Whats the biggest challenge to independent jewelers operational viability?
Understanding the financial aspects of running a store. Not enough of them invest the time or effort to understand their numbers, what they mean to their business, and how to react to them. This is more crucial than ever. If you own a jewelry store, you must be a savvy businessperson. That means understanding those financials and being able to track and relate to them—hopefully proactively, rather than reactively. If necessary, the jeweler should take a basic finance course at a local school or college. This is also why industry events focusing on hard business education for store owners and managers, like the Jewelers Executive Conference, or tools like Jewelers of America’s annual Cost of Doing Business Survey are more important than ever. The CoDB is a benchmark to gauge your performance, compare it with others, and see what very successful companies do. What are some of these numbers you mention? There are 11 key measurements I cover in one of my seminars that jewelers must review
