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Adam Graham: Shake It Up

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Adam Graham: Shake It Up

The Business: Shake it up

Don’t get stuck doing business “the way it’s always been done.”

BY ADAM GRAHAM

Adam Graham: Shake It Up

Published in the September 2012 issue

By nature, we are comfortable with routines. We like to put a plan in place and have things follow that plan, especially if that is how “it has always been done.”

You have, most likely, developed a routine in your business with what you buy, who you buy from, when you buy, when you hold events, what marketing you do, etc.

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This would be fine if everything around us stayed the same, but it doesn’t. Think of how things in everyday life have changed in the last 10 years; even the past five years with the emergence of smart phones and Facebook. How have you reacted to these external changes in the way you run your business?

I know it is tough to find time to really take a step back from your day-to-day work and look at opportunities for your business, but it is a necessary exercise. It may not be about how much money you are spending, but rather if you should be spending that money on more effective products, events and marketing efforts.

Are you still doing the diamond margin battle with e-commerce sites? Or have you begun to diversify your merchandise mix with more margin-friendly and unique colored gemstones and pearls? Have you had the same event with the same charity on the same weekend forever? Maybe it is time for you to get involved with new groups (and new potential clients)? And are you still running that same quarter page newspaper ad that you have for the past 20 years, when maybe you could be saving that money and spending more time embracing the opportunities with social media?

Once you have made up your mind to make that change, what is your decision-making process in taking the next step? It is really important to be able to evaluate your business as objectively as possible.

Put yourself in the role of an outside consultant and look at your business the way they would. What is your stock turn? Are your margins what they should be to be profitable? How effective are your marketing efforts? What are the results for the events you host or participate in? You may realize that your first step in this process is putting a system in place to collect this information in order to make these decisions easier.

The reason for this column is not really to tell you how you need to run your business, just that it is an important exercise for you to stop and examine what it is you are doing every once in a while. This is especially true with the changes in the shopping and buying habits of your clients, and potential clients, over the past few years. There are plenty of great ideas in the pages of this magazine each month, pick one and give it a try. Doing things “the way they have always been done” is probably not your most effective strategy for the future success of your business.

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Adam Graham is the marketing manager for AGTA. Contact him at [email protected].

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SPONSORED VIDEO

Wilkerson Testimonials

If It’s Time to Consolidate, It’s Time to Call Wilkerson

When Tom Moses decided to close one of the two Moses Jewelers stores in western Pennsylvania, it was time to call in the experts. After reviewing two candidates, Moses, a co-owner of the 72 year-old business, decided to go with Wilkerson. The sale went better than expected. Concerned about running it during the pandemic, Moses says it might have helped the sale. “People wanted to get out, so there was pent-up demand,” he says. “Folks were not traveling so there was disposable income, and we don’t recall a single client commenting to us, feeling uncomfortable. It was busy in here!” And perhaps most importantly, Wilkerson was easy to deal with, he says, and Susan, their personal Wilkerson consultant, was knowledgeable, organized and “really good.” Now, the company can focus on their remaining location — without the hassle of carrying over merchandise that either wouldn’t fit or hadn’t sold. “The decision to hire Wilkerson was a good one,” says Moses.

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Commentary: The Business

Adam Graham: Shake It Up

Published

on

Adam Graham: Shake It Up

The Business: Shake it up

Don’t get stuck doing business “the way it’s always been done.”

BY ADAM GRAHAM

Adam Graham: Shake It Up

Published in the September 2012 issue

By nature, we are comfortable with routines. We like to put a plan in place and have things follow that plan, especially if that is how “it has always been done.”

Advertisement

You have, most likely, developed a routine in your business with what you buy, who you buy from, when you buy, when you hold events, what marketing you do, etc.

This would be fine if everything around us stayed the same, but it doesn’t. Think of how things in everyday life have changed in the last 10 years; even the past five years with the emergence of smart phones and Facebook. How have you reacted to these external changes in the way you run your business?

I know it is tough to find time to really take a step back from your day-to-day work and look at opportunities for your business, but it is a necessary exercise. It may not be about how much money you are spending, but rather if you should be spending that money on more effective products, events and marketing efforts.

Are you still doing the diamond margin battle with e-commerce sites? Or have you begun to diversify your merchandise mix with more margin-friendly and unique colored gemstones and pearls? Have you had the same event with the same charity on the same weekend forever? Maybe it is time for you to get involved with new groups (and new potential clients)? And are you still running that same quarter page newspaper ad that you have for the past 20 years, when maybe you could be saving that money and spending more time embracing the opportunities with social media?

Once you have made up your mind to make that change, what is your decision-making process in taking the next step? It is really important to be able to evaluate your business as objectively as possible.

Put yourself in the role of an outside consultant and look at your business the way they would. What is your stock turn? Are your margins what they should be to be profitable? How effective are your marketing efforts? What are the results for the events you host or participate in? You may realize that your first step in this process is putting a system in place to collect this information in order to make these decisions easier.

Advertisement

The reason for this column is not really to tell you how you need to run your business, just that it is an important exercise for you to stop and examine what it is you are doing every once in a while. This is especially true with the changes in the shopping and buying habits of your clients, and potential clients, over the past few years. There are plenty of great ideas in the pages of this magazine each month, pick one and give it a try. Doing things “the way they have always been done” is probably not your most effective strategy for the future success of your business.

Adam Graham is the marketing manager for AGTA. Contact him at [email protected].

Advertisement

SPONSORED VIDEO

Wilkerson Testimonials

If It’s Time to Consolidate, It’s Time to Call Wilkerson

When Tom Moses decided to close one of the two Moses Jewelers stores in western Pennsylvania, it was time to call in the experts. After reviewing two candidates, Moses, a co-owner of the 72 year-old business, decided to go with Wilkerson. The sale went better than expected. Concerned about running it during the pandemic, Moses says it might have helped the sale. “People wanted to get out, so there was pent-up demand,” he says. “Folks were not traveling so there was disposable income, and we don’t recall a single client commenting to us, feeling uncomfortable. It was busy in here!” And perhaps most importantly, Wilkerson was easy to deal with, he says, and Susan, their personal Wilkerson consultant, was knowledgeable, organized and “really good.” Now, the company can focus on their remaining location — without the hassle of carrying over merchandise that either wouldn’t fit or hadn’t sold. “The decision to hire Wilkerson was a good one,” says Moses.

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