller projects and actionable steps.
For example, if you want to launch a new product line, consider the tasks involved in product development, packaging, marketing, and launch. This detailed approach will help you stay organized and focused.
Lastly, set a date for your next business review and mark it on your calendar. Consider doing a review at least once a quarter to ensure you're continuously redirecting your actions to align with your business and personal goals. This process will help you track your progress and make informed decisions for the future.
Go Deeper with the Herbal Business Diagnostic and the Herbal Circle!
Reviewing your herbal business is a critical step in ensuring its success.
By reflecting on your past performance, identifying opportunities, and creating a focused plan, you can set yourself up for continued growth and success in the herbal business world.
If you'd like to go deeper in this process, you can answer more questions in the Herbal Business Diagnostic.
This is included for Herbal Circle members, where you'll also get additional support throughout the process. Not a member yet? You can join us here.
Alternatively, you can also purchase the Herbal Business Diagnostic separately here.
This review process is so important to keep the pulse on the overall health of your herbal business and to direct your activity moving forward.
So let's review together!