Never Waste a Good Crisis

In reference to the challenges faced after World War II, it was Winston Churchill who first said, “Never let a good crisis go to waste.” The same might be said about the Coronavirus pandemic. No one planned for a Coronavirus crisis, but we must now face it head on as our businesses begin to reopen.

In reference to the challenges faced after World War II, it was Winston Churchill who first said, “Never let a good crisis go to waste.”  The same might be said about the Coronavirus pandemic.  No one planned for a Coronavirus crisis, but we must now face it head on as our businesses begin to reopen.

I always try to provide good content when I write, things that are thought-provoking, but practical, that you can use right away.  In other words, I don’t try to sell in my messages.  But I want to be right up front in this one.

Tens of millions of people have lost their jobs.  Businesses in every sector have been devastated.  Many won’t reopen because they can’t.  The financial toll on our economy and on people will be hard to recover from this year.  Candidly, everyone needs help.  There are no exceptions.

Despite some governmental support for small businesses, like yours, there is never enough capital to sustain the average business long term.  That’s where we come in.  We are experts in dealing with adverse conditions in our industry.  At a time like this, raising cash is critical to ensure survival.

In the current environment, you need to do something strong as your business reopens.  A great deal of your precious capital is tied up in aged and underperforming merchandise.  It’s time to have a major sale event to raise the cash you need to move your business forward.  Tap into the resources we provide and help your business thrive, near and long term. 

We look forward to hearing from you very soon because you never want to let a good crisis go to waste.

Sincerely,

Jeff  Gordon, CEO

Rebounding from the Coronavirus

The COVID-19 crisis has devastated our medical community, and in some respects, has had an even greater impact on our economy. As the economy goes, so goes our jewelry industry. We need to get back to growing our businesses as soon as possible.

The COVID-19 crisis has devastated our medical community, and in some respects, has had an even greater impact on our economy.  As the economy goes, so goes our jewelry industry.  We need to get back to growing our businesses as soon as possible.

Here are four ideas to help you emerge stronger from the crisis:

  1. Understand how excess inventory drains you.  Aged and underperforming merchandise is a cancer you must eliminate to get through the difficult period that lies ahead.  You must monetize undesirable inventory at all cost, or it will put you out of business.  A good goal is to have inventory holdings equal to your annual gross profit.  Most stores have double the inventory they need.
  2. Generate cash and use it wisely.  Cash is king today and it will carry you through the challenges that lie ahead.  Cut expenses wherever you can and generate revenue in any way you can.  Extend yourself to your client base.  Help them with encouragement and contact.  Remind them of birthdays and anniversaries that are nearing.  Return repairs to customer doorsteps.  Be present and active.  Get things done that you never have time to do.
  3. Continue to use technology to your advantage.  E-tailing has been on the rise for years, and the Coronavirus pandemic will fuel it further.  This doesn’t foretell the end of traditional jewelry retailing, but it punctuates the point about combining brick and mortar with effective online promotion and selling.
  4. Exercise resilience.  Above all, stay strong and courageous in these times.  Lead your people.  Keep them active and working on things.  Take each day as a gift and adapt to the changes taking place.  Worry only about what you can control.  Stay positive.

These are only a sampling of things you can do to restore confidence and strengthen your business as we emerge from this crisis.  The most important thing is to stay active and engaged.  Don’t wait for things to happen.  Make them happen.

If we can help you in any way, please contact us.  We want to be your partner in progress because we are experts in adversity.

Sincerely,

Jeff Gordon, CEO

Emergency Cash Raising

COVID-19 has placed the entire American jewelry industry in an untenable financial position. And with some states hesitant to reopen small businesses, the crisis can linger for much longer than anyone would like.

COVID-19 has placed the entire American jewelry industry in an untenable financial position.  And with some states hesitant to reopen small businesses, the crisis can linger for much longer than anyone would like.

People calling us have been devastated economically and are searching for answers and advice on next steps.  We assure them there is no shame in admitting that the Coronavirus pandemic has strapped them for cash.  We get it.  It has hurt everyone.

Most of our sales are 60-day events, but this isn’t always necessary to get out of an immediate cash crunch.  We can do a 30 or 40-day sale event for what we might call “emergency” cash raising.  An event like this can easily fit into the summer or fall time of year.

If cash is a definite need for you this year, we can help.  Contact us right away for a thorough and complementary review of your needs.  There is no time to waste if you are in need.  Please let us know right away.

Sincerely,

Jeff Gordon, CEO