How you improve your store every year

Jewelry Discussion
1

David Geller is looking for your input how you improve your store
every year

As I send this out on Sunday I hope all of you have such nice
weather as we have here in Atlanta today - 70+ degrees. A welcome
change.

In the next 6-8 weeks I will be giving presentations to jewelers at
jewelry shows and state associations. You’ve received emails from me
and some have come to a seminar where I’ve spoken, even coming to
your store where I have shared my advice on helping your store.

I’d like to now et YOUR INPUT so I can have some new fresh ideas
that you might just be keeping under your hat. Here are the two main
workshops I’m giving in the near future:

“How to make killer money from Repairs and Custom Design”

“15 ways to get rid of old inventory”

Here’s what I’m looking for:

“How to make killer money from Repairs and Custom Design”

This has been my main stay of my career since I was 10 years old
working in my father’s shop. But I’d like to get your take on how you
might so some thing to help your shop. Although looking for repairs
as well I especially excited to find out what you’re doing to make
more money from custom design - a real money maker.

No idea is “unworthy”. Share yours please, here are some points to
get your juices flying:

  • How do you figure your pricing? :slight_smile:

  • How do your train the staff?

  • How do you market/advertise for repairs? Custom Design? the shop
    overall?

  • Have you done any events to bring in shop customers?

  • In store signage? Advertising specifically?

  • Premiums to bring in repairs?

  • What percentage of your business from Repair? From Custom?

  • What’s your average sale for repairs & custom?

  • How do you increase your average sale?

  • Do you pay the jeweler a commission?

  • Do you pay your sale staff commission on any shop sale?

  • If you were to help a jeweler/store owner who was opening a new
    store what would you tell them about making money from the shop?

  • Any other ideas you’d like to share?

“15 ways to get rid of old inventory”

This is a title I have used for my presentations. Old inventory is
the killer of money in a jewelry store. But it’s one area really
tough to get jewelers to “come out of the closest”. Many still
believe it will sell and make a profit. Having a turn of 1 year or
better is a requirement in a jewelry store to assist with good cash
flow.

But what actions do you take in your store to get rid of dogs and
bring in fresh, exciting merchandise? How do you get rid of “old”? So
here’s some thoughts to get your juices flowing?

  • How old does merchandise have to be for you to consider it “old”?

  • What pro active things do you do to unload old items?

  • What agreements do you have with your vendors now to get rid of
    old?

  • What agreements would you LIKE to have with your vendors?

  • How do you market/advertise old top get rid of it?

  • What “events” do you have to get rid of old?

  • How do you handle old merchandise with your staff?

  • Spiffs/Incentives/Commissions/Bonuses?

  • Special cases for display?

  • Charity promotions?

  • Have you been raising the price of in case old merchandise to keep
    up with what a new piece of the same thing would sell for it you
    replaced it today?

  • How often do you check and reorder merchandise?

  • What is your definition of a fast seller?

  • If asked, how would you tell someone about the compensation system
    you have for the sales staff?

  • What computer point of sale program do you use?

  • If a person was opening their first store, what advice would you
    give them concerning inventory, specifically old inventory?

  • Any other ideas you’d like to share?

Any help you can give is appreciated. When compiled I would use your
name (unless you’d like to volunteer its OK) and besides using it in
the presentations I’ll email back to you the presentations so you can
steal the secrets of others in the jewelry industry and win from this
sharing of great minds. Remember, there is no idea too small.

THE PLACES I WILL BE SPEAKING:

  1. Atlanta Jewelry Show, Atlanta, GA. Saturday & Sunday, March 5th &
    6th.

  2. Missouri Jewelers Association, Sunday March 13th.

  3. InStore Smart Show, Chicago, Il. Friday April 1st. In addition to
    “Make Money in Custom” I will also be presenting “QuickBooks for
    Jewelers”

Thanks in advance for sharing your ideas.

Sincerely

David Geller
Director of Profit
www.JewelerProfit.com

2

David, for those of us who are unable to travel to see your
presentation, it would be great if you did a DVD, CD, or wrote a
book.

Sharon Perdasofpy

3 
David, for those of us who are unable to travel to see your
presentation, it would be great if you did a DVD, CD, or wrote a
book.

It will be available in pdf form

So your suggestions? :slight_smile:

David

4

David,

Here is a thought for removing old inventory. We all know other store
owners that we trust and turn to for advice and . How
about an exchange of old merchandise with fellow store owners. We all
work on memo or consignment from vendors on a regular basses why not
with each other? What is old and stale in one location is new and
unseen in another. Exchange consignment for consignment with stores
in other parts of the state or even other states. Use these
consignment exchanges for promotional events or to fill gaps in
inventory… Seems a win win kind of solution. If it does not sell at
another location after a specified period you can always scrap it
another day… hope this helps. Thanks David for all of your great
advise over the years.

Frank Goss