There are three common missed opportunities for fine jewelers that we want to draw to your attention:
- One or Two-Day Sales: We read stories of jewelers hosting one or two-day sale events. These can produce an extra month’s worth of business. Not a bad idea unless you compare it to what could have been. When we run a sale event at The Gordon Company, it lasts up to eight weeks and can produce a year’s worth of business, and sometimes more. The question is: Would you rather have an extra month or an extra year’s worth of business? Short sale events leave you short and are a missed opportunity.
- Ownership Transfer: We also read stories of jewelers wanting to transfer their ownership to a son or daughter, a close family member, or sometimes a loyal employee. Owners want to recoup the money they invested from the inventory they own – even though much of it is aged – yet those taking over a business rarely want to be burdened with old, under-performing merchandise. Another missed opportunity is failing to have a retirement sale that will reduce and often eliminate the vast majority of unwanted inventory.
- Store Closings or Moves: A third missed opportunity is when jewelers are closing a store or moving to a new location. These are ideal times to conduct an inventory liquidation sale that eliminates dated merchandise and helps to fund a move or store remodel. Engaging the public with no fear that you are going out of business makes such a sale event a win-win opportunity for you and your community.
We share these missed opportunities to encourage you to act quickly and decisively in your business planning. Don’t miss another opportunity to raise significant cash, pay off debt, and reduce aged inventory.
Let the Gordon Company get you “on target.”
We look forward to hearing from you.
Call Steve Webb or Ira Bergman today to learn more about what The Gordon Company can do for you! We’ll help you determine the best sale to conduct for you and your store to maximize results and to exceed your goals.