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 stop working, and customers are bored, what’s a jewellery retailer to do?
Consider employing the following strategies to improve your focus and build confidence when you’re feeling overwhelmed with your workload or feel that your business is ‘treading water’.
Set new standards
Successful retailers are forward-thinking planners who set written standards of operation for every area of their business. These standards help everyone do their jobs better and help owners and managers 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!
Escape 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 the actions of yesterday 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 make those changes you have talked about forever but never seem to get done.
Let it go
Are you one of those business owners who proudly tells 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 that 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, but sometimes you need to give yourself a break. You run a retail store – that’s hard.
There’s no right way to do anything. Many people open new stores every year and fail. If you’re still operating, you’re doing something right – so don’t torture yourself with needless comparisons.
Do something new every day
Marks and Spencer commissioned a study which found 96 per cent of people described themselves as living on ‘autopilot’ - subconscious decision making.
Ruts and routines can squash your creativity and to combat this in our lives we decided to take the 30-day ‘do something new each day’ challenge. We highly recommend it for jewellery store owners.
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.
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.
Make a difference
Once upon a time retailers only had to compete for the business of their customers. Today, they need to compete for their hearts too. There are many reasons why people choose to shop at one store over another and a major factor in this decision-making process is the store’s charitable impact.
In 2023 and beyond, supporting a cause will be mandatory! Sometimes you choose a cause and sometimes the cause chooses you. You may already be working with a charity, or perhaps you’re open to new causes. If you’re not sure where to start, ask your customers about which charities operate in your area and what they think of them.
Get 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 they hang on a sign in our office to remind us of what’s important. Don’t wait for the right time to make changes to your approach to business because 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!
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