Wishing You Baskets of Success in 2010
It’s an honor to have shared ideas and insights with you throughout 2009, and I thank you for allowing me to be a mentor in your business.
Your comments and opinions, patience, and criticisms are all appreciated.
No matter what’s written on this blog, what you think matters most because your livelihood is partially determined by what’s uncovered and explored here.
Please know that your thoughts are always welcomed. In this space, you are the most-important part of the community.
I’m open to your suggestions and questions to discuss topics that impact your business. Let me know, through the comment link, anytime you wish to highlight an industry subject.
Also, just a quick note: I’ve launched a group on Twitter called BasketSupplies where you’ll be notified about wholesale products, supplies, discounts, sales, and more. Please click the following link and join the group.
http://www.twitter.com/BasketSupplies
I look forward to welcoming you.
Wishing you a healthy and productive New Year.
Stay Positive as You Review Gift Basket Sales
Looking at this year’s sales, you may feel compelled to be disappointed about your overall business or next year’s projections.
That’s how I felt after my first two years in business.
It seemed as though nothing would change my sales for the better, but I never thought about quitting.
Instead, I applied pen to paper and began documenting which ideas were harmful to my business (wasting money with no return on investment) and which ones were valuable (increases occurred each time I completed the strategy).
When I decided to plug up the holes and concentrate on what worked to put my gift baskets into clients’ hands, that’s when profits increased.
The most-difficult part of business seems to be the planning — taking time to sit by yourself or with partners and map out the plan. If you take time to device monthly strategies, with the end goal in mind, you’ll see a marked difference in your gift basket business in 2010.
Were you happy with or disappointed about this year’s sales, and why?
Three Reasons Why Not Getting the Sale May Be a Good Thing
It’s strange how our brains recall the sales we didn’t get faster than the orders that were successfully completed.
There’s no doubt that psychologists know why that happens, but the bottom line is that we play scenarios over and over again, reminding ourselves of how sales fell through.
Now think about this: if you gained those sales, what baggage would have come along with it?
Here are three situations designers I’ve spoken to have found themselves in after agreeing to sales that, in their gut, didn’t seem right.
1. “A good client vouched for a prospect who promised to pay later.” That customer ended up owing the designer $500 for one year before the designer marched into the client’s office, along with the town’s sheriff and court order demanding that the designer be paid on the spot.
2. “My headache always began after Thanksgiving because I knew she’d call me.” This client was stressful, going over the top with expectations for $10 and $15 gifts. The designer finally decided to send the client a “you’re fired” letter from Top 10 Letters. Only after the designer threatened to file harassment charges did the ex-client stop calling.
3. “I’m so glad I called to confirm the order, because it turned out to be fraud.” The designer spoke with the client by phone to document the $210 order. The credit card was approved, but she forgot to verify one delivery address. When the designer called the client, the credit card owner said he didn’t order anything, so she canceled the order and never heard from the fraudulent person.
These three stories are exceptions within our businesses, but these situations exist and provide reflection when you want orders so badly that you don’t take precautions.
What situation has happened in your business that makes you wish you declined the order?
Selling Your Gift Basket Business? It’s Worth More Than You Think
Every once in a while, and especially around the holidays, I read online listings from designers who are selling their gift basket businesses for an average of $5,000.
Why is the price so low?
My first thought is that these designers, selling to pursue other opportunities or because they put more emphasis on creativity and not the business side, don’t realize how much value there is within their firm.
There will always be inventory to sell, and those items (equipment, supplies, etc.) will always retain some value even if it’s half the initial cost. Here are areas where the business’s value is well above the $5,000 price tag.
1. Branding/name recognition, including business name, slogan, and logo.
2. Back office structure, which is all programming and software that organizes the firm.
3. Web site, the online real estate that’s worth gold in terms of keywords, back links, and shopping cart.
There are eight more areas of your business that bring its value up to a minimum $200,000 when you’re ready to sell that I haven’t mentioned.
What value would you place on your gift basket business right now, and why?
Which Marketing Materials Will You Buy in 2010 to Promote Your Gift Baskets?
All of the activity surrounding holiday gift basket orders and deliveries takes most, if not all, of your energy right now.
Even though your focus is squarely on this year’s profitability, investing time this month to concentrate on how you will market to prospects and clients in 2010 is just as important.
Large, traditional firms begin their next year’s planning in August and no later than early September. That’s because each department must calculate raises, bonuses, and other costs to make sure that the company’s yearly profits are higher than the current year.
This is the one lesson I’m happy to have learned during all the years I worked for outside employment.
Most of my years were spent in an administrative role, looking at numbers and seeing that no matter how valuable or dedicated certain employees were, they received just 2 or 3 percent raises each year while their supervisors received astronomical raises and bonuses.
That’s the way it was in the places where I worked. On the flip side, when you dictate your own future, it’s just as imperative to map out your plan early in the year so that you, too, can deliver great value to clients and high profits for yourself.
Part of your planning is deciding how you’ll alert potential buyers about the products, service, and value offered when buying your gift baskets.
What marketing items have you or do you plan to purchase to spread the word and ensure your profitability next year?
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