Oct. 4-10
PLANNING Dig into your POS data from the past 12 months and then prepare a summary that includes your key performance numbers (i.e., gross profit, average sale, mix of current inventory, etc.). Then call a staff meeting to strategize how to gain a couple of points on gross margin or raise average retail price or make more add-on sales and get rid of some aged inventory. “The goal is to be better off after the holidays and not just achieve sales objectives,” says The Edge’s Dick Abbott.
MARKETING If you haven’t started getting ready for the holidays yet, know that Kmart and some other big box stores have. While the early start will likely bug some customers, it could be a smart way this year to promote your layaway program. We have a feeling they’re going to be big again this year.
SKILLS Can you find time to take a quick hand-engraving course?
MANAGING Prune your to-do list. Just as wardrobes get cluttered with unused clothes over time, so do task lists. Surplus jobs accumulate and it becomes hard to stay on top of your day and what needs to be done.
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Oct. 11-17
DISPLAY Rethink your store’s space allocation to reflect buyer behavior over the next two months. If, for example, your store has six feet of case space devoted to pearls, but you know pearls do not sell well during the holidays, shrink that space to 18 inches and convert the majority of that formerly pearl-centric case to more popular holiday items until Jan. 1, advises display expert Larry Johnson.
TRAINING Your customers, especially those looking for an engagement ring, want to deal with someone who knows what they’re talking about. Enroll staff in a basic sales course through the Diamond Council of America.
MARKETING Email your customer base to remind people that if they want to buy custom-made jewelry this holiday season, they need to plan ahead.
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Oct. 18-24
OPERATIONS The holiday season lies ahead. Schedule announcements on all your social platforms of the dates when your store will be closed. And don’t forget to prepare a fun sign for the door.
SOCIAL MEDIA Facebook doesn’t make it easy for business posts to be seen unless you pay its gatekeeping fee (meaning buy its ad services). You can, however, give your posts a boost by encouraging staff and customers to turn on the “See First” switch, which will put your posts at the top of their news feeds.
DISPLAY Install a stack bar. Women love to stack and layer their jewelry, and such a display, which is fun and interactive, will support impulse buys as more women come into your store looking for gifts.
Oct. 25-31
FINANCIALS Meet with your accountant to discuss tax strategy. This could be particularly important this year if you have some form of losses you can carry forward.
SECURITY Have new staff for the holidays, or even older staff who could do with a refresher on security threats? Sign them up for an online course at JM University. It’s free for policyholders here: instoremag.com/sellingwithsecurity
