05072015Thu
Last updateWed, 06 May 2015 10pm

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Narrowing your sales gap

Last month we spoke about determining what level of sales and gross profit you needed to achieve in order for your business to deliver on your requirements – namely a certain level of investment funds for when you retire.

Taking everything into account we came up with the ideal gross profit amount you need to achieve each year to reach your goals by the due date.

Do you remind yourself daily of your purpose for being in business?

It’s very easy as a business owner to get caught up in the daily problems and hassles of running a business. Sometimes you need to step back and take a look at what it is you are trying to achieve with your store so you can get a better perspective and better performance from your business.

Are you ready for the most important month of the year?

Every retailer knows the answer when you ask them which month is the most important in their financial calendar. It doesn’t take a genius to know when it’s make or break time.

However it still surprises me that despite knowing this, many jewelers go into the month of December as if it is the same as any other month of the year. Apart from ordering a little more product and tweaking the staff roster, most other things are left to run as they normally would.

Keeping your expenses under control

Don’t let your eyes glaze over… talking about financial information can be a little bit of a yawn for some people. Just because it’s not your cup of tea doesn’t mean you can ignore it. Lack of financial knowledge is one of the biggest factors in business failure, and like it or not the responsibility for understanding how your business is tracking rests with you. Financial advisors can give you guidance, but it’s not an area you want to abdicate financial responsibility for.

Think carefully before purchasing that next inventory item

By the time you read this we will be getting into the second half of the calendar year and on the downhill run towards December. Many of you will be starting to think about what product you need over the festive season. Reps will be starting to up the appointments – now becomes the time when vigilance on the bank account is a necessity!

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