Strategy
“Focusing solely on what you can potentially do better than any other organization is the only path to greatness.”
- Focus on developing a business strategy that is centered around understanding your target audience and delivering tangible results.
- Focus on the efficiency of the process.
- Focus on new technology, circular fashion, and environmental awareness.
Success
“A Dream doesn’t become a reality through magic; It takes sweat, determination, hard work, persistence, and planning. You have to have your heart in your business and your business in your heart.
Start drawing up a Business Plan: Set one-, five- and 10-year goals.Based on your definition of success, where do you want your business to be? How close will you be to achieving your vision?
Are your goals SMART — that is, specific, measurable, attainable, relevant, and time? If not, work to make them so. If your goals aren’t specific and measurable, for instance, it’ll be hard to tell if you’re achieving them or not.
Research your industry. How realistic are your goals in the context of your competitive environment? If you’re a small-town fashion brand, becoming the top in your local industry might be realistic.
Growth
“Growth is never by mere chance; it is the result of forces working together.”
Every new business and start-up, big or small, goes through the five stages of business growth.
- Existence start-up phase of the company’s business structure is simple. For the most part, the owner manages the operations or performs all important operating activities and should do market research and create a business plan to best potential for success
- Survival at this point, the business has proven that it’s a viable brand; it has found a market for its products and has acquired customers. They should at least break even and generate enough revenue to cover expenses and replace capital assets as they wear out. The company must be making profits. Making a profit means generating enough cash flow to stay in business and fund growth.
- Success at this maturity phase, the company is thriving. It has established a strong presence in the industry to ensure consistent profits. Plus, as a mature business, it has the brand recognition and size to be financially healthy. Accounting practices, marketing plans, and production systems should also be in place, to keep the company stable and profitable and to manage cash flow so the business can weather difficult times.
- Take-off at this next stage is where the company can experience rapid growth because it can leverage the streamlined sales, marketing, and operating strategies and processes they have in place. The brand can pursue many routes to expand by developing new products and moving into new markets. Some companies also look into adding products and services to their existing offerings.
- Resource Maturity at this stage the goal for the company is longevity. The business has the staff, the financial resources, and well-developed systems in place to achieve this goal as long as the owner keeps their entrepreneurial spirit and takes advantage of the resources available to maintain the company’s standing in the industry.
To establish trust and reliability, it’s important to set up brand values and work ethics that are mutually beneficial.
To avoid misinterpretation, errors, delays, and loss of time and money, it’s important to clearly communicate and document procedures, regulations, and technical information.
To build your fashion brand, it’s important to have a team of specialized and dedicated people and partners who can assist and support you in all that you need.