STRATEGY
Doing Nothing Is an Option
Not every “quick tweak” improves your business. Jason Fried, co-founder of Basecamp and author of It Doesn’t Have to Be Crazy at Work, says, “Nothing should always be on the table.” His team lets every new idea sit a few weeks. Weak ones die on their own. Strong ones keep bugging you until you act. Sometimes the smartest move is to wait. That new display case. The revised return policy. The software your rep swears will change everything. Let it sit. If it still matters in three weeks, it probably matters. If you forgot about it? You just saved yourself time, money, and a headache.
PRODUCTIVITY
To-Do or Not to-Do
Most to-do lists are fairy tales. Mark Forster, time-management expert and author of Secrets of Productive People, says to keep just five tasks, no more. Do them in order. When one drops off, add another. Repeat. The list forces you to stare down what matters instead of hiding in busywork. Fewer boxes. More real work.
VIDEO TIP
Have This Meeting Before Any Project Launch
INVENTORY
Dead Weight = Dead Profit
Stop kidding yourself about that bracelet from 2019. Pricing expert David Geller says 80% of your sales come from just 20% of your inventory. “The other 80% is expensive decoration,” he notes. Review your fast-sellers monthly and reorder what moves. Anything over 12 months old is dead — scrap it, donate it, or discount it deep. Your cash flow will thank you.
SALES
Romance the Reason
Never just sell jewelry – sell what it represents. Diamonds say “I’d marry you all over again.” They celebrate life, love, achievement, tradition. Industry expert Shane Decker emphasizes: “We’re not in the diamond industry – we’re in the relationship industry.” When you romance why they’re buying, price becomes irrelevant. Close ratios soar. Make it matter.
COLORED GEMSTONES
Own a Niche
When it comes to colored gem jewelry, you don’t have to be everything to everyone. Instead, pick one stone and own it. Tim Wright of Simply Unique Jewelry Designs in Yorktown, VA, staked his claim on opals. “We have the fieriest opals in our area, and we sell more opals than any other gemstone because we have become known for them,” he says. Want to be unforgettable? Be bold: let one gem — and all its colors — define your store.
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STRATEGY
Numbers Aren’t Strategy
Too many jewelers confuse KPIs with strategy, warns Mark Pimental, a jewelry industry consultant. “They may look at revenue and set those numbers and believe that is their plan. However, strategy cannot be only about the numbers.” Strategy, he explains, is about choosing your field of play and how you’ll win there. The right numbers follow smart choices.
SALES
Kill Your Commission
Richard Kessler runs eight stores with zero commission drama. “We pay straight salary, so there’s no ‘that’s my customer’ or ‘I was here first,'” explains Kessler, owner of Kessler’s Diamonds. Sales staff help each other close deals instead of competing. Bonuses reward store performance, not individual sharks. “People can focus on giving great service, not the next payment on their BMW,” Kessler says. Team selling beats ego every time. When everyone wins together, everyone sells more.
