Connect with us

David Brown

5 Keys to Managing a Profitable and Efficient Jewelry Operation

Be proactive rather than reactive to build teamwork and efficiency.

mm

Published

on

MANAGING A BUSINESS is a juggling act. What should you prioritize next? What most needs your attention? It can often be a process of putting out fires daily — responding to who or what most urgently needs your attention.

However, to run a business effectively and see it achieve its full potential, it’s important to take a step back and take stock of what your business most needs from you.

Show Me Your ID: 14 Designer Bracelets That Bring Back the ID Style
Photo Gallery

Show Me Your ID: 14 Designer Bracelets That Bring Back the ID Style

5 Trends to See at The Vegas Shows: Chains
Photo Gallery

5 Trends to See at The Vegas Shows: Chains

5 Trends to See at The Vegas Shows: Glamorous Earrings
Photo Gallery

5 Trends to See at The Vegas Shows: Glamorous Earrings

The secret is to look at the long term “most important” factors rather than the shorter term “most urgent” ones. Here are five key areas to monitor most closely to get the results you need.

1. Your Organizational Structure. Even the smallest of teams will develop a hierarchy, often based on the length of time employees have been part of your staff. This ad hoc pecking order may not be placing the best people in the best positions. Who gets the most opportunities to sell diamonds? Is it your most senior employee, or is it your best diamond seller? You need a clear structure with clear roles, clear titles, and clear job descriptions (unless you are expecting nature to fill the void for you).

2. Your Financial Performance. Do you monitor your numbers regularly, or is your definition of numbers what your CPA gives you on an annual basis? It’s almost a well-worn cliché, but you can only manage what you measure. Your numbers are the cholesterol, the heart rate, and the blood pressure of your business. Check them every day.

3. Your Own Job Description. What is your role in the business? What is the best use of your time and how can you contribute in a way that uses your skills most effectively? Too often, I find owners will organize their staff members’ roles without effectively organizing their own.

Advertisement

4. Time Management. Having defined your role and that of your staff, you need to ensure that your time is used wisely. According to Inc.com, the average worker doing an eight-hour day is only productive for 2 hours and 53 minutes of that time — less than 50 percent! That leaves over five hours of the day that you are paying staff to do nothing, a tremendous waste of time and resources. Ensuring time is well managed and utilized is a huge cost saver for your business and an effective means of increasing your results.

5. Your Culture. Every organization has a culture of what they represent, whether they are aware of it or not. What your company does and what it stands for will determine the extent to which employees commit and engage in your business and how they will treat your customers. The absence of an organized culture does not mean one doesn’t exist — nature will again fill the void and you risk a toxic culture being formed if you don’t take steps to control it. Companies with happy employees have been shown to outperform the competition by 20 percent.

Being a manager is about making active choices, not fighting fires. Shaping your goals consciously in each of the areas listed above will make a huge difference to your business performance.

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

Thinking of Liquidating? Wilkerson’s Got You Covered

Bil Holehan, the manager of Julianna’s Fine Jewelry in Corte Madera, Calif., decided to go on to the next chapter of his life when the store’s owner and namesake told him she was set to retire. Before they left, Holehan says they decided to liquidate some of the store’s aging inventory. They chose Wilkerson for the sale. Why? “Friends had done their sales with Wilkerson and they were very satisfied,” says Holehan. He’d enthusiastically recommend Wilkerson to anyone looking to stage a liquidation or going-out-of-business sale. “There were no surprises,” he says. “They were very professional in their assessment of our store, what we could expect from the sale and they were very detailed in their projections. They were pretty much on the money.”

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.)

Facebook

Latest Comments

Most Popular