We see so many stores in our work with upscale retailers that I want to take time in this message to summarize some key elements to focus on in your business.
• Re-order your fast-selling merchandise. Every day you don’t have a fast-seller in your showcase is a day you can’t sell it.
• Buy over-the-counter merchandise. Some of your best buys come from people who want to dispose of diamonds and jewelry. You make money when you buy, not just when you sell.
• Eliminate or at least reduce discounting in your store. You’re giving away profit and telling your customers that you charged too much in the first place.
• Increase your average retail sale. Most jewelers complain about reduced store traffic. The only way to drive top line sales is to increase your average retail sale.
• Get your margins up, especially on custom-designed pieces. Getting your margin is a key to profitability. You deserve a fair mark-up. Get it.
• Reduce or eliminate debt. Debt is an anchor that is holding you back. Do everything you can to become debt-free.
• Liquidate aged and unwanted inventory. This is easier said than done, but this is where we can really help you. We are experts in helping you reduce inventory holdings through major sale events.
There are a lot of things you can do to improve your business, but if you focus on these fundamentals, you can’t go wrong. Let us know if we can help you.
Watch this video to see how we helped Robert and Nancy Mann find greater success in their business:
Jeff Gordon, CEO