02142016Sun
Last updateTue, 09 Feb 2016 8pm

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Setting your retail price – what’s cost got to do with it?

Most retailers depend on a cost plus mentality when it comes to setting their retail price on goods. This week David Brown investigates a more profitable alternative.

Apologies to Tina Turner for the paraphrasing on her ‘80s hit, but it is a relevant question when so many jewelers use cost as a factor in determining their retail prices.

Are you doing the $100 tasks?

One of the downsides of being a small business operator is the many hats that have to be worn. You’re often the human resources department, the company President, the marketing department, the sales force, the administration department and production all rolled into one. The bigger the business the easier it is to allocate these tasks, but for a store with limited or no staff this can be difficult – but not impossible.

Reorder your way to a profitable 2010

Now that the end of year rush is over, the first few months of a new year can see more cash flowing out than flowing in as December purchases fall due for payment.  In an effort to keep the bank balance under control it is tempting to not reorder good sellers at this point, justifying the decision by the level of debt or, in some cases, claiming that items that sold well at Christmas won’t necessarily sell well during the rest of the year.

Have you bought a job or do you own a business?

For most people, the appeal of self-employment can consist of a number of factors but the top two answers are probably a desire for greater income and more freedom.

Often getting into self-employment can be an emotional decision made through rose-colored glasses. It has to be said, however, that few people who become self-employed ever have a desire to go back to working for someone else – the pluses do outweigh the minuses.

Are you ready for Grand Final time?

Whenever I ask a jewelry retailer what the most important time of year is for their business, I get a look as if to say “you must be kidding right?”. Even a ten year old will tell you that most retail stores, but particularly jewelers, have their busiest time in the lead up to the year end.

However, if I ask that same jeweler how they are preparing for their biggest month of the year there is normally a reaction somewhere between a puzzled expression and a shuffling of feet. Most jewelers take very little time to prepare themselves for their most profitable period - the month that often decides whether the business will make a profit for the year or not.

Dealing with vendors in-store

The phone is ringing. A battery needs to be put into a watch for a customer and there is another repair to be done to a chain for a lady who will be back in five minutes. The insurance broker is due this afternoon, the registration is due to be paid on the car and the computer system hasn’t been updated from last week’s stock take. Then a diamond vendor that had called yesterday and said he was coming at 10:30 has arrived ten minutes early.

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