It’s easy to get blindsided by challenges in your business, especially those that you never thought you would have to handle.
When cash flow isn’t consistent, sales go into hibernation, advertising stops working, and customers are bored, what should a jewellery retailer do?
Consider employing the following strategies to improve your focus and build confidence when you feel overwhelmed by your workload or your business is ‘treading water’.
Setting new standards
Successful retailers are forward-thinking planners who set written operating standards for every area of their business.
These standards help everyone do their jobs better and allow owners and managers to easily measure store performance at every level.
Your business needs written standards and expectations for customer service, training, associate appearance, and use of personal social media.
Brainstorm any additional standards that make sense for your store. Expectations should always be specific, attainable, and measurable.
Remember, what gets measured gets done!
Escaping your comfort zone
The ‘comfort zone’ is lethal to every business. The moment you hear your associates start to say things have ‘always been done a certain way’, you’re in trouble.
Retail is a constantly changing environment, and your business can’t afford to stand still. It’s common for successful retailers to repeat yesterday's actions, which proved successful; however, that can lead to problems.
Exploring new areas is a great way to promote internal improvement. Attend a trade show that sounds interesting. Join a Facebook group to swap stories with other retailers.
Consider hiring a consultant or personal assistant to implement those changes you have talked about for years but have yet to make.
Letting it go
Are you one of those business owners who proudly tell others that you are a perfectionist?
Do you constantly compare yourself to others or your store to the competition?
Do you focus on your flaws instead of your strengths? Do you think there is a way for everyone who works for you to do it better? It’s time to stop!
We know you’re willing to do whatever it takes for your store to succeed; however, sometimes, you must give yourself a break. Running a retail store is hard work.
There’s no right way to do anything and many people open new stores every year and fail. If you’re still operating, you’re clearly doing something right – so don’t torture yourself with needless comparisons.
Doing something new every day
"Simple things can make a big difference. What you do doesn’t have to be rocket science; it just needs to take you out of your routine."
Marks and Spencer commissioned a study which found 96 per cent of people described themselves as living on ‘autopilot’.
Ruts and routines can squash your creativity.
To combat this in our lives, we decided to take the ‘do something new each day’ challenge for 30 days.
We highly recommend the challenge for jewellery store owners - it's rewarding.
Keep a notebook so you can reflect on any new things you try. The 30-day challenge has reaped benefits for us both personally and business-wise.
Making a difference
Once upon a time, retailers competed only for the business of their customers. Today, they need to compete for their hearts.
People choose to shop at one store over another for many reasons, and a significant factor in this decision-making process can be the store’s charitable impact.
In modern retail, supporting a cause has become mandatory! Sometimes, you choose a cause; sometimes, the cause chooses you.
You may already be working with a charity, or perhaps you’re open to new causes. If you’re unsure where to start, ask your customers which charities operate in your area and what they think of them.
Getting started now
“Don’t wait too long. Your kids will only be little once; your spouse deserves your attention, and your dog needs to be walked.
"Business is important, but it’s not everything. No one on their deathbed ever said, ‘I wish I had spent more time at work.’”
These words were written long ago and hang on a sign in our office to remind us of what’s really important.
Don’t wait for the right time to change your business approach; something will always get in your way.
If you’re unsure where to start, try one of these ideas at a time – the most important thing is you start today!
More reading:
Important lessons to remember when facing an economic storm
Challenges are good for you and good for your business
Is your business really future-proofed?
Repairing our sales win rates
Six big ideas to increase sales
How to compete with your biggest competitors
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