Jan. 31-Feb. 6
MARKETING Hopefully, the COVID-19 situation will begin to show improvement soon, and you can think about events in 2021. Sketch out a seasonal calendar for the year.
MARKETING Send press releases to local media outlets and influencers offering them a story with your “top 10 gift ideas” for Valentine’s Day. List three selections in the release as a teaser.
MARKETING Look for a wedding expo or two that you can take part in. Such events are often a great way to pick up names and dates of those getting married so you can call on them throughout the year.
FINANCES Get an early start on your taxes. On average, small-business owners spend more than 40 hours — the equivalent of a full work week — filing their federal taxes every year. One in four spends at least three full weeks on the annual chore.
SALES Announce your big spiff for the salesperson who sells the most “jewelry for friends” for Valentine’s. (Have appropriate “friend gifts” ready to show.)
MARKETING E-mail reminder: “Three days left ‘til Valentine’s Day!” List your top five ideas for gifts.
MARKETING With the disruption to the big trade events and sales in general last year, there’s a good chance your inventory balance has been distorted. Drill down into your data (GPM, brand performance, price points, markdowns) to find “white spaces” where you’re under-represented, to weed out underperformers and identify any new category trends. Set targets and support plans for your emerging inventory stars.
MERCHANDISING Schedule a meeting with staff to discuss merchandising based on what you discovered with your data mining. Brainstorm buying strategies that will enable you to achieve your 2021 goals (Do you want to attract more female self-purchasers? Expand bridal offerings? Should you be pushing custom?)
STORE Surf the websites of online florists to see if they’ve got any cheap stock left over from Valentine’s. You could get a jump on spring with fresh flowers in the store.
MARKETING Create a display of jewelry options that fall into the $100 to $500 range and promote it to attract those tax rebate dollars that start pouring in from March through May.
STAFF Set a learning goal for your staff. It could be sales skills, social media practices, or something gemological. According to research, workers thrive when they experience both a sense of vitality and a sense of learning at work. They also are less susceptible to stress and burnout.
IN-STORE Take a good look around: Is it time for a “face-lift”? If your showroom is more than 3 years old, it is probably looking tired. If it is more than 5 years old, chances are, at least some of your decor elements are starting to look dated or shabby. No need to break the bank; just add a coat of paint, a new photo wall, or new carpet. “Look for areas that can make a big impact for a relatively small investment,” says design firm GRID3’s Ruth Mellergaard.