Connect with us

Commentary: The Business

INSTORE’s Brain Squad Participation Boosts Business Acumen

Denise Oros says membership helped her grow her jewelry store.

mm

Published

on

WHY DO I answer so many INSTORE Brain Squad surveys? To get a relevant information exchange, you have to give accurate statistics.

But there’s a bonus: By answering the questionnaire each month for two decades, I’ve learned how to track my inventory turn, review and compare my buying, stick to my budget and learn what my inventory levels really mean. This was transformative for creating what is now a $1 million-plus store operating in less than 600 square feet.

That is huge compared to other retailers who don’t spend time researching, finding and filling out the information. They don’t bother with a budget or have functioning open-to-buy lists and can’t be bothered to restock fast sellers or understand their P&L statement. I am grateful every day for the tips and tricks I’ve learned and shared.

But the question shouldn’t be why do you answer the Brain Squad Surveys, but rather why don’t you answer the Brain Squad surveys?

If you run your business wisely, you have to review your numbers to do your monthly taxes, pay salaries/commissions and qualify fast sellers for next month’s budget. Each month answering the survey, you analyze your numbers: gross profit, net profit, cost of goods, cost of labor, supplies, etc. From those monthly reports, you can find your fast sellers.

Who are your best performing vendors? How is the market shifting in your demographics? What adjustments to inventory are necessary?

Advertisement

Each month, I reflect on my numbers, searching for upticks and ways to change and tweak my business’s performance. Reading the back end of the Brain Squad survey, where I can see all the other responses, keeps me trending toward profitability. If I pay attention to what is selling elsewhere, noting suppliers that sell those items, I have a better buy list for the next show.

Those results keep my cases fresh, so my customers return again and again. Reading the responses and gleaning how other stores deal with old stock, discounting, markups, etc., keeps me in the middle of the road to profitability.

This is a business, I run it like a business and INSTORE has been a huge inspiration for growth, defining market trends, and increasing profitability. Those characteristics add up to a very prolific business that I love walking into each and every day.

There’s another bonus. In the letters to the editor, you will often find industry challenges from our community or areas that need detailed attention to increase profitability and management ease.

INSTORE is my professional retail reminder: A good business needs tending, constantly, to produce the highest yields. Those magic seeds often come from the pages of INSTORE.

Advertisement

Advertisement

SPONSORED VIDEO

You Wouldn’t Cut Your Own Hair. Why Run Your Own Retirement Sale?

After being in business for over a quarter of a century, Wayne Reid, owner of Wayne Jewelers in Wayne, Pennsylvania, decided it was time for a little “me time.” He says, “I’ve reached a point in my life where it’s time to slow down, enjoy a lot of things outside of the jewelry industry. It just seemed to be the right time.” He chose Wilkerson to handle his retirement sale because of their reputation and results. With financial goals exceeded, Reid says he made the right choice selecting Wilkerson to handle the sale. “They made every effort to push our jewelry to the forefront of the showcases,” he says, lauding Wilkerson for their finesse and expertise. Would he recommend them to other jewelers who want to make room for new merchandise, expand their business or like him, decide to call it a day? Absolutely he says, equating trying to do this kind of sale with cutting your own hair. “The results are going to happen but not as well as if you have a professional like Wilkerson do the job for you.”

Promoted Headlines

Most Popular