Peter Smith, president of Vibhor, recently wrote an article that caught my attention. Titled “What If You Started Your Business Today?” it spoke to a lot of the issues retail jewelers face. But the part that stood out the most to me was what Peter had to say about aged inventory being such a drain to every jeweler. Here are some excerpts from Peter’s message that are excellent reminders of what you must do to succeed in business today:
“You cannot afford to wait until the worst performing products in your store find a new home before fully implementing your strategy for your future. Your liquidation plan should be very aggressive and devoid of the emotions that sometimes makes it difficult to rid yourself of ‘old friends.’ There are, of course, other reasons why retailers struggle to rid themselves of old and/or non-performing inventory, including:
Not willing to take the loss from an aggressive liquidation through third parties
Ignoring the fact that your market has voted and that product isn’t getting any prettier
Not making the liquidation project a priority
Convincing yourself that you can wait it out until it sells through, and
Not wanting to disappoint vendors with whom you do business.”
I’m sure that what Peter wrote is not new to you, but it is something you should take very seriously. At The Gordon Company, our singular goal is to help you raise cash and meet your financial goals in a way that is best for you.
So lift the weight off your shoulders and contact us now to set an appointment for a free, confidential, no-obligation consultation. It just might be the best decision you make this year.