Connect with us

David Brown

2015 Off to a Solid Start with 13% YoY Sales Jump in January

If you’re doing less well it’s time to ask some questions.

mm

Published

on

AFTER A STRONG December trading month, January showed further sales gains for the jewelers in our survey group. January 2015 sales of $87,767 were up on the equivalent month last year by $10,453, or 13 percent. They also showed annualized rolling 12-month growth of 0.69 percent and were the 10th straight month of increasing profits based on the data in our system.

As the data shows, there has not been a month showing a decline in rolling annual growth since early 2014. The January result was certainly well down on the excellent growth of over 3 percent in December but is still heading in the right direction. A growth rate of 0.69 percent will translate into 8.28 percent for the year if it were to continue.

So how does your sales growth look? Are your numbers comparable to the average data? If you’re doing less well it’s time to ask some questions. If you receive our industry comparison report you can compare your store sales, volume, average retail sale, gross profit and margin to your peers, not only in overall performance but department by department.

If you don’t receive our reports, then do you have another store-owner you can compare notes with? Peer-to-peer comparisons are among the most effective ways to build your business. Working together with a group of like-minded store-owners, meeting regularly and comparing results can provide you with some fantastic benchmarking figures that you can use to grow your business. I have seen this work incredibly well for so many business owners. You often need to see what others are achieving in order to know what’s possible for yourself.

This is where the 80/20 rule can come into play for you. Twenty percent of the areas of your business that need working on can provide 80 percent of the results. It’s hard to lift sales volume, average sale and margin all at once. Tick the one that can have the greatest impact in the shortest amount of time and work on this. Ask fellow jewelers how they perform in this area. When you find someone who is doing better than you ask them what they do that’s different.

Advertisement

Business success is a formula. If you follow the steps that someone else follows given the same variables you will invariably get the same results. Draw on the knowledge that your fellow jewelers can provide. Seek information that can help you grow your business … and above all be open-minded. If your instant reaction is disbelief then you won’t achieve what you don’t believe in. The ancient Incas were conquered by the Spanish, partly because when they saw ships for the first time they refused to believe they were real. You don’t want an attitude like that to cause your downfall.

If you don’t know how your data compares and you have no one you feel you can discuss it with then our team is happy to help.

David Brown is the President of The Edge Retail Academy (sister company of The Edge), who provide expert consulting services to help with all facets of your business including inventory management, staffing, sales techniques, financial growth and retirement planning...All custom-tailored to your store’s needs. By utilizing the power of The Edge, we analyze major Key Performance Indicators that point to your store’s current challenges and future opportunities. Edge Pulse is the ideal add-on to the Edge, to better understand critical sales and inventory data to improve business profitability. It benchmarks your store against 1100+ other Edge Users and ensures you stay on top of market trends. 877-569-8657, Ext. 001 or [email protected] or www.EdgeRetailAcademy.com

Advertisement

SPONSORED VIDEO

Wilkerson Testimonials

Wilkerson Helped This Jeweler to Navigate His Retirement Sale Despite a Pandemic

Hosting a going-out-of-business sale when the coronavirus pandemic hit wasn’t a part of Bob Smith’s game plan for his retirement. Smith, the owner of E.M. Smith Jewelers in Chillicothe, Ohio, says the governor closed the state mid-way through. But Smith chose Wilkerson, and Wilkerson handled it like a champ, says Smith. And when it was time for the state to reopen, the sale continued like nothing had ever happened. “I’d recommend Wilkerson,” he says. “They do business the way we do business.”

Promoted Headlines

Advertisement

Advertisement

Advertisement

Subscribe


BULLETINS

INSTORE helps you become a better jeweler
with the biggest daily news headlines and useful tips.
(Mailed 5x per week.)

Latest Comments

Most Popular