One of our recent clients wanted to set a new direction in his business. Though he built his business as a fine designer, he had gotten away from his core over the years by investing heavily in other designer-manufacturers. Frustrated and needing a change, he wanted to go back to his roots. So he called us to get some advice about steps he could take to rethink his business.
In computer terms, our client needed a reboot. He shared how times have changed and how business had become more of a grind than a joy. Especially in his later years, he didn’t want to deal with the headaches that had become a part of every new day. If this sounds familiar, you aren’t alone.
You know the facts. Good employees are hard to find. Store traffic is down. Customer loyalty is waning. New technologies dominate. And next steps for growth are confusing. Where are things going? And how will you get there?
Our client concluded that he couldn’t keep doing what he’d always done. Buried in aged merchandise with suppliers to pay, he wanted to get out from under the debt, the stress, and the cash flow constraints that kept him up at night.
Our advice was to have a major sale event to relieve the pressure, eliminate the debt, liquidate unwanted inventory, and start fresh with his new direction as a fine designer-jeweler. All this was accomplished in 65 days.
Jeff Gordon, CEO