Kick starting your 2013 is an important step to making changes and historically can be the best time of year to implement new habits…that said less than 10% of people ever make a new habit from a new years resolutions so it will require persistence on your part.!
If you’re ready and willing to make some critical changes to your life in 2013 here is a suggestion list of where you can begin:
Promise No.1 – I will sort that staffing issue once and for all
Are they still there? No one likes dealing with problems. It can be easier to sweep them under the carpet. But an underperforming staff member will take money from your business and prove disruptive to the rest of the staff. Take the steps to train them if that will solve it. If the problem is more permanent then you need to take the advice of a former colleague of mine who believed that it was best to “free these people up to pursue other opportunities”! Then if you replace them you need to make sure you don’t make the same mistake again (contact inquiries@edgeretailacademy.com today for more information about our recruitment profiling service)
Promise No.2 – I will spend less time at work
Not too many jewelers lie on their death-bed wishing they had spent more time at work! There are plenty however, who would like to spend more time with their partner, family, or just enjoying things for themselves. Spending the festive season with family reminds you of why you are here, but that desire to make changes can easily disappear when you are back to the grindstone.
If you haven’t put this one in place it’s time to take steps:
Do the $100 tasks and give the rest to somebody else. If you want to free up your day spend the time on the stuff that matters and stop spending it on the stuff that doesn’t. It doesn’t mean Mrs. Smiths watch battery shouldn’t get fitted when she needs it done – just that you shouldn’t be doing it. Contrary to popular opinion you can work less and earn more provided you do the stuff that increases your profitability. That means focusing on staff development, product lines, marketing and the other areas of your business that don’t involve trading time for money
Schedule “you time” first. By this I mean put the activities that are most important to you to the front of the To Do list and fit the rest around it. Need to plan next months marketing? Then schedule this first. Plan to attend the gym everyday? Then schedule this first. This includes going through and booking your holidays for the year. You need to take time to sharpen the axe.
Promise No.3 – I will cut my level of inventory back
This one takes action – on two fronts
Make a plan to reduce your aged inventory and to work on it every month. Aged inventory is like grass – it just keeps growing. You can’t mow the lawn once and think it is done. You need an ongoing plan to rid yourself of those old products.
This may involve:
- Reducing products via specials (sale or ongoing)
- Melting product down
- Exchanging with vendors
- Other options
- Improve your buying. Prevention is always better than cure.
- Take advantage of the software available that can show you product that is proven to sell elsewhere.
- Reorder your own good sellers. You’ve just been told by the customers that they like it so don’t ignore the feedback by failing to reorder
- Discuss whether new product bought from a vendor can be exchanged. They are usually more willing to discuss this at the time of purchase than later when it has become old
Any plan has to have a strategy. If you think wishing it to increase will work then think again.Make a plan as to what areas you will improve your business and how you will do it. The steps above regarding inventory will help but you need to look at other things too:
Have I got enough margin on my product? Too often I see businesses whose sales are strong, but they are giving profit away needlessly by not asking enough for what they sell. There is plenty of information available regarding what margins are being achieved by other stores. You have no excuse for being the lowest in this area
Is my marketing effective? The old habits of throwing money at various media and hoping it sticks will no longer work. If you want more customers to spend more you need to develop your database and concentrate your efforts in areas that get results.
Invest in training for your staff and for yourself. If you aren’t selling enough bridal get some help with selling bridal. If your staff needs training with diamonds then get them some diamond training. Remember, nothing changes if nothing changes
So there's your New Years Resolution refresher. How many did you have on your list? How many of them have you taken action on so far?
Now’s the perfect time to recap and put your 2013 on track to being even better than 2012. Pencil in a day now to ask and answer each of these questions above. It will be the most productive time you have all year.
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