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Do Jewelers Take Time In January For Strategic Planning? Our Brain Squad Weighs In

Most do, but barely … and for a variety of reasons.




Do Jewelers Take Time In January For Strategic Planning? Our Brain Squad Weighs In

Yes: 56%

  • It is important for us to get a strategic plan. We have three owners with three different agendas, so the management team likes to come up with objectives to work toward for the year. We start with three pillars of success, and all decisions for what to focus on are based on that. We have had many years with no strategic planning. It led to less communication, more disgruntled staff, and having nothing to shoot towards creates a less motivated team as well. Many owners don’t value planning, but we have seen our sales grow as well as our employees’ skills, drive and attitude! — Natasha Henderson, Saxon’s Fine Jewelers, Bend, OR
  • Plan and grow what worked, prune and ditch what didn’t! — Jill Keith, Enchanted Jewelry, Danielson, CT
  • I try to anticipate changes that will affect our business and create a budget based on those assumptions. — John Hayes, Goodman’s Jewelers, Madison, WI
  • You always want to look at what worked and didn’t work in the last 12 months, and look at new industry developments that may provide either opportunities or threats to protect your business from. — Dorothy Vodicka, The Gem Collection, Tallahassee, FL
  • My business partner and I go off site for one to two days so we can plan the coming year without distractions. It would be impossible for the two of us to stay on the same page and not confuse the heck out of the staff if we didn’t. We are adding in a facilitator this year for the first time. We hope this will keep us accountable for following up on the decisions we made at our retreat. — Steve Floyd, Floyd & Green, Aiken, SC
  • I look at the numbers, which companies sold well, what pieces sold best, what needs replenishment, what companies need to go. — Christine Matlack, E.G. Landis Jewelers, Boyertown, PA
  • If I plan early I not only do better in business, I do better in pleasure. — Steven B. Goldfarb, Alvin Goldfarb Jeweler, Bellevue, WA
  • I love the New Year. My favorite holiday, always invigorating! I try to jot down some goals/plans/ideas, and put together a vision board for the year. Nothing elaborate. I’ve tried planners, but never seem to take the time to write anything in them, let alone follow along! If I have my handwritten goal notes and my vision board above my desk where I can see them every day, that keeps me motivated! — Janne Etz, Contemporary Concepts, Cocoa, FL

No: 44%

  • January is too busy. Lee Krombholz, Krombholz Jewelers, Cincinnati, OH
  • We spend January rebuilding up our stock. Which means that we make jewelry for us to sell. — Idar Bergseth, Idar, Victoria, BC
  • As a small operation, January is for physical inventory and decompression. Strategic planning is done with my ERA coach in February. — Stew Brandt, H. Brandt Jewelers, Natick, MA
  • I just keep on truckin’. — Ira Kramer, Diamond Exchange of Maryland, Tallahassee, FL
  • Planning is consistent and constant through the year, not delegated to one particular time. — Kim Hatchell, Galloway & Moseley, Sumter, SC
  • January is Christmas cleanup. February is time for reflection. — Steven Wardle, Forest Beach Design, Chatham, MA
  • It sounds like a good idea, but January is absurdly busy for me preparing tax stuff for the accountant and getting ready for Tucson. — Stacey Horcher, J. Reiss, Lincolnwood, IL
  • We do our strategic planning in September and set our operating budget (marketing and inventory and expense) by November. January is too late for strategic planning! — Tom Duma, Thom Duma Fine Jewelers, Warren, OH

What’s the Brain Squad?

If you’re the owner or top manager of a U.S. jewelry store, you’re invited to join the INSTORE Brain Squad. By taking one five-minute quiz a month, you can get a free t-shirt, be featured prominently in this magazine, and make your voice heard on key issues affecting the jewelry industry. Good deal, right? Sign up here.

Over the years, INSTORE has won 80 international journalism awards for its publication and website. Contact INSTORE's editors at [email protected].



Wilkerson Testimonials | Sollberger’s

Going Out of Business Is an Emotional Journey. Wilkerson Is There to Make It Easier.

Jaki Cowan, the owner of Sollberger’s in Ridgeland, MS, decided the time was right to close up shop. The experience, she says, was like going into the great unknown. There were so many questions about the way to handle the store’s going-out-of-business sale. Luckily for Cowan, Wilkerson made the transition easier and managed everything, from marketing to markdowns.

“They think of everything that you don’t have the time to think of,” she says of the Wilkerson team that was assigned to manage the sale. And it was a total success, with financial goals met by Christmas with another sale month left to go.

Wilkerson even had a plan to manage things while Covid-19 restrictions were still in place. This included limiting the number of shoppers, masking and taking temperatures upon entrance. “We did everything we could to make the staff and public feel as safe as possible.”

Does she recommend Wilkerson to other retailers thinking of retiring, liquidating or selling excess merchandise? Absolutely. “If you are considering going out of business, it’s obviously an emotional journey. But truly rest assured that you’re in good hands with Wilkerson.”

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