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By the Numbers: Peer Review

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Independent jewelers enjoyed a solid start to 2015 with average monthly sales climbing to $87,767, up $10,453, or 13 percent, from the same month last year. On a 12-month rolling basis, that represents growth of 0.69 percent and suggests the jewelers in our survey group — who come from across the country — are on track to enjoy 8.3 percent sales growth this year.

By the Numbers: Peer Review

If your sales growth has been more modest, you may want to look at joining a peer group. Working together with like-minded store owners, meeting regularly and comparing results can provide you with terrific benchmarking figures to grow your business. It also opens the way for the 80/20 rule to come into play. Twenty percent of the areas of your business that need attention can provide 80 percent of the results you desire. It’s hard to lift sales volume, average sale and margin all at once. Choose the one that will have the greatest impact and work on this. Ask fellow jewelers how they perform in this area. When you find someone who is doing well, ask them what they do that’s different. Above all, be open-minded. If your instant reaction is, “that can’t be achieved here,” then sure enough it won’t be.

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Wilkerson Testimonials

Retirement Made Easy with Wilkerson

The store was a landmark in Topeka, Kansas, but after 80 years in business, it was time for Briman’s Leading Jewelers to close up shop. Third generation jeweler and owner Rob Briman says the decision wasn’t easy, but the sale that followed was — all thanks to Wilkerson. Briman had decided a year prior to the summer 2020 sale that he wanted to retire. With a pandemic in full force, he had plenty of questions and concerns. “We had no real way to know if we were going to be successful or have a failure on our hands,” says Briman. “We didn’t know what to expect.” But with Wilkerson in charge, the experience was “fantastic” and now there’s plenty of time for relaxing and enjoying a more secure retirement. “I would recommend Wilkerson to any retailer considering a going-out-of-business sale,” says Briman. “They’ll help you reach your financial goal. Our experience was a tremendous success.”

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David Brown

By the Numbers: Peer Review

mm

Published

on

Independent jewelers enjoyed a solid start to 2015 with average monthly sales climbing to $87,767, up $10,453, or 13 percent, from the same month last year. On a 12-month rolling basis, that represents growth of 0.69 percent and suggests the jewelers in our survey group — who come from across the country — are on track to enjoy 8.3 percent sales growth this year.

By the Numbers: Peer Review

If your sales growth has been more modest, you may want to look at joining a peer group. Working together with like-minded store owners, meeting regularly and comparing results can provide you with terrific benchmarking figures to grow your business. It also opens the way for the 80/20 rule to come into play. Twenty percent of the areas of your business that need attention can provide 80 percent of the results you desire. It’s hard to lift sales volume, average sale and margin all at once. Choose the one that will have the greatest impact and work on this. Ask fellow jewelers how they perform in this area. When you find someone who is doing well, ask them what they do that’s different. Above all, be open-minded. If your instant reaction is, “that can’t be achieved here,” then sure enough it won’t be.

Continue Reading
Advertisement

SPONSORED VIDEO

Wilkerson Testimonials

Retirement Made Easy with Wilkerson

The store was a landmark in Topeka, Kansas, but after 80 years in business, it was time for Briman’s Leading Jewelers to close up shop. Third generation jeweler and owner Rob Briman says the decision wasn’t easy, but the sale that followed was — all thanks to Wilkerson. Briman had decided a year prior to the summer 2020 sale that he wanted to retire. With a pandemic in full force, he had plenty of questions and concerns. “We had no real way to know if we were going to be successful or have a failure on our hands,” says Briman. “We didn’t know what to expect.” But with Wilkerson in charge, the experience was “fantastic” and now there’s plenty of time for relaxing and enjoying a more secure retirement. “I would recommend Wilkerson to any retailer considering a going-out-of-business sale,” says Briman. “They’ll help you reach your financial goal. Our experience was a tremendous success.”

Promoted Headlines

Most Popular