HAPPY NEW YEAR from your friends at INSTORE! And with the new year, it’s time to start your strategic planning.
One of my favorite films is Moneyball. In the movie, Oakland Athletics general manager Billy Beane (played by Brad Pitt) and his assistant general manager Peter Brand (played by Jonah Hill) are faced with the dilemma of building a competitive Major League Baseball team with a limited budget. This is not unlike the circumstances that many of you face in your businesses.
Since they can’t afford to hire superstars, Beane and Brand dive into the numbers, hiring undervalued players who aren’t flashy but can get on base and score runs. By the end of the season, not only do the Athletics make the playoffs, but the way pro baseball teams are managed is changed forever.
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The larger lesson is that when faced with a seemingly insurmountable obstacle, Beane and Brand took a step back and sought a new way of doing things, something different that other teams didn’t have the courage to do. Rather than do the same thing you’ve always done and expect better results, why not take a step back and figure out an innovative path to success?
We hope our lead story, “Painting the Big Picture,” will help you in your efforts. In it, we spotlight six jewelry retailers who have put time, effort and thought into creating a strategy to help them stand apart from their competitors. Follow their lead, and you just might lead your store to unexpected achievements!
Trace Shelton
Editor-in-Chief, INSTORE
trace@smartworkmedia.com
Five Smart Tips You’ll Find in This Issue
- Showcase popular Valentine items on your homepage, with a special emphasis on items that are exclusive to your store. (Manager’s To-Do, p. 24)
- Write down various lists: things to do, things you need, people to talk to, quotes, and a schedule of what needs to be done by date. (The Big Story, p. 32)
- Negotiate with lenders. Even if rates are higher, an extension of length can lead to lower payments, taking pressure off cash flow. (David Brown, p. 53)
- Optimize expenses by scrutinizing displays, packaging, and promotional materials to see if there are more affordable alternatives. (Megan Crabtree, p. 52)
- To convince a client they need a remount, spend time showing how their current ring is worn and what a new ring can offer. (Ask INSTORE, p. 55)