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Beware Inventory Traps, Delegate Successfully, and Get Advocating (Before the Fire Starts)

Your weekly dose of sound business advice from the INSTORE family.

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WHAT CAN A SIGNAGE BUSINESS owner in Louisville, teach you about running a jewelry store? More than you’d think. INSTORE is one of several sister publications we produce for independent retailers across industries — eyecare, signage, screen printing, you name it. The businesses look nothing alike, but the challenges do. And the solutions travel surprisingly well. We call this column “Borrowed Brilliance”, and we hope you find the name fitting.

From The World of Pet Care: Don’t Wait for a Fire to Start Advocacy

Don’t wait for a crisis to call your local representatives. Sandy Moore, CEO of the Pet Advocacy Network, notes that advocacy is like insurance — you can’t wait until the fire starts to get involved. It’s about building relationships with decision-makers — from town managers to state legislators — before they are asked to make a ruling that affects your taxes or policies. Start small by inviting a representative to tour your operation. As Moore puts it, “If local or state leaders know you and your business, they’ll feel comfortable defending you against attacks”. Kirbay Preuss of Preuss Pets in Lansing, MI, successfully did this, even earning a shoutout from her governor. Being your own best advocate ensures your voice is heard before policies are set in stone, she tells PETS+.

From the World of Vision: Beware the “Special” Inventory Trap

Vendors often use “specials” to entice buyers into purchasing more inventory than they need. Kayla Ashlee, co-founder of Spexy, an optometric training company, warns that a deal like “Buy 15, get one free” can actually cost you thousands in “real estate” given to a brand that hasn’t earned it. “Many [businesses] find themselves inflating board space… just to get the free frame,” Ashlee notes in a column in INVISION. Her advice is to only snag these savings if you were already planning on increasing that specific inventory. If you’re adding products on a whim just for the discount, it’s an impulse decision you’ll likely regret a year later.

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From the World of Signs: Escape the Grip of Old You

OK, you’ve delegated many of your responsibilities. Now get busy on something NEW. If you don’t redirect your time and energy, you will inevitably fall back into the old work you delegated away, warns Maggie Harlow, CEO of Signarama Louisville Downtown in Louisville, KY. Design a way to be sure the new work is taking precedent. Set up a time-block schedule, create goals related to the new work, and remind yourself often that this new work you are doing is important to the total company results. “I find getting out of the office does the trick. Go away for a day, a week — a month!” she writes in Signs of the Times.

Parting Words:

“As leaders, we must stop silencing the quiet signals. When your body sends you a warning, when your team feels uneasy, when your instincts whisper, pause and listen. Those whispers often hold the wisdom you need to pivot, to protect or to pursue a new path.” — Melissa Gonzalez, principal at architecture and design firm MG2. Read more.

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SPONSORED VIDEO

How Howes Diamond Jewelers Closed a Location — and Opened the Door to What's Next

Dan Howes grew up in his family's jewelry business, eventually taking the helm of two locations his father launched in 1964. When it came time to consolidate, he turned to Wilkerson. "It was a pretty easy decision," Howes says, citing the company's strong reputation and a friend's successful experience. Wilkerson's proven sales roadmap delivered — meeting projected financial goals and guiding the process every step of the way. "This is their profession. They have it dialed in."

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