Let’s be honest. The COVID pandemic ultimately and ironically had a positive economic impact on the jewelry industry. 2021 was the best year in most jewelers’ history, but 2022 has begun with significant uncertainty. Inflation, stock market jitters, rising oil prices, and the Russian invasion of Ukraine have created anything but assurance that this year will repeat last year’s success.
What we have right now is significant uncertainty. This unsettles the economy as a whole and has a definite impact on consumer spending. The impact on luxury goods spending is particularly concerning. Every business owner must be mindful of the attitudes of consumers. Stock market decreases make people cautious, yet consumers need to be in a good mood to buy. Look no further than your own personal concerns about the state of the market, and you’ll understand the problem.
The key is to have a business plan to deal with this uncertainty. Without a plan, or at least options to consider, fear takes the place of uncertainty, and that is not where you want to be. Every business owner needs either a good succession plan or a solid exit strategy. One important option to consider is a high-impact sale event that will clear out aged inventory, increase cash flow, draw new customers to your store and add to your mailing list, and eliminate uncertainty about your success this year.
Whether you are ready to retire, or want to secure your business in 2022, we can help you. Even if you just need to think this through, give us a call or drop us a line. We’d love to assist in your planning and provide the assurance you need.
Jeff Gordon, CEO