Jeweller - October 2022

BUSINESS
Management
Why not make this Christmas the best ever?
Good fortunes await many businesses in the holiday period.
DAVID BROWN highlights the importance of preparation prior to December trading.
It only seems like yesterday you were
collapsing exhausted from another frantic
December, and yet here we are again on
the cusp of the busiest time of year. You
probably feel you’ve hardly had time to
recover!
There’s an old saying in property investing
- “money is made when you buy, not when
you sell”. It’s another way of saying that
preparation is important to set yourself up
for the profit ahead.
As much as you may not want to think
about it just yet, this period leading up to
the end of the year is the crucial period
that will determine just how profitable your
December and January trading will be.
To make the most of period I like to focus on
a few key areas that your business will need
to have in order if you want to ensure this is
your most profitable trading period yet.
Inventory
Inventory is your most significant
investment, and it becomes even more
critical at this time of year.
Not having the correct product can cost
you thousands of dollars in missed sales.
Too much of the wrong product will tie up
cashflow for much of next year.
I like to start this process by reviewing
the best sellers over the past few months.
Chances are this product will sell multiple
times during the December period.
How quickly can you re-stock? If supply will
be an issue, as it is for many things in the
current climate, you may want to ensure
you have additional stock of these popular
items in stock.
This may cost a few thousand dollars in
extra product, but the investment will be
worth it if it means not missing out on sales.
Additionally, consider the need for extra
stock in seasonal or promotional products
where demand may be higher than usual.
Staff
It may seem early, but it’s a good idea to
have your roster planned for the whole
What will you be doing to attract customers to your store this year?
How will you differentiate yourself from the competition?
month of December as soon as possible.
This isn’t just about giving your staff
certainty, it is also about making sure your
best staff members are available during
your busiest periods, particularly leading
into the final few days.
If your store is typical of jewellery retailing,
you’ll achieve around 50 per cent of your
monthly sales between 20-25 December,
and your roster should reflect this
accordingly.
Now is also the time to organise staff
training before it becomes too busy to
do so. Make sure your staff are aware of
which products you want to sell, and which
items and offers are being promoted to the
public.
Marketing
What will you be doing to attract
customers to your store this year? How
will you differentiate yourself from the
competition?
If your marketing plan isn’t organised by
the middle of November, you’re likely to be
leaving it too late.
A well-organised and scheduled marketing
plan will be crucial to success - so don’t
leave it to chance!
This isn’t just
about giving
your staff
certainty, it
is also about
making sure
your best
staff members
are available
during your
busiest periods,
particularly
leading into the
final few days.
Housekeeping
It’s the little things in a jewellery store that
can make the biggest difference.
Are the lights all working and are the bulbs
fresh? Do you have sufficient inventory
of your consumables, such as packaging
and stationery? There’s nothing worse
when you have a store full of customers
and you’re forced on a mad hunt for a
replacement receipt printer roll!
Communication
Remind your staff of sales goals for this
season and consider an incentive for them
if they reach their target.
It’s a good idea to have a staff meeting
to start your December preparation
and to make sure you continue the
communication during the month as well.
As energy starts to decline, regular
motivational pep talks will be critical
to ensure you stay on track and that
employees don’t become overwhelmed
and begin to falter.
You may not want to share specific financial
figures with all staff, however letting
them know the business is tracking, as a
percentage of the goal, can still be a strong
catalyst to inspire performance.
Many businesses rely on a strong holiday
period to supplement the remainder of
the year, and preparation is the key to
succeeding when it matters most.
Getting organised today is the most
important thing you can do in order to
succeed tomorrow.
Taking the time to map out your plan for
December and January – addressing
inventory needs, staffing structure, and
marketing plans - will result in a more
satisfying, and ultimately much more
profitable, end to your year.
DAVID BROWN is co-founder
and business mentor with Retail
Edge Consultants. Learn more:
retailedgeconsultants.com
October 2022 | 69