Craft Focus - June/July 2020 (Issue 79)

Seven things you can do in your business RIGHT now Catherine Erdly runs through seven things you can do in your business right now to better cope with the current situation. 1 DON’T PANIC There are two types of people - those who get stuck in fear and paralysis and those who are more proactive. No prizes for guessing which group of people do better. So wherever possible, try and be in that action. Try and focus on one thing a day that you can do in your business. Keep focused on action, rather than getting stuck in the fear. Because, as Franklin D. Roosevelt said, “The only thing we have to fear is fear itself.” 2 FOCUS ON YOUR PRODUCT Even during economic downturns, people do spend. People right now are buying for three main reasons - to protect (themselves, their health and their family), to connect (lots of gifting going on right now while people can’t see their loved ones in person) and to distract (whether themselves, by taking on a new hobby, or by keeping their kids occupied). There’s even something called the ‘lipstick effect’ after researchers noticed an upturn in lipstick sales during a recession because it‘s a cheap way to cheer yourself up. Small luxuries are selling better than ever. Selling products is always about seduction. It’s always about finding the products that your customer really, really wants to buy. But during tough times, it’s more important than ever. Start by taking a look at your data. What are your best sellers? Then think about your products. Are you moving them on? Are you offering your customer something new? This is now the time for you to be really critical and honest about your products - is there anything you can do better? And think about the main motivators that people have right now for buying. Can you combine connect and distract for example? Offering gift kits that people can send to loved ones to keep them busy. 3 MANAGE YOUR STOCK You want to make yourself as nimble as possible with only the stock you need. If you’ve had something in your business for a while and it’s finally sold, you don’t have to replace it. You should only be re-buying in best sellers. Ideally, every business should have cash reserves - money to see 70