When I started my toy business, I didn’t think about it in the same way that other people do when they start a business. To me, it was a labor of love, and I was there on the ground floor as all of the toys were being made. Unfortunately, my involvement alone wasn’t enough to keep the business from experiencing financial troubles. When the business reached it’s lowest point, I had to rethink my strategy. I treated the business more like a business and focused on its growth. I made a KPI report to show how the business could get itself back into the black.
While everything in the KPI report looked sound, I still had to implement it in order for it to truly work. I didn’t want any sacrifices in quality for the production of toys in my company. In order to make sure that the quality remained intact and that the business still had enough funds to successfully produce toys during our slump was to reduce the number of toys that the business made temporarily. For those who enjoyed a particular type of toy, this would be a downside, but it was a necessary measure.
I determined which toys would be temporarily placed on hold in production using data that I gathered from sales. The toys that had the least amount of sales were deemed not as popular as the others, and as such, they were halted. Their remaining stock was sent to the stores, but no more was put in its place until our financial situation turned around. Once that did, then we started making more of those toys, but with a more limited run to test the market. We also used a new ad campaign to get more excitement for those toys that they ever had before.