This year has been tough for everyone - make no bones about it! 2011 separated the men from the boys and the jewellery industry was no exception. Hardships in business bring out the best in people because everything is severely tested when business conditions are difficult.
Your business ethics, strategies and standards are all tested and this is where I feel that positivity is the best solution. You’re never going to complain when your cash flow is in the millions but when it drops to the thousands, alarm bells start ringing.
It’s easy to forget your business ethos and pride during the tough times – many businesses lose sight of ethics and will do almost anything necessary to make a quick buck. It’s not hard to see why businesses adopt this – we all have bills to pay and mouths to feed.
As wholesalers, we may try to find this fast buck via our stockists. Jewellers should remember that it’s important to stay focused during these tough times on what your product is about, on the market you want to target, and on the stock you have. As members of the fine jewellery trade, we need to appreciate that we are part of an elegant niche market – it's integral that we don’t lose sight of this.
My desire to open a flagship store has always been a passion; however, I am a wholesaler with many stockists, so it would be suicide to do so, right?
Imagine the uproar (not to forget the business I would lose) if my stockists knew I was selling the same products from my own store right here in Australia.
I recently opened a store in California, and it was unbelievably tough getting everything organised for the launch, but I remained positive and maintained my business values in order to make it succeed. It’s early days, but the reception in the US has been fantastic and wholesale business in Australia continues to progress.
I may be an inexperienced retailer but, as Christmas approaches, I know that it’s important to stay proactive; to find ways to entice customers to your stores; to introduce loyalty programs and reward schemes; to do the little things to get customers through your doors.
This is only half the job – how staff apply themselves is integral to a store's Christmas success. Staff may be able to close a sale, but it is their appearance, attitude and product knowledge – all of which add to the customer's experience – that bring shoppers back in the future. Every corner we turn, there seems someone is telling us that the internet is the sole destroyer of businesses around the world. Now is the time to embrace the web. It’s an important tool that’s here to stay – our lives revolve around it and the net dictates a large portion of daily business activities. Jewellers who haven’t yet invested in an online presence are already on the back foot, and it is unsurprising that these are the same businesses complaining about the internet and the way it is crippling the industry.
Negative attitudes won't do anyone any good. Embrace change, continue to evolve with innovative decision-making, and remember the fundamentals of your business – ethics, vision and product. If you think there are positive changes that need to be made, then this is the time to make them.
Get on the front foot during difficult times!
When I moved to Australia 20 years ago now, I constantly heard people saying the words, “No worries,” when everyone seemed worried about something. The key is to remain positive and trust your instincts. You can’t change the direction of the wind, but you are still the master and commander of your ship, so remember to adjust your sails.
To achieve success, one needs to know what they went through to get there. We’ve got to go through the tough times to reach the good times. Focus on making your business work, especially during difficult periods. Keep your overheads low and remember the "brass tacks" involved when managing a business. Maintaining the basic intricacies of business is important, so stay organised, always ahead of your plan and on top of payments at all times.
You don’t look at the harvest you reap in the present; you focus on the seeds you plant for tomorrow.
Bunny Bedi is the diector of Made in Earth Creations, a Melbourne-based jewellery designer and supplier.