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Megan Crabtree

Here Are 5 Ways to Cut Costs and Maximize Profits

Displays, amenities and decor are three areas you may be able to both improve and save money.




RUNNING A SUCCESSFUL storefront involves more than just selling products; it’s about managing expenses wisely to ensure profitability. Here are some tips you can implement today to minimize your day-to-day costs effectively.

1. Examine your packaging materials, including jewelry boxes, bags, and tissue paper, to identify opportunities for expense optimization. Consider the possibility of another packaging supplier. We have seen this result in an expense reduction of up to 50%.

To initiate this process, explore the display companies who exhibit at the upcoming trade shows. Bring your current packaging for a quote, and proactively contact these companies in advance with detailed information for enhanced efficiency. Concurrently, assess your packaging inventory levels to determine the timeframe required for depleting existing stock if an alternative cost-effective supplier is identified.

Once you’ve made packaging changes, there’s potential for even more cost savings by selling excess packaging through Facebook groups if your logo can be removed.

2. Evaluate your displays and seek feedback from other retailers through Facebook groups, gaining valuable insights into industry trends and best practices. The objective of this evaluation is to ascertain whether your current expenses align with the value received and identify other suppliers that might offer more cost-effective solutions without compromising quality.

3. Versatility is a key element in display considerations. Imagine having a stud program with a range of carat weight variations. To address this scenario effectively, display inserts should be designed to be easily swapped out. This ensures adaptability, accommodating changes in your inventory seamlessly and without the need for purchasing an additional display element.


4. Optimize team and customer amenities. Review expenses related to drinks, snacks, or offerings for your team and customers. Explore cost-effective options like Costco for beverages or Amazon for convenient delivery. Consider local companies that offer delivery services to save time and effort for your staff.

5. Consider your event expenses. Explore alternative options for services like flowers or valet companies. Negotiate with businesses in the bridal world, such as florists, to get better rates or complimentary services in exchange for exposure at your events. For catering or restaurant services, offer them visibility by putting their logo on invitations in exchange for complimentary food services.

Managing costs is a continuous process that requires a keen eye for optimization. By regularly reviewing and refining your expenses, you will improve your bottom line and enhance the overall efficiency of your retail operations.



This Third-Generation Jeweler Was Ready for Retirement. He Called Wilkerson

Retirement is never easy, especially when it means the end to a business that was founded in 1884. But for Laura and Sam Sipe, it was time to put their own needs first. They decided to close J.C. Sipe Jewelers, one of Indianapolis’ most trusted names in fine jewelry, and call Wilkerson. “Laura and I decided the conditions were right,” says Sam. Wilkerson handled every detail in their going-out-of-business sale, from marketing to manning the sales floor. “The main goal was to sell our existing inventory that’s all paid for and turn that into cash for our retirement,” says Sam. “It’s been very, very productive.” Would they recommend Wilkerson to other jewelers who want to enjoy their golden years? Absolutely! “Call Wilkerson,” says Laura. “They can help you achieve your goals so you’ll be able to move into retirement comfortably.”

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